cymruchris

So whatever happens - I want to come to the Philippines (Call me mad).

I'll be coming on the SRRV visa - where the deposit is put into property. So I need to choose where to live quite carefully.

I'll also need a job.

Option A:

Come - buy a place after choosing a location - and then find a job in that area.

Option B:

Find the job I want - then buy a place in that area, but have to rent initially incurring extra costs.

Which way around would you do it?

Rental wise - Most people want you to sign up to 12 months contracts or more.

(Yes I know getting the job won't be easy!)

mikek1

Hi Chris,


You cannot purchase property in your name (condominium excepted). If your married to a Filipino you can purchase property ,but in her name.

I am not sure whether you have to leave your SRRV deposit in the bank for surety. I would check this point out, because if that is the case then you would not be able to use it as a deposit for future property purchases.

If I were you I would rent first and get a feel for the place. 12 month rentals are not necessarily the norm. Most landlords would be only too happy to rent any period of time.

Suggest you read many of the threads on this and other sites to gain some prior knowledge of what you may encounter in the Philippines.

Best of luck finding work..........................you will need it.

cymruchris

Yes I know I'm limited to condo - and the $US50k is held by the government for 30 days before being allowed to be released into property....

cymruchris

Oh - and I won't be marrying anyone

quiltman

I would check with the PRA re releasing the deposit as they have to approve the purchase and I've heard tales of it being difficult to get approval - one guy said they wanted a lien on the condo for the value of his SRRV deposit. I also heard it takes a heck of a time to get it refunded to your estate if you die!

Also don't forget once you have the SRRV you need to apply for the alien Employment Permit in order to work here - it states this on the SRRV certificate.

I'll ask my contact at PRA what the rules actually are re converting the deposit. I've not bothered, but there again my deposit was the $10K. I'd have been a lot more pro-active if it had cost me $50K! Will update ASAP.

Gazza-d

If you need a job then I would not put any money into a condo until you have a job, they're not easy to come by, and if you are going to live in Manila, or Cebu for that matter, the location of your job will determine where you buy the condo. Commuting in the large cities really sucks.

quiltman

Plus selling condos here is not easy. so many new ones are going up that the market is oversupplied plus condos here have a "life" of 50 years and not many people get their investment back with a profit.
As Gazza-d says, depending where you get a job determines where you end up living. for example, here in Cebu , if you get a job in IT City, no way can you live where we are as it can take 2 hours to get downtown in rush hour. My sons fiancée works in JCentre and it takes, on average, 90 minutes to get to/from Consolacion. worst was 2.5hours, best has been 50 minutes.