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Visa Question Visa types

Discussion in 'Passports and Visas' started by Hippiebrian, May 16, 2021.

  1. Hippiebrian

    Hippiebrian DI New Member

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    Was considering an SSRV but now am thinking, because I plan to travel at least once a year anyhow, if a regular tourist visa would be just fine. Will that work as far as getting a license, etc.? Pros and cons of each? Thanks folks!
     
  2. LENNY

    LENNY DI Member Showcase Reviewer

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    I BEEN HERE 14 YEARS ALMOST ON A TOURIST VISA...But since this virus hit and it hit when my 3 years tourist visa expired and i could not leave the country or get back in i had to get a lawyer to help me send documents to Manila for extension of stay took almost now 9 months and still waiting for final approval under what they call temporary visa extension they fisrt denied me ... I could not believe it fined me told me have to leave country 15 days was unbelievable did not seem to care about the family the home the car nothing i paid 34,000p to show good will did a second try after falling down and hurting myself bad getting a doctor note saying not fit to travel send them x-rays of 2 very bad discs so waiting now for final ok .....they gave me..... for a temporary visa.... whatever that is ... virus has screwed everything up horribily and they have their hands full and sometimes shut down because of it.............. making it so hard to get things done time wise ....
     
  3. Rye83

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

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    I wouldn't consider an SRRV unless it is the military one that has the smaller deposit. The banks only insure P500k, the remaining balance could just disappear if a bank goes under (and then you would be required to replace that money to maintain your visa). While this is unlikely it has happened before.

    A tourist visa is going to be much more expensive in the long run (~8-10k every 6 months). You can get a license on a tourist visa, though you may have to try a few LTO branches to find an employee with a beneficial interpretation of the rules.

    As for other pros and cons; that really depends on your personal situation and what you plan on doing. Right now visa runs aren't an option so if you run out of time you will have to leave (or beg to stay). But you likely aren't going to get in on an SRRV right now either so it doesn't really matter in your situation at the moment.
     
  4. Edward K

    Edward K DI Senior Member Veteran Navy

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    Got an SRRV when i got here in 2016, PRA told me about military, deposit dropped in an instant to $1400. Only needed ONE renewal.
    1. I enjoy dealing with PRA in cebu via email and lbc, easier than B of Imm.
    2. I think traveling thru airports is easier with an SRRV rather than tourist, but i could be wrong.
    3. Even if srrv deposit was $10k, i would probably do it rather than screw around with the continual visa problems, especially if you are going to live here forever.
    4. Possibility of failure of big banks here is slim.
     
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  5. OP
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    Hippiebrian

    Hippiebrian DI New Member

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    Well, I am a veteran, so the cost would be lower. If it is cheaper in the long run, maybe that will be how I go. Thanks all!
     
  6. Rye83

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

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    It is not that uncommon. One large bank seems to fail roughly every decade.
    https://www.banksphilippines.com/2017/10/biggest-bank-failures-in-philippines.html

    Smaller banks fail much more frequently:
    In 2000 the were 23 bank failures.
    2001 - 19
    2002 - 12
    2003 - 9
    2004 - 4
    2005 - 10
    2006 - 11
    2007 - Unknown due to broken link.
    2008 - 24
    2009 - 31
    2010 - 25
    2011 - 29
    2012 - 24
    2013 - 24
    2014 - 18
    2015 - 15
    2016 - 23
    2017 - 7
    2018 - 12
    2019 - 11
    2020 - 5
    2021 - 1

    That's a lot of failed banks. One thing to note is that the vast majority of these banks (around 80-90% of them) were rural banks. Under no circumstances should anyone deposit a single peso over the PDIC insurance limit into a rural bank.

    "Thrift and savings" banks were the second most common bank to fail. Probably best to stay away from these types of banks as well.

    Don't think that just because you are with a big bank that you are safe. These DO fail and your money, minus P500k, WILL be gone if they do and you WILL need to replace that money to maintain your visa.

    Personally I would NEVER have a balance over the PDIC limit in ANY bank of any size. It is just a horrible financial risk for such a small immigration reward.
     
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  7. Rye83

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

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    You have to be over 50 and have a pension (I think the minimum is around $1000USD/month) of some sort to be eligible. It does have to be a proper pension. Dividend/401k distributions will not count.
     
  8. Notmyrealname

    Notmyrealname DI Forum Luminary Highly Rated Poster Showcase Reviewer

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    Sound advice - but there is also no guarantee of even getting the P500,000 (in extreme circumstances). I don't think banks hold enough to cover a widescale banking crash and when they turn to the government .... well, here in the Philippines, no chance I guess!
     
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