2/8/2013 08:04 EST
Just assisted a client today at the PRA and discovered so many changes since we moved back here in 2010.
I will post updates and changes this weekend. Meantime, if you have been here for more than 30 days, you will be assisted by a liason from PRA to the main NBI office. BUt if you were able to put together all your documents early enough, you don't need NBI.
For medical, they provide complimentary medical check up as soon as you pay your initial fees in dollars.
Take note: The deposit of $10,000 if you have a pension, $50,000 without pension, is in dollars.
The retiree will be required to deposit to a DBP account under PRA . DBP will issue you a certificate that they have received the payment. This structure is really questionable to me and don't necessarily approve of the way they are processing the retiree's money. FIrst of all, the account is under PRA's account, what happens if PRA folds up?In the original plan, our deposit is with an accredited bank under our name but had endorsement to PRA so we cannot move the money without the proper process that we had to go through if we were pulling out. At least it is still under our name.
Looking back, I remember being a Property Manager and all the deposits, payments of the tenants were issued to my company and has proper accounting system for each tenant, property owner, etc.
The good side about that is when one of the tenants tried to file a lawsuit for a ridiculous reason wanting to get money from me, he couldn't get anything. Because it was considered a trust account, that bad irritating tenant didn't get a single dime.
I hope that PRA who is very much looking into this website will realize what they are doing. Imagine transferring the money first before you even submit your application?
More info to follow...
Plan well. Invest well. Insure well. Live well..
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