SRRV/SIRV bank, criminal bacground questions


We, a family of 4, are thinking of moving to Philippines (more exactly BGC/ Mc Kinley Hills), I can either apply for a SRRV or SIRV visa by investing a little 100k usd it appears .

The documents requested don’t look too hard to come up with, except the criminal background from one’s country of residence, as I’m a French citizen living in China and feedback I read about foreigners who tried to get that document in China have very much distressing. Most likely one can’t get such a document at the moment, except for some Shanghai residents.
I can get an official (absence of ) criminal background from French authorities though, and my wife as a Chinese citizen apparently from the Chinese authorities (possibly from French authorities as well as she has a residence permit there)

Has anyone experience to share on that issue ?

It seems one can live in The Philippines for a while, buy a car and probably send their kids to international schools before their long term residency is settled but I’m not keen to risk ending up without legal residency if our residency in China expires in the meantime.
Also it seems it is now hard to open bank accounts for Non Residents, can one advise on which bank to approach as prospective SRRV applicants, as we would like to have an account, to send the 125k and quite a bit more for local expenses when settling in before we actually move.
Lastly for this post, does anyone know if one can actually take back the money deposited when applying for the SSRV once they want to give up Philippines residency?  I know on paper it’s fine, but no idea what the reality is.

Thanks in advance for all replies

Your srrv deposit is held in an account which is totally separate to any personal accounts you may hold. I opened mine with BDO. On the srrv website it gives you details of the branch to use. I contacted them by email arranged for a temporary holding account for the srrv deposit and was given an account number etc. They will only hold it for 1 month, within which time you have to go there in person with 2 forms of id and the necessary letter from PRA and they then do all the formalities and set the account up properly. Doing it that way I was able to send the money across from UK before coming to Philippines, though I had been here as a tourist many times before.
Everyday bank accounts are simple to set up when you are on the SRRV and once you have them open you can use a remittance service to send funds to them near instantaneously.
Before you start the SRRV process though find a PRA marketer who will deal with the whole process for you, for free if you have not started filling forms etc yet. When I applied, I spent half a day in Makati with my marketer visiting offices and the bank, got everything done and just left it in her hands till I got the text to say all approved, come pick up your visa.
On the police check in China I can not help

Thanks Buzzardman for your reply, quite helpful, it seems contacting a marketer is the way to start about this.

Do you know why on the link below from PRA.GOV.PH, among the scores of marketers advertised, only 2 seem to have  a license still valid ? Does that mean the others shouldn't be used ?

Besides can anyone share feedback on the easiness to withdraw the funds when giving up SRRV ? might come in handy as we would probably leave after a few years.

Thanks again

I just got my SRRV resident card but I am unable to open any bank account. Banks here try to avoid SRRV holders like a killing illness. I went to all banks including metro bank, BPI, RCBC and NONE accepted to open a basic bank account despite that I have my SRRV car and a TIN. Unless you can bribe a bank manager, forget to have a bank account here.

I thought that I could live like anybody in this country by having this unlimited stay SRRV card but my efforts are wasted. How they want me to live here without a bank account? The deposit to qualify for
SRRV payment is done to a nominee  bank account that belongs to the immigration so the holder of the SRRV ends up without any bank account. One of the banks even recommended to open a company here and to come their branch again when the company is operating. However SRRV is for retire tees. Why should I open a company?

That is strange. I went to the bank with my SRRV, passport and copy of lease and within minutes had an account opened. BDO

Jack, any chance your name is flagged ? i forgot the name but most banks consult a large databasa when considering new applicants, if your name shows up there, banking life becomes much more difficult. If that's not the case it sure doesn't look good for SSRV

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