Expats, Expatriation and Facta reporting.

Fred,

A friend recently came to the Philippines as a single guy and even after establishing an address, a couple of rent receipts and utility bills in his name. The local banks would not open an account for him while on a tourist status, part in due to facta. 

It was explained to him by one bank representative that it is assumed by the bank that someone newly arrived on tourist status is likely to be leaving soon and it is not worth the banks trouble to open an account compliant with facta rules and regulations. That is of course unless he would be depositing an exorbitant sum of money, in which case he would be welcomed with open arms.

Combine that with recent changes to Philippines requirements for obtaining a drivers license where he was told that they could not or would not issue a drivers license to anyone here on a tourist visa( he was shown a copy of a new directive), and he was pretty much out of luck when it came to establishing himself here as a single guy.

For those with a Filipina wife like myself here on a permanent status there are no real problems. 
That leaves the single retiree the only real alternative of availing himself of the SRRV Special Resident Retiree Visa which requires a large untouchable deposit of from 10 to 50K US in a Philippines bank to secure the visa.  That also enables you to open other bank accounts and obtain a drivers license and the deposited funds can be used in the purchase of a condominium but not a single family home.

Exceptions would obviously be those who have a work visa, student visa or other that provides for an extended stay in the Philippines.

The regulations in the states with regard to personal assets and governmental regulations while understandable depending on your point of view, are verging on police state. Big brother is watching you.

The upcoming presidential election in the US could mean even more regulations and as the current president suggested to the UN that the US will have to give up some of their freedoms. A rather dark and foreboding statement but not surprising coming from a open supporter of the NWO.

http://thefederalist.com/2016/09/20/oba … -security/

Change is inevitable, though not all change is for the better.

TeeJay