Today we got a question from Sean:
This is what Sean had to say:
Hi John,
I read an article that states the in order to be approved for a perm status on a 13a you must have a document stating you have a minimum of a $10,000 in a Bank acct to prove that you can support your family. Is this true? What if I have a job here and is enough financially wise to support a family? Does this matter at all or without 10 grand in the bank I am denied?
Thanks John once again
Sean
This is Bob’s reply:
I’m not trying to jump on John’s toes here, but this information that you have been given is false. There is a need to show that you are financially stable, but no specific amount is given. This $10,000 rumor is false, but it is all over the Internet! I get questions about this just about every day, but I can assure you that it is incorrect!
John also replied:
Bob: No mind… You are 100% correct. I think he may be getting it confused with the financial means requirements for Filipinos and US visas.
You’re referring to investment-based “retirement” visas or such? In 2005 the requirement was US$5k investment certificate from a Philippine bank, which was totally inapplicable to the “marriage”-based visas Bob constantly refers to. I heard that amount was lowered a few years ago, but these days, who knows what the rule-of-the-day will be tomorrow. Do whatever you need to do while you can reasonably afford it.
Oh, I neglected to mention, that you might have invested 3x that amount in a house and lot in the name of your wife (since you may NOT own land and thus any house on land), all that doesn’t matter. Cash in bank is all that matters, and prove it.
Odd question. I have two reactions: 1) Without the 13 series visa you aren’t entitled to work in the Philippines at all, so I doubt this would be a wise form of evidence in support of a visa. 2) You better have 10 times the amount mentioned by the questioner available to you. In spite of all you hear, life isn’t cheap in the Philippines, especially when you are first establishing yourself.
Steve: Yes, my immediate reaction was that if Sean is on a visitor visa he is forbidden to take employment here.
Ed: You are correct that we are not allowed to own any land here, but we are allowed to own a house. How that works in practice, or legally, I’m not sure.
You can legally lease land on a long term lease and put a house on it. You would own the house, but not the land. However, you cannot legally lease land from your wife, that is not allowed.
i was researching and found you can get a “irrevocable deed of convience” (spelling?)
which is more or less giving you rights to build sell etc the land for life,at which time you could sell it to your child or whoever.
true or no?
Or the $10,000 in bank accounts that is the amount in which you need to file additional tax forms with the US government.