Anyone had experience extensing the long term visa (LSVVE) in the philippines, seems that can be extended up to 36 months? and what about the taxation part?
This seems to be a case-by-case/branch-by-branch thing; I have heard reports of people on tourist visa successfully opening a bank account, and other stories of them not succeeding. Seems to be more likely if you are not a US citizen.You can't open a bank account nonetheless with that.
The Philippines has pretty clear policies that — unlike most countries — you can stay there a very long time and NOT become a tax resident. They don't care about your foreign income, and are happy to simply have you spend your $ in their country.and what about the taxation part?
And then you can get on a plane, have lunch in Singapore or Ho Chi Minh or wherever you like, fly back and you're reset to day zero, and can spend another 36 months. I know guys who have been here almost 10 years on Tourist visas.You can extend your tourist visa up to 3 years in the Philippines.
Indeed, there are still branch managers who do that. However, once your first SWIFT transfer arrives (four digits are enough for that), your case will be reviewed by the banks headquarter and -rest assured- closed.This seems to be a case-by-case/branch-by-branch thing; I have heard reports of people on tourist visa successfully opening a bank account, and other stories of them not succeeding. Seems to be more likely if you are not a US citizen.
Depends how old you are. If considered a senior from a Western country, this still works.And then you can get on a plane, have lunch in Singapore or Ho Chi Minh or wherever you like, fly back and you're reset to day zero, and can spend another 36 months. I know guys who have been here almost 10 years on Tourist visas.
This is unfortunately no longer the case (and was never legal).As long as you don't work in Philippines for a local corporation you don't need to pay tax in Philippines since you are a tourist (not allowed to work in Philippines, though remote work for foreign company they don't care).
Do you know if this is specific to Americans? (FATCA, not CRS)However, once your first SWIFT transfer arrives (four digits are enough for that), your case will be reviewed by the banks headquarter and -rest assured- closed.
I have a 40-something year old friend who doesn't seem to have any issues. But to be fair, he doesn't just go to Singapore for lunch once every 3 years... Like me (most expats?), he travels more than once every 3 years.If considered a senior from a Western country, this still works.
If still "working age" it doesn't anymore.
Certain countries are now viewed more carefully. Most prominently PR China, Malaysia, South Korea, Taiwan, Indonesia.Do you know if this is specific to Americans? (FATCA, not CRS)
Even if he stays out of the country for longer than a Bak Kut Teh, he has a goddamn chance of having problems. He would be well advised to start looking for a practical solution.I have a 40-something year old friend who doesn't seem to have any issues. But to be fair, he doesn't just go to Singapore for lunch once every 3 years...