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Can a foreigner in the Phils on a tourist visa invest in Peso time deposit, tier

akshay · 6 · 2575

akshay

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2 notes, rural banks etc? I plan on investing around P 5m broken up into several institutions, since the peso pays decent interest rates,  max. 250k in rural banks but maybe more in big banks if the interest rates are competitive, maybe 10% pa. I plan to live here for good so might as well hold the peso and eliminate exchange risk. I hope to get an average of 12% per annum which is P 50,000 per month to cover my living expenses so I do not have to touch my other assets or income sources.

Initially I thought I could get a resident or investor visa but different officers at the bureau of immigration are telling me different stories and I have decided to forget about it and remain on a tourist visa forever, leaving everytime it cannot be renewed and coming back shortly. One officer said I am from a "restricted" country and therefore cannot be considered for an investor visa, another one said P 5m investment will be ok but I have to "take care of him", another 1 said only way to get resident visa is if I married a Pinay but I do not want to ever get married just be in love and maybe move in together but never marriage because of my desire to protect my money, another 1 asked me "how much are you willing to pay me to make your visa", I finally decided I cannot trust immigrations and will just stay on as permanent tourist. On principle I like doing things on the up and up and honestly, and don't like bribing people or "buying" visas.


ManilaBoy40

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The answer is NO, you must have a resident visa or a dual citizen of this country ...


prnd32

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Instead of investing in time deposit, invest directly in rural banks..  In the new BSP rules, foreign individuals can now own up to 60 percent of a rural bank and are allowed to sit as member of the board of directors.


bauer

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^ The rights of a bank depositor is different from the rights of a shareholder so be careful on this issue when it comes to investment to be initiated by a foreigner.

The foreigner admitted he/she is only holding a tourist visa.  If the foreigner wishes to be a shareholder plus a director of a local bank, his/her alien status might be in conflict with the BSP law.

@akshay, I commiserate with your sad experience in talking with immigration officers or representatives.  But in our country, those who are in government usually finds unemployment in the private sector due to deficiency in skills and know-how.  I suggest you look for a well verse and skilled immigration lawyer. 


Jarhead1994

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Besides all of that, we don't know of any "reliable" bank that offers those kinds of interest rates for deposit accounts, the best you could probably hope for is 6% P.A. on a 5-year + 1 day T.D.

If you can find one that offers 10%, please let us know as we would probably be depositing some of our cash there as well!  :D

Whatever your plans, we wish you good luck and be safe.  :rakenrol:



ferrariEverest

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Besides all of that, we don't know of any "reliable" bank that offers those kinds of interest rates for deposit accounts, the best you could probably hope for is 6% P.A. on a 5-year + 1 day T.D.

If you can find one that offers 10%, please let us know as we would probably be depositing some of our cash there as well!  :D

Whatever your plans, we wish you good luck and be safe.  :rakenrol:
I manage funds and offer 10% per year guaranteed (win or lose). But I am not a bank, although I am reliable. However, I don't accept new clients right now. Maybe in the future. You can send me an email/PM if you are interested.


 


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