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Visa Question Permanent resident ACR pros and cons

Discussion in 'Passports and Visas' started by Nightowl2, Sep 22, 2023.

  1. Nightowl2

    Nightowl2 DI Junior Member Veteran ✤✤Forum Sponsor✤✤ Forum Sponsor Navy

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    I'm in the process of applying for the Permanent Resident ACR Card, currently holding the probationary resident card.

    Wondering what others thoughts are pros/cons of the permanent status?

    Will I receive a TIN number and be taxed on money sent through WISE to philippine bank account?
    Mainly just thinking about any hidden costs or hassle on taxes with a permanent status.
     
  2. Crystalhead

    Crystalhead ADMIN Admin ★ Forum Moderator ★ ★ Global Mod ★ ★ Moderator ★ ★★ Forum Sponsor ★★ ★ No Ads ★ Highly Rated Poster Showcase Reviewer Veteran Army

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    Permanent Resident you will have to have a TIN, But No, they will not Tax Monies you have earned from abroad that you are sending to yourself. Latest is Thailand is considering this. Depending on agreements between your Country and Philippines if any, you may need to file income Tax back in your home Country. Everyones situation is different depending on income in future and in particular from anything you have on going here in the Philippines that generates income. Also with Permanent Resident you need to have an account here which is always maintained at about 16,000 USD. 1st year is also probationary. I am Tourist Visa and will never change that in my regards.
     
  3. you_have_been_removed

    you_have_been_removed DI Forum Adept

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    An email I received from Wise a few days ago

    20 September 2023, your Customer Agreement will be with Wise Pilipinas Inc. instead of Wise Payments Limited.
    We had previously sent you an email about the update in your Customer Agreement from Wise Payments Limited to Wise Pilipinas Inc. Following which, if you make a transaction under your Wise Account, our fee will be subject to VAT at the prevailing rate (currently at 12%).

    might only be pennies.......if easy money for the lads (in Manila) to stash away it will soon rise above 12%
     
  4. charlyB

    charlyB DI Senior Member

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    Is this the only country in the world that tries to discourage foriegners from boosting their economy, :bag:
    Reminds me of the story about the golden goose :greedy:
     
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  5. Crystalhead

    Crystalhead ADMIN Admin ★ Forum Moderator ★ ★ Global Mod ★ ★ Moderator ★ ★★ Forum Sponsor ★★ ★ No Ads ★ Highly Rated Poster Showcase Reviewer Veteran Army

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    You are not forced to use WISE. I would drop them so fast and hope many do and may they go bankrupt.
     
  6. OzeMike

    OzeMike DI Forum Adept

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    I am on a 13A Permanent Resident Visa and there is no requirement for me have a minimum US $16,000 in my bank account here. So not sure where you got this from? unless it's part of the SRRV retirement visa?
     
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  7. Crystalhead

    Crystalhead ADMIN Admin ★ Forum Moderator ★ ★ Global Mod ★ ★ Moderator ★ ★★ Forum Sponsor ★★ ★ No Ads ★ Highly Rated Poster Showcase Reviewer Veteran Army

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    Thanks for that information. Time to revisit all the types of VISA's to stay caught up with any changes and what nots.
     
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  8. God Bless Texas

    God Bless Texas DI Member

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    From my experience, with 13A, no TIN needed, just lots of repeat paperwork and travel to either Cebu, Manila, or Illo-Illo for additional fingerprints.

    Each visa has different requirements.
    Also, exceptions with/without military service.

    Best source of up to date requirements is immigration office, recomend going in person and talking.
    Then go back a few days later and talk to a different person for a different set of answers.
    On the 3rd trip you hope the answers match one of the previous 2, then pray that 2 out of 3 are correct :banghead: :banghead2:
     
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  9. Dutchie

    Dutchie DI Senior Member Showcase Reviewer Veteran Army

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    I hope Wise will survive long and prosper. As far as I can tell they are by far the best (cheapest and fastest) way to send money here.
    I wouldn't worry too much about the VAT thingy, 12% of 1% fee means additional costs of 1.20 € for every 1,000 € you send over. Hardly worth complaining about.
    Save your ire for overseas banks wanting to close accounts for non residents, much bigger issue.
     
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  10. you_have_been_removed

    you_have_been_removed DI Forum Adept

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