⌛ Philippines SRRV visa

TAX on bank interest

Hello...

Certainly there's a 20-25% withholding tax on any bank earnings for any depositor. As SRRV holder, there are certain benefits and privileges (enumerated below) that they enjoy.

WHAT BENEFITS WILL A RESIDENT RETIREE GET FOR JOINING THE PROGRAM
A resident retiree or holder of the Special Retiree's Visa (SRRV) is accorded the following benefits, viz:
(i) permanent, non-immigrant status with multiple entry privilege through a special visa called the "Special Residents Retiree's Visa";
(ii) exemption from customs duties and taxes for the importation of US$7,000.00 worth of personal effects,
appliances and household furniture
(iii) exemption from Emigration Clearance and Re-entry Permit requirements;
(iv) Exemption from payment of travel tax provided the retiree has not stayed in the Philippines for more than one year from date of latest entry into the country.
(v) Conversion of the required time deposit into active investment, including the purchase of condominium unit/s and proprietary golf membership shares;
(vi) Interest on foreign currency deposit is tax-free, and payable to retiree in Philippine peso at competitive rate;
(vii) Foreign currency time deposit can be converted into Philippine Peso deposit after the issuance of SRRVisa (interest subject to withholding tax).
(viii) Pensions, annuities remitted to the Philippines are tax free;
(vix) guaranteed repatriation of US$50,000.00 deposit, including invested profits, capital gains and dividends accrued from investment upon compliance with Bangko Sentral rules and regulations.
(x) Automatic membership in the PRAMA Foundation
(xi) Holders of valid SRR Visas are exempted from getting the Student's Visa/ Special Study Permit.

A foreigner can live comfortably here in the Philippines with just $1,000 or $1,500 a month for a couple. With that amount of money, you can already have a nice apartment or townhouse in a nice neighborhood, a maid, and other necessities. Besides, SRRV holders are treated with more respect than the others who are holders of other visa. At NAIA, there's a special lane for SRRV members-- they are treated like diplomats at the airport. PRA would even greet and assist them at the airport (Manila & Cebu) if the member requests a week ahead the scheduled arrival. A PRA van would bring them to their destination within Metro Manila or Cebu area. You avoid the hassle of getting a taxi, not to mention the fear of anything that might happen.

There are more privileges that would make an SRRV holder special.

You may contact me for details.

Ianne C. Dy Buco
MIRIANN PRA Services Co.
PRA Reg. No.: PRA-08-0056 Valid until May 19, 2009
Cebu City, Philippines
Mobile: 09064948217
Office. Tel: (032)5152103
E-mail: iann.axa@gmail.com

 

Srrv

For your guidance, please read some of the benefits and privileges of a SRRV holder.

WHAT BENEFITS WILL A RESIDENT RETIREE GET FOR JOINING THE PROGRAM
A resident retiree or holder of the Special Retiree's Visa (SRRV) is accorded the following benefits, viz:
(i) permanent, non-immigrant status with multiple entry privilege through a special visa called the "Special Residents Retiree's Visa";
(ii) exemption from customs duties and taxes for the importation of US$7,000.00 worth of personal effects,
appliances and household furniture
(iii) exemption from Emigration Clearance and Re-entry Permit requirements;
(iv) Exemption from payment of travel tax provided the retiree has not stayed in the Philippines for more than one year from date of latest entry into the country.
(v) Conversion of the required time deposit into active investment, including the purchase of condominium unit/s and proprietary golf membership shares;
(vi) Interest on foreign currency deposit is tax-free, and payable to retiree in Philippine peso at competitive rate;
(vii) Foreign currency time deposit can be converted into Philippine Peso deposit after the issuance of SRRVisa (interest subject to withholding tax).
(viii) Pensions, annuities remitted to the Philippines are tax free;
(vix) guaranteed repatriation of US$50,000.00 deposit, including invested profits, capital gains and dividends accrued from investment upon compliance with Bangko Sentral rules and regulations.
(x) Automatic membership in the PRAMA Foundation
(xi) Holders of valid SRR Visas are exempted from getting the Student's Visa/ Special Study Permit.

If you have some questions re SRRV or if you're interested to join, you can now apply thru an accredited marketer of Philippine Retirement Authority in Cebu City. Please feel free to ask. I will be assisting all throughout the process.

Thank you...

Ianne C. Dy Buco
MIRIANN PRA Services Co.
PRA Reg. No.: PRA-08-0056
Cebu City, Philippines
Mobile: 09064948217
Office. Tel: (032)5152103
E-mail: iann.axa@gmail.com

 

Options other than bank deposits

Re your concern about taxes automatically taken from your earnings, That's how banks are and as well as Mutual Fund companies are. Variable Life Insurance Products (VILP or VUL) is a better option. The earnings are tax free and there is no lock-in period as in time deposit. And this is the best option if you're thinking of a medium to long term investment. Besides, share prices are very low now. BUY LOW, SELL HIGH. Plus, a 125% free insurance (of your investment). Non-garnishable as well.