Using SRRV deposit for leasing house and lot (and bonus question)

@284longshot

Firstly welcome to the forum and your choice for the Philippines.

There are plenty of posts here and other sites with regards to the PRA's SRRV and worth searching and reading as well as the SRRV fine print.

Firstly, I did look into the SRRV long and hard for years and unfortunately it wasn't for me, though a good system. I have been living here on a visitor visa for 5 and a half years and yes immigration are clamping down on those working/deriving income here and rightly so, all countries do this and especially here is "Filipino first".

I'm not getting into the lengthy discussions I've had about using the SRRV deposit on long term leases or property purchase but basically the PRA rulings are that if you use the deposit for such then they basically become the first mortgagee (lease/property encumbered) and you have to pay their fees as well as your own attorney to set this up and then the reverse to get out of it unless you exit the SRRV program.

The US 20K if invested will earn you say 5% or US 1K a year, up to you to do the math but the visitor visa will cost you around 400 bucks a year and you are in control of your cash and a simple choice but due diligence always.

Good luck with your research.

Cheers, Steve.

Thanks for the welcome @bigpearl.  I have noticed not as many choose SRRV as stay tourist visa.  But, I'm wondering how that will go long-term now that they seem to be clamping down.  And unless I'm misinterpreting newest info, that clamp now goes beyond just those working/deriving income in PI.

I did read many posts here on SRRV and I've read some of the fine-print.  But I didn't see how the $20k gets distributed across the term of the lease for cash-flow.  some of the fine-print seems a bit vague.  maybe that's the intention so it's open to interpretation and implementation.

I have a while so I'll keep on researching and hopefully hear some others experiences.  And obviously, I can ask one of the Marketer options for some advice.  I plan my 2nd trip to the Philippines in December for 55-59 days and hope to extend that up to the magic/easy/straight-forward 1 year mark.  Likely though I'll have a return trip to USA to take care of my property and possessions during that year. 

So I've got at least 14 months to think/research.  possibly more as I agree the tourist visa option is the most economical from a cash-flow perspective, especially since I'm in the $20k bracket .  hopefully, I can utilize it as others have done for years.

One thing is for sure, in the time I have to think about it, the visa options/interpretations will change a few times more.

Cheers

It's a choice and all choices require careful consideration.

I have been knocking around the Philippines for near 14 years and a member on expat sites for around 12 years and I have never read or heard of an expat on the SRRV program converting their deposit into property and while I'm not saying it hasn't been done would say it's rare.

My choice was simple after doing the math and a very generous visitor visa simply went down that path and if the BOI clamp down and change the system for visitors I will swap to the SRRV but now I draw a pension on my superannuation fund the deposit will be US 10K and 360 bucks a year for the joy of it.

I wrote about my interview with immi a month ago in a previous post with the manager in my satellite office and seems they are looking for those that are breaking the law, I spoke to him about the gossip of changing their visitor system and he told me not that he knows of and visitors can stay for 36 months, exit and return and start again, he was to the point and very helpful.

The SRRV offers many benefits and suits lots of expats but for me on the visitor visa I have a 25+25 year lease, I own all the buildings and improvements, my better half owns the land and the 50 year lease was paid in full with the purchase of the land, I have bank accounts, PhilHealth, Drivers license, Gcash, debit card, internet, Netflix, phone etc. etc. I pay the rates, I am on the Barangay census as the owner here.

Choice.

Cheers, Steve.

Thanks for sharing your valuable experience.  It certainly gives me some guidance

Cheers,

284longshot

@284longshot

Your question is interesting. Instead of asking a marketer, I recommend that you ask  PRA directly.

In case they don't answer or don't give a clear answer, I may be able to help. I live opposite their office.

Let me know

Bythe way, wit SRRV you don't need ACR. But of course there is another card with its own cost.

@284longshot

just applied for srrv the $20000 is held in total until you give up the srrv

ok if your american ex service no need but british and your shafted