SRRV deposit

@teesquared

Firstly welcome to the forum, enjoy the info with searches.

There are many posts on this topic from many members with opinions on this question.

Firstly I would ask married, partner or single, your status can change the options but back to your question regarding retrieving your deposit for property purchase/lease? Some things you need to know and requires reading the fine print posted by the PRA and SRRV rules.

My understanding is this is possible but comes with caveats as follows. Using your deposit for property or a long term lease is permitted but requires the PRA to be listed on the title or lease as first mortgagees thus encumbered no different to borrowing money from the bank,,,,,, Honestly? The paperwork and legalities involved are cost prohibitive to A/ get in and B/ get out, draconian thinking, welcome to the Philippines.

I also read a few weeks ago and either misinterpreted/misread but believe this option is being dropped by the PRA, research wins the day.

Good luck.

Cheers, Steve.

Hi Steve and thank yo for the prompt reply.

I would be a single expat but building on land owned my a friend.

With legal docs to protect both sides. From what you say it might be better to just rent at least initially. I will research more.

Best regards

Tee.

@teesquared

Hi,

I want to make sure that you know other options on how to stay in the Philippines:

With a tourist visa - this will cost you about 60 USD for an extension of 2 months. The first month is free. Each time you go out of the Philippines (eg. Singapore, Hong Kong, Kuala Lumpur, ...) you have one month free. You can stay up to 3 years without going out of the Philippines.

Get married in the Philippines - you will be a permantent resident of the Philippines after an initial payment of 200 USD, a year after another 200 USD and then 50 USD every 5 years. For every exit you have to pay USD 50.

As a foreigner you cannot buy any land in the Philippines. You can buy a condo. In case you want to build your own house it can be in the name of your wife or in the name of a company.

Andy from Boracay (8 years in the Philippines)

@teesquared

Thanks Tee. I would suggest given you have 15 months before arrival there is plenty of time for research, do it well and properly.

Good luck.

Cheers, Steve.

Hi Tee!

Two weeks ago (16 January) I was in Kalibo, Aklan, with a recruitment delegation from PRA Head Office, Makati City. A question came up from an Italian retiree as to: whether it was possible for the 20K Deposit to also fund utilities (electricity, water etc.) on a leased premises? The answer to the question was, "if the value of the lease is agreed in advance between Lessee and Lessor to include utilities and the Lease Agreement states ONLY the total agreed figure then the Deposit can also be used for these payments". So, my conclusion, the ability to use the Deposit to fund a property Lease or Purchase is still on the table with PRA and with some creative accounting can be used to cover more than simply the property investment.

@martyn27

I would argue the toss on what you were advised. Read the fine print with regards to converting your deposit to property or lease, Your funds are still tied to either or and can't be spent willy nilly. The long and short of it all is available if you dig into the PRA fine print with regards to the above. gets expensive and your funds are still tied up with the PRA.

OMO.

Cheers, Steve.

@bigpearl

agreed funds are tied up unless used for lease or purchase. I had 20K SRRV before Covid but needed to withdraw the funds to finance new business during the pandemic. It took one visit to PRA Head Office to sign termination of visa papers and one visit to the bank to withdraw my funds and the interest accrued. I though the process simple and efficient. Maybe the process of termination has changed since the pandemic but I stand by my statements as made here, including the statements from the January 2025 event in Kalibo.