Hi Lynette, The bank account isn't literally in "your name." The account is a Philippines Retirement Authority (PRA) account. The PRA keeps record of the deposit in your name. However, you have limited access to the money in account, as the deposit can only be used for the purchase of a condo or a long-term lease of house and lot.
The deposit is returned to you if you decide to leave the program and return your SRRV visa.
The deposit is lump sum and is required when submitting your application. It is NOT the cost of the visa.
@marco-expat hi Marco, so when opening a PRA account, it would require the applicant to already be in the Philippines, correct? Because the SRRV visa application requires a NBI clearance which we have to do in person, correct? We are planning to move to PH and retire an would like to take advantage of the tax breaks and moving breaks, so would the best thing to do is go to PH first, apply, then move our furnishings from the US to PH once we are granted the SRRV? Thanks!
Hi Agatha, If you are talking specifically about the PRA bank account where you need to submit the deposit, then no. You can wire the funds to a PRA bank from abroad. However, the SRRV application can only be completed when you are in the Philippines. Additionally, the NBI clearance is only required if you have been in the Philippines more than 30 days.