Permanent Resident Visa For Investor?

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omnivorism
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Some time ago, I don't remember where, I read you can somewhat "buy" your way into an at least semi-permanent visa, by having enough money in their banks. The rough equivalent to around 50k usd. Does anyone know if this is true? Basically that you get some kind of special visa privileges, or rather a specific kind of extended visa because you are bringing money for their banks and investors to use, but they don't keep it they just use it, and you have to keep a certain amount in there, and you can't withdraw it as long as you have such said type of visa. Anyone know about this? Is this just a fairy tale? it makes perfect sense in a poor not to mention fairly corrupt country. Edit: well i guess it is true.http://www.visasphil...s-resident-visa http://www.visalawint.com/index.aspx?page=f08_2 I was having doubts, which is why i asked here before Googling official info, Although it says 75k in one spot, and 750k in another. I assume the latter is a typo, The other link also says 75k.That mostly settles it. Still if anyone has anything to add on this topic, I would be interested.

Edited by omnivorism
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Mr Lee
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It is called an SRRV and you can find the info HERE. The amount of deposit depends on your age. You can also contact a friend of ours Mayen who is the assistant manager of the Cebu Bank of Commerce and she handles the visa for people, so she would have lots of info. HERE is a post I made with contact info.

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omnivorism
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thanks. good news.Except I am not the minimum age of 35 yet. only 20k then.

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Mr Lee
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thanks. good news.Except I am not the minimum age of 35 yet. only 20k then.
Then just talk to Paul (ancienrocka) and Elsa of Cebu Expat Services and see what visa options you have in the mean time.
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Dave Hounddriver
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Since you are so young, it is probably the quota visa you mean. It gives you an immigrant status but, as you mentioned, there are conditions which will cost you some money. If you plan to live a large part of your life here then you should really look into it. Its the kind of thing where you would really need a personal interview with the right official to decide if its right for you.

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Mr Lee
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Here is some more info on an investors visa, seems pretty pricey to me. Who are qualified to avail of a Special Investors Resident Visa? To qualify for an SIRV, the foreigner-applicant must be at least 21-years of age and meet the following qualifications:
  • He/she must not be a threat to the Philippines' national security
  • He/she must not have been afflicted with a loathsome/contagious disease
  • He/she must not have been institutionalized for a mental disorder/disability.
  • He/she must be willing to invest at least 750,000 USD in a sustainable enterprise in the Philippines
Or Special Investors Resident Visa
  • Invest $50,000 in touristim, or
  • Invest $75,000 in general, or
  • Retire with right to residency
  • Multiply entry privileges

Sorry but I know very little about one of those and maybe Paul (as above) might be of more help. Seems to be some conflicting figures and I do not know why.

Added, I am not recommending the attorney the links bring you to, just using his pages for reference material.

Edited by Mr. Lee
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brock
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Also, I think if you have a business and employ 10 people, that gives you residence status

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omnivorism
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it isnt a problem really. I am pretty sure the 750k is a complete typo. I looked at the link you sent and looked at details about specific kinds of visas.For the "Smile SRRV" its only 20k. But with that you have no access to the money until you decide to end the visa. If you do the 50k or 75k, you have more access to the money or control over it. I will be 35 in less than 2 years. I am working towards my finacial goals in the meantime. So the age limit isnt really a problem. It is temporary. I will be 35 soon enough. If i reach my finacial goals, the 20k won't be a problem at all. If i have my way I will take home at least half that a month by the time I am living there. Thanks though everyone, I think this one is solved for the time being, until I go about actually getting it anyway. I am just planing ahead and working towards my goals.

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omnivorism
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Okay, actually I have been thinking about it, and I do have a couple of questions very related to this if anyone knows. 1.If I am an investor status resident, and I have an investment, do I actually get some of those profits? Or is it just for the government to keep and distribute? Additionally, am I liable for losses that they make with that money? Seems if I am liable for the losses, I should also get at least some of the profit. 2.If I have a resident visa, am I then able to buy property in my own name including residential or commercial real estate? 3. I have read a little but not much about business dealings there, if I am a resident can I independently own and run a business there as a resident instead of having to partner with a Filipino because of red tape restrictions? 4. Does anyone have much of an idea of what kind of earning potential there is in such a market and economy? My business interest would likely (and even then only potentially) be limited to buying and renting properties, or possibly developing them if my pockets were deep enough for that, Or maybe owning a business that I do not have to run myself, although I would have to give a lot of consideration to what businesses were more profitable and less trouble for me. Or I could just be a private share holder, or straight up investor, which is even less trouble. I have no ambitions of creating my living income this way, only potentially adding to it. Edit: found this. Doing my homework.http://www.boi.gov.ph/pdf/primer.pdf

Edited by omnivorism
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Dave Hounddriver
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I can give you a direct answer to your question 2, residence does not give you the right to buy land here so a permanent resident has no more rights than a tourist at this moment in time. Now I am going to suggest that you read between the lines when it comes to big money visas and investing big money in the Philippines. You must have read countless times that the Philippines is a corrupt country. If you believe that then you have to realize there are no web sites or written rules to outline how the corruption will be done. So to find info on what really goes on in the high money areas that you ask about I would suggest boots on the ground, talking privately to people who have done what you suggest. This is not a recommendation to do that or to break any laws. It is merely a suggestion that people will say truths to their friends that they would not and should not write down.

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