Retirement Privilege
"There's no place like home". Surely, this is one of the most frequent saying we hear from our childhood up to the time of our retirement. Wherein, we always opt to find things that complements both our needs and securities.
"The things that I should wish to obtain from my money would be leisure with security" - Bertrand Russell (The time you enjoy wasting is not a wasted time)
"Retirement is the time when you never do all things you intended to do when you'd have the time". - Thomas Nichols
Purpose of Philippine retirement program
In the Philippines, we have this so called "Retirement Program" with the end view of maximizing the attraction of its tourism, issue a certain visa called "SRR Visa" intended for retirees under Philippine Retirement Act.Among other privileges, under this program is the Importation of Motor Vehicle as one of the exemption from the general prohibition of used motor vehicle, of all types under E.O. 156.
As the vision of this program, SRR Visa is issued to encourage foreign nationals and former Filipino citizens to invest, reside and retire in the Philippines to accelerate the effort of socio-economic development of the country.
SRR Visa basic qualification
Further, with the compliance of the basic conditions, as to the age of at least of 35 years old, without criminal record, meeting medical standards and investment requirement. Provided further, that the applicant must not be restricted or barred by the Philippine Department of Foreign Affairs (DFA) and Bureau of Immigration (BI).Motor vehicle requirements
Hence, together with other documentary requirements, with the consultation of your contact Customs Broker, application of Certificate of Authority to Import (CAI) is then be followed, upon compliance of the basic motor vehicle details: Must be of Left Hand Drive (LHD), Not exceeding 3 tons of gross vehicular weight (GVW), with an issued Certificate of Emission Compliance (CEC) by the country of origin.Wherein, Authority to Import (CAI), shall be secured before the time of shipping to avoid penalties and other unnecessary costs, to be use during the processing and clearing of the same at the Bureau of Customs.
Clearance and releasing
Upon the issuance of Bureau of Import Services (BIS)
Certificate of authority to import (CAI), in accordance of all the
datas presented by the importer-applicant, shipping of the said vehicle
for importation shall immediately effected to safely under the
prescribed time before the expiration of the secured CAI.
With further issuance of Release Certificate,
still by BIS, upon the conformity from the actual vehicle description
as arrived as to the information stated in the permit, after
inspection, upon
payment of corresponding fees and charges, including Duties and Taxes,
shipment can be legally withdrawn or release from the custody of BOC and
deliver at the consignees' premises.
Note: If you read this article, few years after herein date of posting, you may contact us here to raise our concern for possible law amendments.
Note: If you read this article, few years after herein date of posting, you may contact us here to raise our concern for possible law amendments.