I'm moving to Iloilo Province next year. I will be visiting in a month. My Filipina wife and I have a beautiful house on a family compound on a 10 Hector farm. Each of my wife's sibling owns their own home on the property.
Here's my questions; I will be leaving most of my money in a US bank and in an annuity. FDIC secures those deposits. I don't want to have more than $25K USD in Philippine banks, as only 500,000 PHP ($10K USD) is guaranteed. My pension and Social Security payments will be direct deposited in a US bank. I will have a US mailing address with a close, trusted relative.. What I would like to be able to do is after my initial deposit in the Bank of the Philippines of $25K USD, be able to make deposits of $5,000 USD from my US checking account, as needed (probable every quarter). I realize the checks will take time to clear in RP, but I will not need these funds immediately. Does nayone on this forum do this and how long does it take for a US check to clear and Is this doable?
Next Question; I know I have to pay US taxes on my stateside income. Can I file on line if my paperwork in the States (hard copies) are delivered to my tax preparer? I realize I can ask him next year when he does my taxes for 2021, But, I was wondering if anyone here has already had this experience?
I anticipate holding US credit cards, and paying for them over the phone or online. However, how beneficial is it to have a Philippine credit card with my RP bank and use the US credit cards when I travel outside RP.
These are the things I've thinking about as I prepare to move to Iiloilo.
Any advice is welcome.
Here's my questions; I will be leaving most of my money in a US bank and in an annuity. FDIC secures those deposits. I don't want to have more than $25K USD in Philippine banks, as only 500,000 PHP ($10K USD) is guaranteed. My pension and Social Security payments will be direct deposited in a US bank. I will have a US mailing address with a close, trusted relative.. What I would like to be able to do is after my initial deposit in the Bank of the Philippines of $25K USD, be able to make deposits of $5,000 USD from my US checking account, as needed (probable every quarter). I realize the checks will take time to clear in RP, but I will not need these funds immediately. Does nayone on this forum do this and how long does it take for a US check to clear and Is this doable?
Next Question; I know I have to pay US taxes on my stateside income. Can I file on line if my paperwork in the States (hard copies) are delivered to my tax preparer? I realize I can ask him next year when he does my taxes for 2021, But, I was wondering if anyone here has already had this experience?
I anticipate holding US credit cards, and paying for them over the phone or online. However, how beneficial is it to have a Philippine credit card with my RP bank and use the US credit cards when I travel outside RP.
These are the things I've thinking about as I prepare to move to Iiloilo.
Any advice is welcome.
