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SRRV Income Requirements

Discussion in 'Passports and Visas' started by Rye83, Apr 25, 2018.

  1. Rye83

    Rye83 with pastrami Admin Secured Account Highly Rated Poster SC Connoisseur Veteran Army

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    Curious if interest payments, dividends, capital gains payments from private savings account or investment counts towards the required monthly income for the SRRV visas....or does it need to be a "proper" pension?
     
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    Rye83

    Rye83 with pastrami Admin Secured Account Highly Rated Poster SC Connoisseur Veteran Army

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    Also if separate sources of income adds up to go towards the minimum monthly income requirements.

    Example:
    $600 Military Disability
    $500 Interest from savings account
    $400 Dividends paid from investments.
     
  3. Dave_Hounddriver

    Dave_Hounddriver DI Forum Luminary Highly Rated Poster

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    From their site you will need a "Certificate of Retirement Benefits, equivalent to or more than. US$1,500.00 issued by the concerned government and/or private entity" I cannot imagine them kicking up a fuss if you you have two or three "government and/or private entities" issuing certificates but it is my opinion that stocks or savings will not count unless they are registered as retirement plans. You would have to get a broker to give you a piece of paper with a monthly amount on it.

    If it was me, I'd be hesitant to get those certificates as certain of my credit cards and line of credit require me to maintain a residence in Canada. So long as I show my face in the bank once every couple of years then they are happy. But if I asked for those certificates, for the purpose of residing in Philippines, I could easily lose those valuable tools.
     
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    Rye83

    Rye83 with pastrami Admin Secured Account Highly Rated Poster SC Connoisseur Veteran Army

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    So, more than likely, something like a 401K is going to be fine but savings and privately owned stocks are not. I suppose that makes sense. Interest rates can change and stocks can stop paying out or tank.

    The US banks/credit agencies don't require that I maintain a residence in the US. They could care less where I'm at as long as they have my money.....as it should be.
     
  5. Dave_Hounddriver

    Dave_Hounddriver DI Forum Luminary Highly Rated Poster

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    Are you sure about that? I just picked one at random and got this result:
     
  6. ShawnM

    ShawnM DI Forum Patron ★ No Ads ★ Highly Rated Poster Showcase Reviewer Blood Donor Veteran Air Force

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    I just copied this off of their site
    Special Resident Retiree's Visa (SRRV) | Embassy of the Philippines in the Nordics


    Retirement Option and their Required Time Deposit


    1. With Pension - 50 years old and above - the required time deposit is US$10,000.00 plus a monthly pension of US$800.00 for a single applicant and US$1,000 for couple.

    2. Without Pension
    • 35 to 49 years old - US$50,000.00 time deposit
    • 50 years old and above - US$20,000.00 time deposit
    • Former Filipino Citizens (at least 35 years old, regardless of the number of dependents - US$1,500.00)
    • Ambassadors of Foreign Countries who served and retired in the Philippines, current and former staff members of international organizations including ADB (at least 50 years old) - US$1,500.00
     
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    Rye83

    Rye83 with pastrami Admin Secured Account Highly Rated Poster SC Connoisseur Veteran Army

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    :cautious: Random, huh? That is quite the coincidence you "randomly" picked the bank I bank with.

    I guess I should have read the fine print. I wonder what an "investment account" is with them. Was that under their "Money Market" accounts terms of service? That military clause does not apply to me since I am not in the military. :wideyed:
     
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    Rye83

    Rye83 with pastrami Admin Secured Account Highly Rated Poster SC Connoisseur Veteran Army

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    That's my question: what is considered a "pension" by Philippine law.
     
  9. cabb

    cabb DI Forum Patron Highly Rated Poster ✤Forum Sponsor✤

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    In looking at some information on the Philippines, it seems to be defined pretty much the same as it is in the US. Essentially, it's a guaranteed monthly payment from a private or government source. It may be a contributory or non-contributory plan. I didn't see anything about interest or dividends being included as they aren't guaranteed. An annuity might be an interesting way to meet the pension requirement.
     
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