Conversion of Dollar Time Deposit into Investment
Dollar Time Deposit may be converted into investment after 1 month from issuance of SRRV in SRRV Classic such as; Purchase of Condominium and Long Term Leasehold Rights of House & Lot.
Major requirement of conversion by PRA are
- Amount of investment shall be more than USD50,000 equivalent pesos.
- Unit shall be completed and Ready for Occupancy (RFO) and has title (CCT: Condominium Certificate of Title or TCT: Transfer Certificate Title) under the name of Seller/Lessor.
- No Pre-selling and investment to construction of house are allowed.
Then there are three kinds of procedure of conversion of Deposit such as
Case 1. RFO: Use deposit as a part of payment of Condominium unit to Seller,
Case 2. Substitution: Use your own money for purchasing of Condominium unit and transfer title to your own name, Then PRA will reimburse your visa deposit to you.
Case 3. Long Term Lease Hold Right: Contract has to be 25 years and one time pay for whole period of lease.
It is not practical to use deposit to payment to Developer (Case 1) because of too much requirements from Developer and therefore better to recover your deposit when Title is transfer to your name (Case 2). It will take 6month at least to transfer title to buyer.