Depending on the type of visa you have to live in the Philippines, your options to open a business may be quite limited, or your options may be wide open. Like I say, it depends on your visa, but it also depends on what type of business you want to open. Some types of businesses in the Philippines are closed to foreigners, on the other hand, you may find that there are no restrictions at all for other types of businesses.
In the past, almost all foreigners who moved to live in the Philippines come hear at an older age, and came here to retire. Things are changing, though, and that is not true nearly as often as it was just a few years back.
There are a couple of things that are causing the shift in who comes to live in the Philippines:
- Many people are beginning to move to the Philippines at a younger age than before. These kinds of people need to continue working to support their financial needs, keep their family going strong, and so froth.
- A lot of people who are of retirement age are deciding to keep working either because they need to or that they want to.
Why would anybody want to keep working when they really don’t need to? Well, frankly, because of the Internet it is getting easier to make money via the Internet and you can do it without too much work being involved. If a person can make money relatively easily, why not?
So, the question comes… if you have moved to the Philippines, what kinds of work can you legally do, and what type of visa do you need to do it?
[powerpress]
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Thanks again for listening, everybody!
Bob,
You certainly would be able to provide people with a lot of valuable information.
Rusty
Bobs recently published book ( e book or printed paperback ) ” How To Move To The Philippines Manual ” is loaded with useful and factual information on this topic and many many others I just bought the paperback version of this book from Amazon Dot Com ( USA ) and have only had time browse through it so far. I think some of the informative chapters in this book may also be useful to visitors to the Philippines, like myself. A great reference guide and good investment.
Firstly, Bob, thank you so much for your support by purchasing my book! I appreciate that greatly. Also, your plug of the book and positive words of review are really thoughtful of you. Thank you.
Thank you so much, Rusty. I appreciate your kind words!
Before coming here, it NEVER even crossed my mind that one day I will actually have to WORK, to survive here in Philippines.
I had a great pension and plenty of “rockets in the pockets”. I was confident that this was a sure bet against “unexpected” here.
While this is true even today, I am now realizing that it won’t last for too long. We are only a few months away from historic economic (or some other) cataclysm back home. Everyone feels it and nobody can stop it. It’s too far advanced, it’s the cancer at morphine stage.
And NO, it’s NOT Obama’s fault, as many here simplistically believe!
That’s why I decided to do something about it before it’s too late. I am growing vegetables and it pays for day-to-day general food expenses.
More often than not, it’s not even P 300 per day and it’s damn too hot to work for more than 1 to 2 hours per day, but at least I know that I could make it through the coming crisis. It won’t be luxurious living. It will be existential at best.
If you are not prepared for this, buy Bob’s book, you’ll need it… guaranteed!
Well, Bob, if your long talked about predictions are to come true, it is indeed nearing the time that you have said. These kinds of predictions are always going around, so I can’t say that I am a true believer, but we’ll see.
This year, I’ll buy two or maybe even three Thanks Giving Turkeys and I’ll put them in the (solar powered) freezer.
To be consumed later…
That’s how close we are.
ha ha, we shall see.
So Bob,
So since your business has a physical presence in the U.S. (the servers), does that mean you have to pay U.S. taxes and not PH taxes?
My tax situation, Jack, is not related to where my server or my business is located. US Citizens ALWAYS have to pay US taxes, regardless of where they live or work. Even if my job was working for SM here in Davao and I had no other income, I would still have to pay US taxes.
Expats are not required to pay Philippine taxes on income derived from outside the country. So, as my business is now, I am not liable for Philippine taxes, since all of my income is earned from outside the Philippines. On the other hand, if I got that mythical job at SM that I mentioned, then I would be liable to also pay Philippine taxes.
Bob,
That’s the way I’ve always understood the tax laws, too. It makes me wonder why the president of the Philippines, or the Philippines BIR, thinks Pacquiao should have to pay Philippine taxes. We know he’s already paid US taxes.
Rusty
The tax law that I pointed out is for expats, Manny is a Philippine citizen, so it is different in his case,
Bob,
yes, I realize the tax law you pointed out for for X Pats. Do you think Manny should have to pay both Philippine and US taxes sice he is a Filipino?
Of course it wouldn’t matter to me if he had to.
Rusty.
Rusty
Hi Rusty, yes, I believe he should follow the law. Just as if I were making money in the local economy I would have to pay taxes in each country.
Bob,
Right. People think by leaving the US they can get away from Uncle Sam. Nope.
Rusty
Now I understand a little better why someone would renounce their US citizenship. Although I understand even that process is time-consuming and costs money as well.
Jack,
I’ve heard that even if one were to, in my opinion, foolishly renounce their US citizenship that they’d return it to one in a heartbeat.
Rusty
Phl citizens that live in the Phl are taxed on their world wide income. Manny Pacquiao is a Phl citizen that lives in the Phl so he has to pay Phl income taxes on his earnings in the U.S. If Manny Pacquiao lived outside of the Phl he would not have to pay Phl income taxes on his U.S. earnings.
Gary,
That’s good to know.
Rusty