# Retirement and Phil passport



## DrMark (Nov 6, 2013)

I will be moving and retiring to Cebu next year. Does it make sense to get a Phil passport, or is getting a retirement visa all I really need? I am concerned about having access to bank and investment accounts and the new reporting requirements for US citizens. Anybody has some good advise here?

Dr.Mark


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## Phil_expat (Jan 3, 2011)

You did not give enough information to advise you. Are you a Philippine citizen or married to a Filipina? If you are a Philippine citizen you should get a Philippine passport then no visa is needed. Dual citizenship is recognized by both countries. If you are not I would not get a Philippine passport (if it is possible). I have access to my USA bank account via the internet. Many USA banks will not mail new checks, ATM and credit cards to the Philippines. I use a PO Box address in the USA and a relative FedEx to me; I do NOT trust the mail. Other mail I use a PO BOX at the VFW/RAO. It is VERY reliable. What reporting requirements for US citizens are you referring to?


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## 197649 (Jan 1, 2013)

Phil_expat said:


> You did not give enough information to advise you. Are you a Philippine citizen or married to a Filipina? If you are a Philippine citizen you should get a Philippine passport then no visa is needed. Dual citizenship is recognized by both countries. If you are not I would not get a Philippine passport (if it is possible). I have access to my USA bank account via the internet. Many USA banks will not mail new checks, ATM and credit cards to the Philippines. I use a PO Box address in the USA and a relative FedEx to me; I do NOT trust the mail. Other mail I use a PO BOX at the VFW/RAO. It is VERY reliable. What reporting requirements for US citizens are you referring to?


Phil is absolutely correct. I have a US bank and Fidelity Investment account. I do everything via Internet. To including transferring money here when I need it. I am fortunate in that as a retired military I can use RAO for letter mail that goes through the Embassy. Maintaining family connections to help you out in the US is important. Particularly if you order things from Amazon. You will need to select a bank here that is reliable. There is SO many its unreal, Insure it has a branch in the US. Most the big banks PS Bank, China Bank, BPI, Metrobank, just to name a few.


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## DrMark (Nov 6, 2013)

That is very good advice to keep some connections to the US. I like the idea of keeping a P. O. box and I have a son who can mail goods to me. I think I should find a Phil lawyer to see if I can fast-track a Philippine passport. Anybody every tried that?


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## Asian Spirit (Mar 1, 2010)

DrMark said:


> That is very good advice to keep some connections to the US. I like the idea of keeping a P. O. box and I have a son who can mail goods to me. I think I should find a Phil lawyer to see if I can fast-track a Philippine passport. Anybody every tried that?


You would have to become a citizen here {so far as I know} to get a Philippine passport. Very hard to do and takes years if ever. There is absolutely no advantage in doing so. You would loose your rights as an American citizen and like any other local could not leave here at will. Would be an expensive and foolhardy thing to do...


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## M.C.A. (Feb 24, 2013)

*Visa requirements*



DrMark said:


> That is very good advice to keep some connections to the US. I like the idea of keeping a P. O. box and I have a son who can mail goods to me. I think I should find a Phil lawyer to see if I can fast-track a Philippine passport. Anybody every tried that?


Here's a short cut to the Philippine Consulate finder map, click on your state or region : http://www.philippineembassy-usa.org/philippines-dc/consulate-finder-dc/

You can have everything completed before you get here, you'll still need to submit your US Immigrant package at the Philippine Bureau of Immigration in Manila, within two weeks of landing, it was an all day process for me and I had to return a few weeks later to get my I-card. So much faster and if there's any documents needed your still in the US so a plus, trying to get things done here can be frustrating.

If you require the Philippine Passport it's best to check also with the Philippine Consulates in the states.


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## Gary D (Oct 28, 2013)

It takes at least 10 years to get a Philippines passport and you must be fluent in a local language, there's something we could learn in Europe.


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## cvgtpc1 (Jul 28, 2012)

Jet Lag said:


> You would have to become a citizen here {so far as I know} to get a Philippine passport. Very hard to do and takes years if ever. There is absolutely no advantage in doing so. You would loose your rights as an American citizen and like any other local could not leave here at will. Would be an expensive and foolhardy thing to do...


Yeah you want to be able to get on that helicopter on the embassy roof ala Saigon if things go to heck.


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## Asian Spirit (Mar 1, 2010)

cvgtpc1 said:


> Yeah you want to be able to get on that helicopter on the embassy roof ala Saigon if things go to heck.


Amen to that Bro. The way things are going with China ya just never know. Couple more years and with some change back home---things just might get better. Eehhh--I didn't say that. Hahaha... :banplease::yield:


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## DrMark (Nov 6, 2013)

I was thinking there is a way to get a dual citizenship, but apparently you would need to be a Filipino born citizen first and then apply for US citizenship. My concern was more focused toward the new IRS FATCA requirements. It seems that most foreign countries will no longer allow banks accounts to US citizens. We have become the pariah of the world. I was hoping to get an account with BPI or similar bank so that I could buy a condo, get a car, furniture, etc., but I am not sure I will be able to do that any more. Are there any U.S. expats who still have Filipino bank accounts? I heard the banks were closing them.

Dr. Mark


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## Asian Spirit (Mar 1, 2010)

DrMark said:


> I was thinking there is a way to get a dual citizenship, but apparently you would need to be a Filipino born citizen first and then apply for US citizenship. My concern was more focused toward the new IRS FATCA requirements. It seems that most foreign countries will no longer allow banks accounts to US citizens. We have become the pariah of the world. I was hoping to get an account with BPI or similar bank so that I could buy a condo, get a car, furniture, etc., but I am not sure I will be able to do that any more. Are there any U.S. expats who still have Filipino bank accounts? I heard the banks were closing them.
> 
> Dr. Mark


Many expats here and in other countries open and maintain bank accounts. For US citizens here in the Philippines it is usually for Social Security direct deposits as well as other retirement pensions. 

Foreign owned bank accounts are legal/continuing and not being closed or done away with.
There are over 30,000 retirees here collecting US Social Security alone. Not to mention thousands of others that collect and get direct deposits of other retirement plans from the US and many other countries. For this country to stop/close, or not allow foreign owned bank accounts would come close to financial suicide for the country and banking industry..

A US dollar *Social Security Acct* can be accessed by ONLY the account holder. A spouse will have no access to it and there are no survivor death benefits when living outside of the US.

To open any account (dollar or peso) the Philippines requires you have a ACR-I card that is issued by the dept of immigration.
With that you simply open any desired bank account without any problem. Be advised: the US government has only a short list of banks here that are approved for Social Security direct deposits. BPI is on that list as is China Bank, and Metrobank as well as a few others.

Reporting laws require this government to report yearly to the US government. So if you have over $9,999.00 in any bank account it is reported to the IRS and taxes must be paid. I know of no tax shelters that would protect a person from these reporting laws...



Hope that helps


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## 197649 (Jan 1, 2013)

DrMark said:


> I was thinking there is a way to get a dual citizenship, but apparently you would need to be a Filipino born citizen first and then apply for US citizenship. My concern was more focused toward the new IRS FATCA requirements. It seems that most foreign countries will no longer allow banks accounts to US citizens. We have become the pariah of the world. I was hoping to get an account with BPI or similar bank so that I could buy a condo, get a car, furniture, etc., but I am not sure I will be able to do that any more. Are there any U.S. expats who still have Filipino bank accounts? I heard the banks were closing them.
> 
> Dr. Mark


I currently have a China bank, Metrobank and a PS Bank accounts. I know the manager at China very well and she has never mentioned it. Do you have a link to this. That would be a big impact on many of us here as my Disability and SSDI are direct deposited in banks here. Neither VA nor the SSA have sent me any documentation on that.


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## esv1226 (Mar 13, 2014)

You may choose to have your benefits from USA go directly to a local bank which may be in USD. You can also maintain other accounts for other banking needs, which may be in other currencies eg, AUD, Php, etc and move monies among your accounts in the US, Aus, Phil - no need to have a Filipino passport.
However, if you issue a check from say, your account in the US to you dollar account in the Philippines, the bank takes about 25 days to clear them. Wire, internet or other agency transfers are quicker.


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## M.C.A. (Feb 24, 2013)

*Tax Short answer*



DrMark said:


> I will be moving and retiring to Cebu next year. Does it make sense to get a Phil passport, or is getting a retirement visa all I really need? I am concerned about having access to bank and investment accounts and the new reporting requirements for US citizens. Anybody has some good advise here?
> 
> Dr.Mark


I'm not sure if you prepare your own taxes every year but (I don't have investments, house to claim) but I do know that the Turbo Tax program (Many other programs, some could be easier)was very thorough on these questions and they had explanations and gave figures on the amounts that will be taxed, it was step by step with explanations, if you needed more help than you would upgrade the service and would be able to talk with a representative :cell:.


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## jon1 (Mar 18, 2012)

As long as you maintain $9999 or less in ALL of your Overseas accounts you do not have to file an FBAR. 

You do not have to worry about FATCA as long as you remain truthful and are aboveboard on everything. I would not recommend having more than $12000 (500,000p) in a Philippine bank as they do not insure above that amount. For large purchases you can transfer as much money as you want but if you exceed the $10,000 threshold, then you have to file the FBAR. 

I still have my BPI US Dollar account and routinely deposit checks written to myself for my monthly expenses (funds available in about 4 weeks). I try to have a couple month's expenses worth in my bank account for any emergencies. 

When making large purchases you have several options;

Wire money to seller
Deposit a US Dollar check in the seller's US Dollar account (in Phil)
Transfer money to seller's US account (if they have an account in the U.S.), some filipinos have them and if buying from an expat this can come in handy too. I have a Navy Federal account specifically so that I can buy/sell things from/to fellow veterans with a simple internal bank transaction.
Transfer money to your US Dollar account


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## Phil_expat (Jan 3, 2011)

Jet Lag said:


> Many expats here and in other countries open and maintain bank accounts. For US citizens here in the Philippines it is usually for Social Security direct deposits as well as other retirement pensions.
> 
> Foreign owned bank accounts are legal/continuing and not being closed or done away with.
> There are over 30,000 retirees here collecting US Social Security alone. Not to mention thousands of others that collect and get direct deposits of other retirement plans from the US and many other countries. For this country to stop/close, or not allow foreign owned bank accounts would come close to financial suicide for the country and banking industry..
> ...



I use only China Bank where I have several accounts: pesos and dollars. The exchange rate does change a lot and I do not know what the bank use to determine the dollar value of my peso account so I maintain a $9,000 max balance.
Many expats use several banks never going over the limit in any one bank. This does seem logical to me but I wonder if it works? Banks in the Philippines have safe deposit boxes that one can put their …… in.


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## Asian Spirit (Mar 1, 2010)

Phil_expat said:


> I use only China Bank where I have several accounts: pesos and dollars. The exchange rate does change a lot and I do not know what the bank use to determine the dollar value of my peso account so I maintain a $9,000 max balance.
> Many expats use several banks never going over the limit in any one bank. This does seem logical to me but I wonder if it works? Banks in the Philippines have safe deposit boxes that one can put their …… in.


Yea I suppose a safe deposit box would work. But that would only be safe as long as the building stands or is not held up. We use only one bank for dollar and peso accounts. But our solution is to have a 3rd peso acct that is in my wife's name only and our two youngest {10 and 12yr old} daughters are also signers on that account. Any amount over the allowable for taxes simply goes in the account that my name is not on and that I have no access to.
I realize that many guys may have good reason to not trust a wife or GF with finances of that amount, but for us it's problem solved and our kids have a ball using the ATM's at the banks and shopping malls.
Hmmm----It' will turn the girls into "Mall Rats." Hahaha...


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## JimnNila143 (Jul 23, 2013)

*Banking*



DrMark said:


> I was thinking there is a way to get a dual citizenship, but apparently you would need to be a Filipino born citizen first and then apply for US citizenship. My concern was more focused toward the new IRS FATCA requirements. It seems that most foreign countries will no longer allow banks accounts to US citizens. We have become the pariah of the world. I was hoping to get an account with BPI or similar bank so that I could buy a condo, get a car, furniture, etc., but I am not sure I will be able to do that any more. Are there any U.S. expats who still have Filipino bank accounts? I heard the banks were closing them.
> 
> Dr. Mark


I am an ExPat living in the Philippines for 5 years, I am also an ARC carrying Permanent Resident married to a Filipina. Because I am a permanent resident, I am permitted to have a bank account, in fact, I have two and each are at different banks. I doubt, very seriously, that banks in the Philippines will close bank accounts of their foreign customers due to the fact that there are over 600,000 US Citizens living in the Philippines. The US Embassy can help you establish a bank account here. You would need to go to US Citizen Services to accomplish this but you would need to make an appointment to do this at the Embassy. Buying a condo, furniture, is fine, wouldn't recommend a car until you are established here. Most Filipinos don't know how to operate a motor vehicle and streets and roads can be dangerous because of the many accidents that take place. Owning a vehicle here would be ideal but you can easily become a target for the police and the traffic controllers, especially those who are corrupt.


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## cvgtpc1 (Jul 28, 2012)

JimnNila143 said:


> Most Filipinos don't know how to operate a motor vehicle and streets and roads can be dangerous because of the many accidents that take place. Owning a vehicle here would be ideal but you can easily become a target for the police and the traffic controllers, especially those who are corrupt.


Granted I'm only there a couple weeks at a time twice a year but I've been surprised at how many accidents I don't see??

Not looking fwd to the anti police dark window tinting lol. I hate not being able to see clearly when driving.


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## DrMark (Nov 6, 2013)

Phil_expat said:


> I use only China Bank where I have several accounts: pesos and dollars. The exchange rate does change a lot and I do not know what the bank use to determine the dollar value of my peso account so I maintain a $9,000 max balance.
> Many expats use several banks never going over the limit in any one bank. This does seem logical to me but I wonder if it works? Banks in the Philippines have safe deposit boxes that one can put their …… in.


I think I am starting to understand what everyone else is doing. That is a big help. Seems like the rules are changing a lot these days and I just want to be able to make my normal long term plans. Hopefully we will be able to live normal lives for a while without breaking any rules.


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## jon1 (Mar 18, 2012)

DrMark said:


> I think I am starting to understand what everyone else is doing. That is a big help. Seems like the rules are changing a lot these days and I just want to be able to make my normal long term plans. Hopefully we will be able to live normal lives for a while without breaking any rules.


As you can see you can get several conflicting answers when it comes to things being done in the Philippines. The phrase "your mileage may vary" applies to almost every aspect of living over here. Each bank branch will have different levels of rigidness. So what works at one bank may or may not work at another. Once you determine your destination, then shop at the various banks for where you will want to bank. 

For example, my bank offers FOREX for whatever the "live" internet rate is at time of transaction. You have to fill out some extra forms but its convenient overall for me. A buddy of mine in AC is able to just call his bank manager and get his USD converted to Peso and deposited in his peso account.


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## DrMark (Nov 6, 2013)

Am I understanding this correctly? Is it best to use a single bank that offers both USD and PHP accounts and simply move the money between accounts?


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## jon1 (Mar 18, 2012)

I use a 2 step process;

1. Deposit US Check into USD account at BPI
2. Wait for best favorable exchange rate after funds are available (25-28 days) and then convert/deposit in my PHP account.


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## Manitoba (Jun 25, 2014)

To become a Phil citizen and get a Philippine passport requires that you renounce your prior citizenship.

However for some reason once you renounce it you can reacquire it and have dual citizenship. For Americans with the foreign asset reporting requirements and tax on worldwide income that may have some advantages, especially if you never want to go back to USA or never want to use US consular services in an emergency.

For a Canadian to recover citizenship you need to go to Canada to do so and have to get in on your Philippine passport which may be a hassle. Don’t know about other countries but would imagine something similar.

Only advantages is you can come into PI with no visa issues, own real-estate and own a firearm. You can also get into some other Asian countries easier than on a Canadian passport.

If these advantages are not important to you ( and they are not important to me) then why would you ever want a Phillipine passport?


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## wsalamo (Jul 30, 2014)

That is true it would be foolish to get PH pass port unless you want to say good by to USA


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