Srrv Smile Visa

[Tara555]

Hi, I'm looking into applying for the SRRV Smile retirement Visa. I'm over 35, but under 50. And do have $20,000 spare to put in a Philippine Bank.

Is there anyone else on this forum that has applied and been approved an SRRV Visa? And was it quite easy? I'm worried about it being denied.

Does it take long to be approved? And is something put in your passport before you leave your home country?

Thanks everyone!

[brock]

My advice for what its worth is keep your money in your home country

[Old55]

Long story short........ What Brock said.

[MikeB]

The OP is asking if anyone on the forum has applied for and been approved for the SRRV Smile program. Perhaps someone who has some experience with this visa can help him.

[Tara555]

Ok, thanks for the advice, but it's spare money for me and it's nothing for me to worry about.

I'd like to get a permanent visa and this way sounds perfect. I'd just like to know if anyone else has got this visa?

[Tukaram (Tim)]

I know a few guys that have one.  I am not sure if any are on this forum.  I think I heard someone hear say they had one.  Give it a day or two until everyone has a chance to see this and you will probably get an answer.

 

I do not have one but the guys I talked to that have the visa say it is a money issue.  You make that deposit and your visa is approved!  And pretty quick from what I hear.

[JJReyes]

Ok, thanks for the advice, but it's spare money for me and it's nothing for me to worry about. I'd like to get a permanent visa and this way sounds perfect. I'd just like to know if anyone else has got this visa?

 

I am familiar with the SRRV program. Most of the applicants are actually between 35 and 55. The largest numbers are Chinese from Mainland China, Taiwan and Hong Kong. They acquire the visa without the immediate intent of relocating to the Philippines. It's a form of insurance in the event something goes politically wrong in their home country. The United States offers something similar known as as the Immigrant Investor visa (EB-5). The US investment requirement is either $500,000 or $1,000,000. 

 

The SRRV application is $1,400. Approval rate is more than 95%. If for some reason the application is denied (i.e., you have a contagious disease or criminal record), any deposit in a Philippine bank is returned.

[Tara555]

Thank you JJReyes for your kindness and knowledge :) that gives me alot of relief.

[Shol]

Hi there just be aware that you might want to weigh the pros and cons of spending that much cash up front and having the money converted to PHP (Although now currrently its a good exchange)

They now offer a tourist visa with can last 6 months and the yearly cost is comparable (360 per year for SRRV) but no application fee and no locked in investment. (As this one is non convertable to a condo or something)

 

I guess it's nice to not have to renew but now every 6 months not so bad.   Remember there are limitations to this visa, you will still need a DOLE work permit to legally work, etc

 

Do you have a local bank account ? One thing I will tell you is that some of the banks will readily convert your foreign currency to PHP but you will not be able to convert it back BSP regulations.   Would force you to go to a money changer or another local bank to do it.

 

Just offering some of my own advice I learned

 

That is if you ever decide to withdraw or cancel etc.

 

 

 

 

 

Thank you JJReyes for your kindness and knowledge :) that gives me alot of relief.