WTF Portugal?!

[JackAlabama]

Yes, and that is understandle.
The Philippines does not want these hostel/tramp/Hippie people anymore. The idea is to market the country actively as a place to retire for the affluent pensioner. Retirees from Japan and South Korea are most welcome, than of course US-citizens.
The Philippines understands quite well that it does not have the infrastructure of Thailand or Malaysia and therefore markets itself with a slightly lower price tag.

There is more.
With regards to the Philippines the much overlooked Special Investor's Resident Visa (SIRV). I wrote about it before ->

• Avoiding being taxed by my home country if I emigrate and immigrate back after a few years
• Best country for a freelancer / digital nomad post-covid
• and more; use the search function!

SIRV is perhaps the most attractive residence program in Asia for anybody <50 years of age (current conditions). It is kept like a state secret and you will not see any marketing at all. It goes through the Board of Investments (BoI) and Tourism Infrastructure and Enterprise Zone Authority (TIEZA) which are both poorly managed.

The Phillies would have to massively lower its price tag to even only be remotely competitive to Thailand and Malaysia in terms of lifestyle, healthcare, safety and infrastructure. What is good there is way too expensive and what is cheap, well, is cheap for a reason.
Being the budget option would have been the adequate positioning for it.

As an affluent pensioner having one or the other more serious health issue than a cold, Id go to Thailand or Malaysia every day.

 

[backpacker]

The Phillies would have to massively lower its price tag to even only be remotely competitive to Thailand and Malaysia in terms of lifestyle, healthcare, safety and infrastructure. What is good there is way too expensive and what is cheap, well, is cheap for a reason.
Being the budget option would have been the adequate positioning for it.

As an affluent pensioner having one or the other more serious health issue than a cold, Id go to Thailand or Malaysia every day.

Fair point.
That's the reason why they are cheaper, massively cheaper: Ever compared the rip-off Thai Elite (wich is just a simple tourist visa) or the pricing of MM2H to SRRV?
SRRV targets the affluent, not the wealthy. As such it is attractive to Japanese and South Korean pensioners who get a true "bang for the buck" with the Philippine option.

Medical care is no longer chaotic third world style if you know where to go. There are excellent medical facilities in the Philippines who treat almost everything at a fraction of the price of Thailand. That's what elderly Japanese are looking for and why they prefer the Philippines.

 

[JackAlabama]

Fair point.
That's the reason why they are cheaper, massively cheaper: Ever compared the rip-off Thai Elite (wich is just a simple tourist visa) or the pricing of MM2H to SRRV?
SRRV targets the affluent, not the wealthy. As such it is attractive to Japanese and South Korean pensioners who get a true "bang for the buck" with the Philippine option.

Medical care is no longer chaotic third world style if you know where to go. There are excellent medical facilities in the Philippines who treat almost everything at a fraction of the price of Thailand. That's what elderly Japanese are looking for and why they prefer the Philippines.

Are you facilitating the SSRV?
Yah, but the thai elite visa is quite cheap and often offers all whats needed. It is just 113$ per month but with the caveat of paying all upfront.
The SSRV being "true bang for the buck" you are spot on with the old 20k one, but now its stretching it a tad little bit .

For them it is very close to homeland (where medcare is very cheap for them due to health insurance) and there is also another major factor why these elderly gentlemen prefer it which however is true for the other countries as well but never in that extent

 

[backpacker]

Are you facilitating the SSRV?

That would be a poor man's job.

Yah, but the thai elite visa is quite cheap and often offers all whats needed. It is just 113$ per month but with the caveat of paying all upfront.

Paying the amount you mentioned on a per-month-basis over a period of 5 years or 20 years is all but cheap for the simple permission to enter and stay in a developing nation like Thailand. Again, Thai Elite is not even a residence perrmit.

Note the difference:
Thai Elite is fee based = Nothing will be returned to you!
SRRV is a deposit = If you give up on it the full amount will be returned to your personal bank account!

there is also another major factor why these elderly gentlemen prefer it which however is true for the other countries as well but never in that extent

That's definitely true. However, the exact same applies to Thailand. In relation to population numbers even on a much larger scale, although Thailand being more focused on Europeans/Arabs.

 

[Mike Forman]

That would be a poor man's job.

Paying the amount you mentioned on a per-month-basis over a period of 5 years or 20 years is all but cheap for the simple permission to enter and stay in a developing nation like Thailand. Again, Thai Elite is not even a residence perrmit.

Note the difference:
Thai Elite is fee based = Nothing will be returned to you!
SRRV is a deposit = If you give up on it the full amount will be returned to your personal bank account!

That's definitely true. However, the exact same applies to Thailand. In relation to population numbers even on a much larger scale, although Thailand being more focused on Europeans/Arabs.

Quota visa is still the best and not very well know permanent residence in Philippines. No age restrictions, no investment needed (just deposit an amount and later withdraw) and get exempted of the need for a work permit if you decide to work in Philippines (this is the only residence in Philippines you don't need a work permit) .

You are not taxed on foreign income and it is easy to open bank accounts in multiple currencies, although none of the banks are very developed, you have to go to the counter and withdraw or deposit USD. Above 9000usd you might get some questions but if you can explain the source of your funds or it comes from your own personal / broker account abroad you just show the remittance.

Most people speak fluent English and some amazing nature and beaches. Infrastructure and food is not well developed compared to Thailand. You can find some housing to live in cities as Manilla and Cebu in gated communities where large nice villas are available.

You can just fly in 3 hours to Thailand or any other other Asian country for some change of environment and food.

 

[backpacker]

Quota visa is still the best and not very well know permanent residence in Philippines.

"Quota Visa" is a type of visa that is far too difficult to get nowadays and inaccessible to newbies anyway. Moreover, it is limited to a maximum of 50 foreignrs/year. What you describe was valid two decades ago but is no longer.

although none of the banks are very developed, you have to go to the counter and withdraw or deposit USD.

Indeed, many banks still operate like 30 years ago. That is one of the reasons why payment apps like GCash, GrabPay and PayMaya (Maya Bank) have become so popular. These payment apps are more reliable and flexible, run frequent promotions and give significant cashbacks. So, no need to rely on outdated brick-and-mortar banks.
Regarding US-Dollar: No need to go to the counter for depositing and withdrawal of bills if you pick the right bank. Just transfer USD on your USD-savings account, let the bank issue a USD debit-card tagged to that savings account and pay directly in USD everywhere on Planet Earth.

Above 9000usd you might get some questions

The official limit set by BSP is PHP 500'000.- or it's equivalent in foreign currency. So, right now it is way lower than what you mentioned, due to PHP devaluation.
In reality questions start much earlier when you are not a well-known customer or smaller transfers come in too frequently.

 

[Marzio]

Georgia HNWI is purely tax related and needs to be renewed yearly. It has no implications on your residency status and, as a standalone tool, is not accepted for DTT purposes.

After reading this new post about HNWI in Georgia i'm pretty sure Gela Barshovi is reading this forum.

Do double taxation treaties apply to HNWI tax residents?​

Georgia has signed double taxation agreements with fifty-seven countries as of today. Such treaties apply to HNWI tax residents the same way as they apply to tax residents under the 183-day criterion.

 

[backpacker]

After reading this new post about HNWI in Georgia i'm pretty sure Gela Barshovi is reading this forum.

Do double taxation treaties apply to HNWI tax residents?​

Georgia has signed double taxation agreements with fifty-seven countries as of today. Such treaties apply to HNWI tax residents the same way as they apply to tax residents under the 183-day criterion.

Maybe he reads this forum.
However, in that case he should have come up with something better than just these few lines. What he says is written from a purely Georgian perspective, not taking into account the other country and the treaties in itself

A person with a Georgian HNWI tax certificate, not staying in Georgia, and claiming treaty benefits in a European DTT partner country will have a lot of fun. Especially if this HNWI has no further ties to the country except the address of the tax advisor where RS sends this certificate.
Guys, be careful with what some tax advisors claim. Just use common sense.

At least he writes it quite good, mentioning the logical caveat of Art. 4.
Anybody who thinks a bit further knows that Art. 4 is enough to put every Georgian HNWI certificate into the garbage can.
If you do need a tax certificate and do not want to stay 183 days, go for Dubai or Cyprus. Much better and safer.