SRRV post COVID

Ask maryrose@mrskringer.com

Hi sekmet, there is a lot of info on here and other sites with regards to your questions.

In a nutshell, no you can't use the SRRV deposit for monthly payments. You can convert your deposit into property/long term lease providing the value is US 50K or higher. To accomplish this requires the PRA to be annotated with the correct wording (their wording) in the lease or on the title. If you do this the funds sit in the property and not the bank. I never went down that path, firstly the extra costs and time to set up with the PRA and attorneys and the reverse if you want to sell in the future. Secondly I don't draw a pension so US 20K tied up in a property we already own with a 25+25 year lease and a caveat on the title.
We have decided to wait until I draw a pension from my superannuation in a few years, then apply for an SRRV and only kiss US 10K away.

To change from Smile to Classic at a later date,,, from everything I have read and heard will require another application and of course the fee. I may be wrong.
Good luck with your endeavours.

Cheers, Steve.

Thanks, Steve.

I think maybe I'll just sue the tourist visa extensions and see how that goes.

Does the $20000 without a pension go in a bank and you can get it out later, or is it just buying a permanent visa?

sekmet wrote:

Thanks, Steve.

I think maybe I'll just sue the tourist visa extensions and see how that goes.

Does the $20000 without a pension go in a bank and you can get it out later, or is it just buying a permanent visa?

The deposit is a guarantee and can't be touched unless converted to property/lease or if you opt out of the program, I have heard it takes 6 to 12 months to get your money out, same if you pass away. Other members can help here (SRRV holders) as I believe a small amount of interest is paid on the deposit.
For me the tourist visa works at the moment, I am lucky as my local immi office is mostly deserted so quick and easy for the extensions.
Manila, when we lived there was always a 2 to 3 hour process but worked. For us I'm due to exit (visa run) the country in 20 months and only hope borders are reopened by then.

Good luck.

Cheers, Steve.

sekmet wrote:

Thanks, Steve.

I think maybe I'll just sue the tourist visa extensions and see how that goes.

Does the $20000 without a pension go in a bank and you can get it out later, or is it just buying a permanent visa?

Yes the SRRV smile deposit (of $20k) does go into one of their approved banks (DBP/in my case) & that earns you some interest which they claim will be compounded with interest & kept safely till you cancel that permenant visa.
Then theres also the $360usd/year card renewal fee that you need to pay.

Manwonder you mention DBP.

The readers should be aware that deposits in DBP are in PRA name, while deposits at other banks are on the retiree's name, be it blocked.
Given how promises about residency and hassle free travel have been broken, I would recommend that new SRRV holders put their money only in normal commercial  banks.

Here’s the SRRV web site…

https://pra.gov.ph/srrv/

Yes...as i did not have any existing USD$ account & only had a SGD$/Peso accounts the deposit money was converted fm SGD to USD & placed under the care of PRA in DBP (PRA did issue me with a fancy looking official embossed certificate for the exact amount of USD$ on the opening of that account which had my name included)

"Remittance shall be made to your own Dollar Account in the PRA accredited banks in the Philippines such as Bank of Commerce, Banco De Oro (BDO), Philippine National Bank (PNB) & Union Bank, or **PRA account in the Development Bank of the Philippines (DBP)

Good news the "EED" is NOT REQUIRED anymore for current SRRV holders to enter the philippines.

https://www.pna.gov.ph/articles/1142693