SRRV Retirement Visa

Old Jul 31st 2017, 11:08 am
  #61  
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Default Re: SRRV Retirement Visa

Originally Posted by Stokkevn
Just an update, additional 3 hours in new bank, 41 signatures and 43 pieces of paper, then they got it wrong so had to return for another hour. Closing the old savings account was nearly 2 hours as no one could find the code which allowed them to close an account, plus another 8 pieces of paper and 11 signatures.

So to move 1 bank account and close a savings account it took 11 hours, 164 pieces of paper and 109 signatures. I love it when things go smoothly.
Hs to be said I am pleased I moved over to the 13a visa, transferred my deposit back to the UK. My concerns have changed since my SRRV days number 1 being that my wife and children cab get to my funds in event of death. The BIR and banks hold the process up for years and then charge a ransom to get it released with attorney bills added in.

Now that will not happen, UK probate with 'wills' is easy enough and no IHT between husband and wife.

SRRV(the old one that cost 320 pesos pa to renew) is a good visa for those who do not have to have family considerations and save money on airport exit fees.
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Old Aug 21st 2017, 5:05 pm
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Default Re: SRRV Retirement Visa

ladies and Gents... can someone please direct me to a thread on this forum discussion value proposition of getting an SRRV vs sticking to a renewable tourist visa.. especially if your long term goals are not philipines oriented ?

Thanks in advance,
S.
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Old Apr 10th 2018, 11:32 am
  #63  
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Default Re: SRRV Retirement Visa

You will not be taxed on your pension received from outside Ph
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Old Apr 11th 2018, 12:48 am
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Default Re: SRRV Retirement Visa

Originally Posted by Andy_16296
You will not be taxed on your pension received from outside Ph
When resident of the Philippines but NOT a CITIZEN you may have overseas earnings and capital gains exempt from Philippines tax.

You may be liable to tax in the countries where the income and capital gains arise subject to any allowances in place.
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Old Apr 26th 2018, 12:09 am
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Default Re: SRRV Retirement Visa

Originally Posted by tropicofcancer
Under "3"

Benefits of SRRV Holder (Special Resident Retiree's Visa)
More from the Philippine Retirement Agency website PRA: Philippine Retirement Authority

Being a holder of Special Resident Retiree's Visa (SRRV) , one can have the following benefits:

1. Option to Retire Permanently
• You may live, work and study in the Philippines

2. Multiple Entry Privileges
• You may travel outside the Philippines and re-enter anytime

3. Exemptions from:
• Income tax over your pension and annuities;

• Exit and re-entry permits of the Bureau of Immigration;
• Annual registration requirement of the Bureau of Immigration;
• Customs Duties and Taxes with regard to the importation of household goods and personal effects up to US$7,000.00;
• Travel tax, if you stay in the Philippines is less than one year from the last entry date; and
• I-Card

As an SRR Visa holder, the PRA can assist you in obtaining basic documents from other government agencies. These include, but are not limited to:

• Alien Employment Permit
• Driver's License
• Tax Exemption/Extension Certificate
• Tax Identification Number
• National Bureau of Investigation (NBI) Clearance
I am trying to find out more regarding the SRRV visa, I have contacted their website but not received a reply, just wondered if you knew how much a 62 year old would need to deposit, I think its 10,000 USD but not sure, also what happens to the money, can you actually get it back or is it a non refundable payment, thanks
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Old Apr 26th 2018, 2:23 am
  #66  
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Default Re: SRRV Retirement Visa

Yes that figure is correct and you do get it back in full if you leave the scheme. Can take a couple of days and it will be drawn on an overseas bank cheque that can take up to 40 days to clear
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Old May 25th 2018, 8:48 am
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Default Re: SRRV Retirement Visa

The monthly pension requirement. Is it enough to have a document from the UK Pension office confirming a pension or must it be paid monthly to a Philippine bank?

Thanks for any details experience you have on this
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Old May 25th 2018, 10:52 am
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Default Re: SRRV Retirement Visa

Originally Posted by ssoomro
ladies and Gents... can someone please direct me to a thread on this forum discussion value proposition of getting an SRRV vs sticking to a renewable tourist visa.. especially if your long term goals are not philipines oriented ?

Thanks in advance,
S.
If it is not long term, then I would stick to tourist visa. SRRV only really comes into it's own when you no longer can make the yearly trip to the BI. I only got mine because he 13a said that they did not accept my wife's UK divorce from her UK husband, along with the suggestion that money may make this problem go away.
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Old May 26th 2018, 1:22 pm
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Default Re: SRRV Retirement Visa

Originally Posted by Stokkevn
If it is not long term, then I would stick to tourist visa. SRRV only really comes into it's own when you no longer can make the yearly trip to the BI. I only got mine because he 13a said that they did not accept my wife's UK divorce from her UK husband, along with the suggestion that money may make this problem go away.
Interesting. Today there was a notice in the SunStar re a petition from a Japanese guy to the Supreme Court to recognise his Japanese divorce here so his Filipina Ex could be declared single and remarry. lodged in February , hearing set for august 31st but notice apparently has to be given in local papers for 3 consecutive weeks, 3 months before the hearing. your wife could have applied for judicial recognition of her UK divorce -so long as HE initiated it. Costs a fair few thousand pesos and takes a long time.....
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Old May 26th 2018, 1:25 pm
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Default Re: SRRV Retirement Visa

Originally Posted by salgoud
The monthly pension requirement. Is it enough to have a document from the UK Pension office confirming a pension or must it be paid monthly to a Philippine bank?

Thanks for any details experience you have on this
You need the official letter from the DPW giving your pension entitlement for the next financial year - or the current one.IIRC we had to have our letters notarised and our UK solicitor did this for us free!
There is no rule saying you have to remit it every month - many often remit every quarter for example. I do a monthly transfer, but not necessarily of the full pension, it depends on my needs that month!
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Old Oct 22nd 2018, 1:43 pm
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Default Re: SRRV Retirement Visa

Have not read through all these replies, so forgive me if my questions has already been answered.

Exit Visa:
Have seen two answers to this on other forums. Exit visa is exempt within 1 year or 18 months?

If leaving and returning within/after the 12/18 month exemption period, does the clock start ticking again from your return date.

Philippines Bank account:
Amongst other services provided in the SRRV process, can the agents set you up with personal bank account. I have read in some forums that some expats have 'RECENTLY' been refused bank accounts even though they have a SRRV visa and many with ACR cards also refused. As a Retirement Guest I would expect that the SRRV would be a guarantee that you are entitled to a Philippine bank account

Thanks
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Old Oct 23rd 2018, 3:41 am
  #72  
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Default Re: SRRV Retirement Visa

You are expected to travel annually to maintain the free of charge exit clearance within the calendar year starting January 1st.

I have never known anyone to be turned away from a new bank account request when on an SRRV as it is a permanent residents visa for which you will receive the PRA ACR Card.
Why not open an account with the bank that accepts your SRRV deposit. once settled with address , bank statements and ACR card opening another account with another bank , should you need it will be easy enough.
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Old Oct 25th 2018, 3:03 pm
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Default Re: SRRV Retirement Visa

Originally Posted by mikemike
You are expected to travel annually to maintain the free of charge exit clearance within the calendar year starting January 1st.
I have never been asked for exit clearance fee while I have been on my SRRV, I was here for 4 years and then traveled to the UK for 1 year and just recently went for a boys weekend having not traveled out of the country for nearly 5 years. Neither time was I asked for any clearance fee.
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Old Oct 25th 2018, 11:24 pm
  #74  
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Default Re: SRRV Retirement Visa

Stok

Looks like the terms and conditions have changed since I was on the SRRV. I left that to 13a in 2011. Up to then you did have to travel once a year to maintain the exemption from travel tax as opposed to exit clearance.
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Old Mar 24th 2019, 4:38 am
  #75  
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Default Re: SRRV Retirement Visa

Greetings!

If this aspect of the SRRV has been discussed before....then apologies.

Chatting to an US friend recently who is on SRRV, he states that as a US Vet he can avail the SRRV for only 1500 USD and then a yearly subscription of 250 USD. This is because under the provision of SRRV, those ex-military who come from countries that have formal defence agreements with the Philippines are entitled to this privilege. Obviously the US has close military ties with the Philippines.

Now, he reckons us Brits may be able to avail ourselves to the same privilege because according to a clip he showed me, the UK was renewing a defence agreement in London two years ago. If I remember correctly, there were discussions between Gove and a delegation from the Philippines. I have tried to research the outcome of this meeting to no avail....nor can I find out what the extent of the defence agreement is.

I suspect the link between the UK and the Philippines as far as any defence agreement is concerned is too insignificant to allow us to avail this discounted SRRV, but it maybe that someone out there may know better. Or, if starting the process of applying for SRRV might wish to pursue that avenue.

On the subject of SRRV.....I wonder what advantages that has over 13A.....if any?

Regards

Last edited by Philosophical 11; Mar 24th 2019 at 4:40 am.
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