SRRV DEPOSIT

No,

The lease must be minimum 50k+,  25y for house and lot only, with clean title.

Hello supersoxlv,

Welcome to Expat.com

Thank you for asking your question here.

While waiting for other members to reply, I invite you to check the official website of the

Philippine Retirement Authority here https://pra.gov.ph/srrv/

All the best,

Cheryl

Expat.com team

I could have sworn that I reviewed details prior to the pandemic that stated 12 month lease were an acceptable option?

@supersoxlv No, not true.

@emvaningen Only for certain PRA properties.

I could have sworn that I reviewed details prior to the pandemic that stated 12 month lease were an acceptable option?
-@avedisiandavid

The lease must be minimum USD50k+,  25y for house and lot only, with clean title.

You can also consider the quota visa and the marriage visa

@emvaningen Thank you..... saddened by my wishful thinking. I guess that instead I will search for contractors who provide mortgage financing on condos. Still planning to keep my fingers crossed.

I am looking for info on SRRV deposit. I have had the SRRV since 2007. I have deposited $20,000. I was told at the time that when I have a verifiable pension, I can get $10,000 of that deposit returned. Over the years, I've renewed many times and have discussed this option regularly with the people at PRA office as well as other SRRV holders.

I finally have a pension verified. I called the PRA to ask the process to get $10,000 back from my original deposit of $20,000. I was told that as of one or two years ago, management has changed and there is no longer a policy in place for the return of $10,000.

At the suggestion of a PRA employee, I have written a letter to the General Manager of PRA requesting the return of $10,000. I'm told he is handling the issue on a case by case basis. I have received no replay after 3 weeks and am assuming I will continue to get no reply.

Has anyone out there had this issue come up? Does anyone have a suggestion of how to deal with it.

I have had nothing but good interaction with PRA for 16 years. Now, I feel like I'm being taken advantage of.

Any help will be appreciated.

Welcome to the forum LW23.

Only my understanding and there are plenty of contributions here and other sites, it seems you will need to cancel your current SRRV, go on a visitor visa and once you get your money back less fees then reapply including a new application fee of 1,400 US etc.

I hope I'm wrong and if so let us know how you fare with the general manager.

Good luck.

Cheers, Steve.

I was thinking about SRRV option. Mind you I have thus availed myself of no options as yet. Been here 6 months, and we haven't married yet.

So SRRV for me would require $10,000 deposit (I have retirement income qualified). Where do you send this money? Do they keep it forever as long as you're here? What about upon death? What happens to the $10k?

Same Larry, thought about it for many years but decided to wait until I drew a pension from my super account in 2 or 3 years. Then like you only a US 10K deposit.

If you are serious about the SRRV then you should talk to the PRA and get it straight from the horses mouth, as for death then your executor or whoever holds power of attorney will need to cancel your status, pay any exit fees and the balance goes back to your estate,,,,, eventually.

Perhaps if you are thinking of marriage then look at the 13a visa.

Cheers, Steve.

@LW23

Hello,

I live next door tp the PRA office. If you want, I can do some research for you, or I can ask maryRose.

@emvaningen Thanks for the offer. I am working with the Cebu office to try and get it solved. I think waiting until I exhaust this path may be the better call.

@bigpearl Thanks Steve. My contact at PRA suggested this path.

I'm grandfathered into my visa with no annual fee. If I go down the path you mentioned, it takes 6 to 8 months and I have to start paying the annual fee.

For 13 plus years, the return of the 10000 was a given. Now, they want to change and take away my no cost visa. WHich is what I was promised for life.

OMO LW23,

Stick with what you have if for some reason and I don't how you have no annual US 360 buck renewal fee, never heard of that before, best to stay with the system you have accomplished and save the annual fee as well as the reapplication fee of US 1,400 bucks. Do your math mate.

Stuff changes in PH. every day and being here as long as you have you should be used to it.

An instance: our internet was P950 per month unlimited, went up to 1050  8 months ago and now 1200. No emails or contact warning of the changes/price hikes that's the bill. Great business model.

As said if you have a no annual fee with your current SRRV then the 10K less exit fees and re establishment costs makes no sense. I and others wish we could secure a deal like that.

Good luck, Steve.

I like to hear more about a no-annual fee SRRV. How did you manage that ?

I like to hear more about a no-annual fee SRRV. How did you mange that ?
-@emvaningen

Exactly and too true since those fees have been around since the 80's.

Cheers, Steve.

@bigpearl I agree that the math is pretty simple. Unless PRA will do as promised and and let me withdraw the 10k, I'll leave it there rather than pay 360/year. I'm only 66 so with a bit of luck, I'll do ok in the long term.

Yes, things change by the minute. I have a thousand examples as, I'm sure do you.

It would be nice to see PRA do as promised. But, I have a visa and can come and go as I like.

@emvaningen The no annual fee policy was something that was available at the time. I'm sure it's been gone for some time and PRA would like me to pay that fee but, with my grandfathered visa, I have to willingly give it up and pay for a new one with annual fees. The math doesn't work so I'll continue to try and remain cautiously optimistic.

Cheers

My elderly mother 97 years old is in the hospital in Cebu Philippines. She had to replace her pacemaker she almost died. The $10,000 that she was required to pay the Pra our monies that can be used to pay a medical emergency. The Pra in the Philippines is trying to avoid paying my mother’s hospital bill and she’s currently still in the hospital. Nobody is cooperating, including the hospital. They’re just keeping her there and allowing the bill to keep going up and up and up. By law, they are supposed to use that money for this medical emergency, but they’re avoiding us because we are easy to avoid. We are not in the Philippines, but my mother is. What can we do in the situation? Definitely reaching out for any help we can get thank you kindly.

Talk to servicing@pra.gov.ph

Ask for help. Let me know who and what they answer.

@patmikfinn

Although you are not in the Philippines it's best to call the PRA

Try servicing first but expect to be asked to talk to the investment team

If you don't have a POA in the Philippines then it might be difficult to get your issue resolved with PRA

@patmikfinnInclude finance@pra.gov.ph in any emailsIt's sometimes difficult to know which area handles what transactions