Art2ro Posted December 11, 2011 Posted December 11, 2011 (edited) Your legal wife and or any children that you may have can qualify for all of your existing U.S. benefits and under your "Survivor's Benefit", providing they meet all the U.S. legal requirements under your benefits: Military, V.A., U.S. Social Security and or any other private pension plans. You have a lot of home work to do if you want to provide for their future when you are no longer around! Here's just a few questions to ask and answer:1. Does your wife or child require U.S. residence (aka green card holder) or have U.S. citizenship status? 2. If your child was born abroad, did you register him/her with the U.S. Embassy and or have a U.S. passport? Under some U.S. benefits, you must show proof of paternity and U.S. citizenship status. Your children under 18 yrs of age may qualify and receive benefits (extra cash added to your SS pension) if you are presently collecting your U.S. SS pension and that pertains too to your V.A. disability compensation if it applies in your situation via your prior military service connected disability. If you are retired military, your dependents qualify for TRICARE Standard medical health care in the Philippines, but they must have dependent military I.D. cards and enrolled in DEERS. 3. Can you claim your dependents on your annual U.S. Federal income tax form? Does your wife and child have a TIN(Tax Identification Number) or U.S. Social Security number?Other forum members I'm sure will jump in to add to this list! I got writer's block for the moment! Edited December 11, 2011 by Art2ro 2 Link to comment Share on other sites More sharing options...
kenn Posted December 11, 2011 Posted December 11, 2011 Kind of related to the subject of making money in the Philippines. A few foreigners are doing Lot Pawning.People borrow money against their lot and or lot and house for short term needs. From what I understand, some banks in the Philippines also make these loans which are up to 7% interest, per month. The interest is paid to the bank or lien holder monthly. Nothing is applied toward the principal. I know someone (foreigner) who fronts the money for someone else to make these loans at 5% interest. Diligence must be done to insure the property has no other leans and I am sure there are other things that need to be done.5%-7% monthly interest is not a bad income on say $20,000 USD split out in 10 to 12 loans. Not bad if you can live with the fact of being a loan shark. Link to comment Share on other sites More sharing options...
Mr Lee Posted December 11, 2011 Author Posted December 11, 2011 Not bad if you can live IMO part of the last sentence has the most relevance, since it seems that many foreigners in the money lending business seem to end up dead. Might be a good way to make money but I would say it might be much safer to be a landlord of some small inexpensive apartments or condos. 3 Link to comment Share on other sites More sharing options...
kenn Posted December 11, 2011 Posted December 11, 2011 Not bad if you can liveIMO part of the last sentence has the most relevance, since it seems that many foreigners in the money lending business seem to end up dead. Might be a good way to make money but I would say it might be much safer to be a landlord of some small inexpensive apartments or condos.I agree 110% with that.If you live in the Philippines, You will need a trusted network with someone that does live in a different city would be the best. My "Friend" does not live in the Philippines, but does visit on occasion. The face person doing the dealing does not tell them who the source of money is...... but that cannot always be trusted. 2 Link to comment Share on other sites More sharing options...
Forum Support Old55 Posted December 11, 2011 Forum Support Posted December 11, 2011 Many Indians living in Philippines are "lenders" once a week we read in the local papers that one has been murdered. 1 Link to comment Share on other sites More sharing options...
Okieboy Posted December 11, 2011 Posted December 11, 2011 i have been involved in money lending but not by choice, my wife worked for some money lenders in Davao, these are what i call market lenders, we became involved in lending to those working for an American company, just as there are lenders for school teachers, police and government workers, my wife handled the loans with ATM cards as security, i supplied the money, and really had no problem, the only thing i didn't like was using enforcers to collect if someone didn't meet their obligation, having said that lenders are a very necessary part of life in the Philippines, without them a lot of people would not be able to obtain loans at banks in the time of need. The same is true of owners of hardware stores , motorcycle and auto dealers, who give credit. 1 Link to comment Share on other sites More sharing options...
Art2ro Posted December 12, 2011 Posted December 12, 2011 (edited) Lending and borrowing is a vicious cycle of uncertainties in life! Prime example, our present day global recession, due to over borrowing, going bankrupt in the end and lending institutions going under or relying on government bailouts to keep their heads above water and starting the vicious cycle of lending all over again with different desperate in despair borrowers! Edited December 12, 2011 by Art2ro Link to comment Share on other sites More sharing options...
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