SRRV for former citizens

[Lee2]

My wife and I went to the PRA this past week with a friend who was interested in an SRRV and while there I found out something interesting, if a former citizen applies for an SRRV, such as my wife, then she only has to put up $1,500 for both of us and she has to pay the standard yearly fee. This might be a loophole for some of you in order to need a smaller deposit if your wife or husband is a former Philippine citizen.

http://www.philembassy.no/consular-services/visa/special-resident-retirees-visa-srrv
Former Filipino Citizens (at least 35 years old, regardless of the number of dependents - US$1,500.00)

[BudM]

And if your wife was to get it, former filipino citizens, are exempt from the limit on dependents before extra fees for above two kick in.

[Art, just a re(tired) Fil-Am]

It's been awhile since I got my SRRV, but I'm not certain, if your Filipino wife is already a dual citizen then she isn't eligable for the SRRV for the $1,500 security deposit. Because a former Filipino citizen is no longer a Filipino citizen, but just a plain regular American tourist with an invalid Filipino passport hence aka a former Filipino citizen who has not yet applied for dual citizenship.
Correct me if I'm wrong.

[Peter]

Errrr?

<... if a former citizen applies for an SRRV, such as my wife,  ...   might be a loophole for some of you in order to need a smaller deposit if your wife or husband is a former Philippine citizen.  ...>

Wouldn't it be easier, and cheaper, if she/they the former citizen/s, reaquired their nationality? $50 or so if done in the US, last time I heard. One time payment only, no deposit/annual fees.

She/they would still be a legal dual citizen (Filipino and whatever other country) and couldn't then run for Filipino elected office, but there is no limit on what she/they is/are entitled otherwise to have as a Filipino citizen. Sponsor their spouse on 12 month Balikbayan visits, sponsor spouse on 13a (Permanent) visa, own "mega hectares" of land, own firearms, be legally entitled to be a member of the Philippines' Senior Citizen program, etc., etc.

Or is this too simple and I'm missing something?

Peter

[Art, just a re(tired) Fil-Am]

The SRRV, Balikbayan Program, 13A/G Visas and Dual Citizenship are just options a former Filipino citizen has to choose from depending on their preferences and also what is suitable for their dependants needs.
So, it's all about each to their own. "Different Strokes for Different Folks".

[suzukig1]

Errrr?

<... if a former citizen applies for an SRRV, such as my wife,  ...   might be a loophole for some of you in order to need a smaller deposit if your wife or husband is a former Philippine citizen.  ...>

Wouldn't it be easier, and cheaper, if she/they the former citizen/s, reaquired their nationality? $50 or so if done in the US, last time I heard. One time payment only, no deposit/annual fees.

She/they would still be a legal dual citizen (Filipino and whatever other country) and couldn't then run for Filipino elected office, but there is no limit on what she/they is/are entitled otherwise to have as a Filipino citizen. Sponsor their spouse on 12 month Balikbayan visits, sponsor spouse on 13a (Permanent) visa, own "mega hectares" of land, own firearms, be legally entitled to be a member of the Philippines' Senior Citizen program, etc., etc.

Or is this too simple and I'm missing something?

Peter

If a person has income outside the PHL from work or investments:

Resident PHL citizens are liable for PHL income taxes on world wide income.  Resident non-PHL citizens are only liable for income taxes on income generated in the PHL.  Even with tax treaties at a minimum it makes for more complicated tax returns.

[Lee2]

Errrr?

<... if a former citizen applies for an SRRV, such as my wife,  ...   might be a loophole for some of you in order to need a smaller deposit if your wife or husband is a former Philippine citizen.  ...>

Wouldn't it be easier, and cheaper, if she/they the former citizen/s, reaquired their nationality? $50 or so if done in the US, last time I heard. One time payment only, no deposit/annual fees.

She/they would still be a legal dual citizen (Filipino and whatever other country) and couldn't then run for Filipino elected office, but there is no limit on what she/they is/are entitled otherwise to have as a Filipino citizen. Sponsor their spouse on 12 month Balikbayan visits, sponsor spouse on 13a (Permanent) visa, own "mega hectares" of land, own firearms, be legally entitled to be a member of the Philippines' Senior Citizen program, etc., etc.

Or is this too simple and I'm missing something?

Peter

Thanks for the comments Peter, my post was to provide yet another way for expats to stay in the Philippines, which way they decide to use will always depend on which way they find to be the most cost effective and providing the best benefits, below are some.

What are the benefits with SSRV?

Permanent non-immigrant status with multiple-entry privileges through the Special Resident Retiree's Visa;
Exemption from customs duties and taxes for the importation of personal effects;
Exemption from Exit Clearance and Re-entry Permits;
Exemption from payment of travel tax provided the retiree has not stayed in the Philippines for more than one year from date of his last entry into the country;
Conversion of the requisite deposit into active investments, including purchase of condominium unit;
Interest on the foreign currency deposit is tax-free and payable to retiree in Philippine Pesos;
Foreign currency time deposit can be converted into Philippine Pesos deposit, but interest is subject to withholding tax;
Pension, annuities remitted to the Philippines are tax-free; and
Guaranteed repatriation of the requisites deposit including invested profits, capital gains and dividends accrued from investments, upon compliance with Bangko Sentral rules and regulations.

[suzukig1]

I knew the US taxes worldwide income and I thought it was the only country that did or only one of a few.  I did not know the Philippines did and I went and read some stuff real quick to see what was defined as income.  Apparently, if the source is correct, it is not only wages, from a source outside of the Philippines that is taxable for a resident citizen.  If I am reading what I was looking at right, now I have something else to worry about that is complicated crap that I have to find out what is going on and if any USD my wife receives down the road, later on in life, is going to be taxed by not only the IRS but also the BIR.  What the heck have we all work for with crap like this everywhere you go?

1. The PHL and U.S. have a tax treaty so usually you don't get taxed twice.  You get taxed by one country or the other.  But if you are a citizen of both countries and reside in the PHL I believe you have to file tax returns in both countries if your income is above a certain level.

2. Most countries tax resident citizens on world wide income.  Otherwise, people everywhere would just invest most of their money outside of their home country.  Where the U.S. is different from most countries is the U.S. taxes their citizens on world wide income even if they do not live in the U.S.

[Lee2]

I guess I should have also mentioned, for those who do not have a pension or do not wish the Philippine to know how much they get, I believe that may be a requirement for other visas, SRRV under a former citizen might be another reason to go that route.
http://www.philembassy.no/consular-services/visa/special-resident-retirees-visa-srrv
2. Without Pension
Former Filipino Citizens (at least 35 years old, regardless of the number of dependents - US$1,500.00)