When an SRRV Investment Ends: The Visa Deposit Redeposit Question
Some SRRV holders have used an approved Philippine investment in place of keeping the full visa deposit in a time-deposit account. If that investment is sold, withdrawn or otherwise ends, the member should not assume that the retirement-visa condition disappears with it.
PRA describes a redeposit process
The Philippine Retirement Authority’s servicing-request guidance says a retiree whose qualifying investment no longer exists, or whose lease has terminated, may need to redeposit the required visa deposit if no allowable substitute investment is available. The Authority describes separate steps for accredited private banks and a government bank. The exact amount and route depend on the member’s SRRV scheme and record.
Before disposing of an approved asset, review the PRA approval, investment restrictions, title or lease documents and any required release or substitution process. A sale contract can create obligations to a buyer before the retiree has resolved the PRA condition. Obtain a current statement of the deposit requirement and ask PRA about the sequence in writing.
Keep the remittance record clear
Where redeposit is required, use a PRA-designated banking route and accurate identifying details. Preserve the bank confirmation and PRA acknowledgment. Do not rely on bank instructions copied from an old article because account details and procedures may change.
Our SRRV services can help review the investment and membership records before a disposal. Contact BizzureVisa with the SRRV scheme, investment documents and proposed transaction.
General information only. Obtain case-specific PRA confirmation before transferring an investment or remitting funds.
