SRRV Deposit

Old Dec 14th 2023, 7:29 am
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Default SRRV Deposit

I'm sure that this must affect some folks here who are on a SRRV visa

My deposit was a mere $1500 compared to the $10 or $20k that most others had to pay.

But, although I intend to live forever, I have been looking into how would my partner inherit that should I pre-decease her.

From my initial investigation it appears that I would require a Last Will and testament Probate which involves 3 witnesses and a nominated Executor. This then has to be approved by court proceedings. But the money can only be released into a USD. Account. It's difficult enough for a local to open a bank account so I am told as it is.... never mind a USD account...

Seems quite a palaver. Furthermore, I have been informed it would attract tax of 33%!

Thoughts?
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Old Dec 14th 2023, 8:09 am
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Default Re: SRRV Deposit

On the USD account part of it I followed up on a website recommendation of a RCBC USD savings account being the best choice. Seemingly few requirements and charges.
But overall, allowing for all the costs and bother , for your 1500 it seems hardly worth doing. But maybe for the larger depositors it is

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Old Dec 15th 2023, 1:07 am
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Default Re: SRRV Deposit

Ive often wondered about this too. My hope is that if I know Im on the way out physically, then would redeem in my case the Usd 20K and revert to a tourist with ACR card.
However if I was unable to do that I think they make the procedure so difficult that they probably end up keeping your money.
Last year when I did my renewal a Filipina and her daughter were in PRA office trying to see how to claim her recently deceased husbands deposit.
She had already completed many many forms but they gave her a whole lot more. I wouldnt want any executor Ive nominated to go through this bureacratic effort. Yes its Usd 20k to lose...but the effort to get it returned seems onerous to say the least.
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Old Dec 16th 2023, 1:09 am
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Default Re: SRRV Deposit

Originally Posted by freebie
Ive often wondered about this too. My hope is that if I know Im on the way out physically, then would redeem in my case the Usd 20K and revert to a tourist with ACR card.
However if I was unable to do that I think they make the procedure so difficult that they probably end up keeping your money.
Last year when I did my renewal a Filipina and her daughter were in PRA office trying to see how to claim her recently deceased husbands deposit.
She had already completed many many forms but they gave her a whole lot more. I wouldnt want any executor Ive nominated to go through this bureacratic effort. Yes its Usd 20k to lose...but the effort to get it returned seems onerous to say the least.
Yes, my $1.5k is a drop in the ocean to lose compared to yours. But 1.5k can be a lot of money to a Filipina

It is a bureaucracatic nightmare for N of K to try and claim what is rightfully theirs, but even if you revert to tourist visa, I am told that it takes months to actually see the money. Furthermore, I would assume that once reverted, a visa run would be required... not the best idea if in ill health.

For me, maybe I will just reconcile myself that my deposit would pay for itself in about 3.5 years by saving on visa fees, visa run etc....and all the hassle that goes with it.
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