FOREIGNERS CAN INVEST IN NAIA GARDEN RESIDENCES
following the guidelines set herein as part of the repatriation program for foreign and Filipino retirees
The NAIA GARDEN RESIDENCES is a joint venture project between the PYRAMID CONSTRUCTION AND ENGINEERING CORPORATION (PCEC) of the Philippines as Developer.
The PHILIPPINE RETIREMENT AUTHORITY (PRA) pra.gov.ph, an agency under the supervision of the Department of Tourism has accredited PYRAMID CONSTRUCTION AND ENGINEERING CORPORATION (PCEC) of the Philippines as Developer to realize this repatriation program of the government. The PRA is the government- owned and operated with the function of promoting the Philippines as a viable retirement haven with a network of real estate, healthcare and lifestyle and economic enterprise to especially designed to serve the foreign retiree community and boost the repatriation program for foreign and Filipino retirees
The visions behind this Project is to build an affordable residential community for foreign retirees and repatriating /retiring Filipino overseas workers looking for an investment property with rich potentials to appreciate in value while it serves their personal use.
The accreditation by the PRA of the NAIA Garden Residences is an added feature of the project and makes a distinction among other investment of the same nature.
With this accreditation, the Project aims to attract retirees from Korea, Japan, China, Taiwan, the United States, Canada and parts of Europe, as well as former Filipino citizens or balikbayans with dual citizenship or OFWs (overseas Filipino workers) that have become citizens of another country.
The main attraction of the retirement program of the PRA is the Special Resident Retiree’s Visa (SRRV), a special non-immigrant resident visa that provides its holder with multiple-entry and indefinite stay status in the Philippines by putting up an investment of US$20,000 to $50,000 in their name, with interest accrued in their favor. After the holding limit of one month, they can stay in this country already and can convert that deposit into an active investment.
In this program, a resident retiree can, without additional deposit, bring a spouse and an unmarried child below 21 years old or if the spouse is not joining, two (2) children (provided that they are unmarried and under 21 years of age). Additional children with the same qualifications may also be allowed to join the principal retiree provided there is an additional deposit.
The SRRV also grants tax-free incentives and privileges, as well as value-added services and benefits that foreign retirees can avail of from establishments such as hotels, resorts, retirement facilities, and restaurants. Children of registered retirees are exempt from student visas.
“Another advantage the Philippines has over other countries in the retirement business is the worldwide reputation for its highly efficient and professional doctors, nurses and caregivers.”
As a general rule, anyone regardless of nationality may invest in the Philippines. However, foreign nationals enrolled in the Retirement Program are, under the Authority’s existing Implementing Investment Guidelines, permitted after holding period of 30 days from the issuance of the SRR Visa, to convert their time deposit/s into active investment/s in any or a combination of the following Alternative Investment areas:
A retiree who has converted his dollar deposit into an active investment may opt to substitute the same with another form of investment that is allowed under the PRA program. In case of substitution, the value of the substituted one must at least be equal to or higher than the amount of the retiree’s requisite deposit after conversion.This repatriation program for foreign and Filipino retirees gives NAIA Garden Residences an edge as the most viable real estate investment.
Condo near NAIA: A Truly Las Vegas-Like Entertainment City, a neighbor of Mall of Asia.
Nationally significant historic places were highlighted in each country: overwhelming sceneries, impressive views, and the stunning array of landscapes mark on different places around the world. As the days go by, as tourist destinations in the Philippines became timeless to discover. The influx of tourists arrived, enjoyed and craved for the treasures where else you can’t find. The Philippines have its depth blue waters, amazing caves and mountains, captivating and attractive sights of terrains, and endearing vision of the seas.
A historic turning point places at the top of the sea- the Manila Bay. The biggest project of Philippine Amusement & Gaming Corporation (PAGCOR), spearheaded by Chairman Cristino Naguiat Jr. is to establish an Asia’s Las Vegas-like gaming and entertainment complex, the Entertainment City officially named as the “Bagong Nayong Pilipino”. It is 110 hectares are lying at the major cities- Manila, Pasay and Paranaque. The Entertainment City is divided into 7 zones namely: Cultural, Financial, Commercial, ASEANA City, PAGCOR Entertainment City, Centennial City and Asia World. The project is said to initiate an increase in investments from private companies, to be the Asia’s newest tourism and investment capital.
The Entertainment City is very accessible nearby Metro Manila and to a condo in MOA and condo in NAIA. It passes along Roxas Boulevard, EDSA, Cavite Coastal Road and Macapagal Boulevard. The availability of Bus Terminals is within the city. Metro Rail is 15 minutes away and goes all along 20 minutes in various points in Manila while 10 minutes away from the Ninoy Aquino International Airport. Future infrastructures projects are LRT Extension Phase 2 all go away to Bacoor, Cavite and NAIA Skyway Phase 2 connecting the Entertainment City to all international airports.
Get captivated to the luxurious hotels and resorts around the Entertainment City. Solaire Casino and Resorts is the first casino complex operated in Entertainment City opened on March 16, 2013. Solaire is a $1.2 billion project managed by executives from five-star hotels in Singapore, Macau and Las Vegas. The resort expensive casino area is designed to provide a true Las Vegas gaming experience. Next is the City of Dreams, it is a promising 6.2 hectares world-class resort and casino complex. It is a $1.3 billion venture and had a soft opening on December 14, 2014, and its grand opening on January 2, 2015. And Manila Bay Resorts under the Universal Entertainment Corporation with a $2 billion estimated forecast and comprising its 45 hectares land. Manila Bayshore is the biggest integrated resort casino property in the country committed by Casino Mogul Kazuo Okada. Other prestigious hotels undertaking on the next years are the Resorts World Bayshore, a joint proposal of Philippine Based Alliance Global Group and Genting Hongkong; and the Westside City located next to Bayshore.
The Entertainment City had also its biggest gathering center, shopping malls, business process outsourcing buildings and had its outdoor restaurants wherein San Miguel by the Bay caters a lot of dining options. Mall of Asia is said to be the biggest shopping mall in Asia, the largest business conference and intensifying events assembled at Mall of Asia Arena and SMX Convention Center. Entertainment City meant to be constructed a huge landmark, the PAGCOR Tower measures 2,182 tall. Aside from hotels, casinos, restaurants, commercial and BPO buildings, Entertainment City booms opportunities to generate real estate properties too.
As the Asia’s Newest Investment and Tourism Capital, PAGCOR’s Entertainment City will generate 6000 hotel rooms; and 3.3 million sq ft. casino gaming areas. PAGCOR oversees and expects a million of the job when completed.Truly, condo near Naia or condo near MOA is the best property investment now in the Philippines.
The Ninoy Aquino International Airport (NAIA) serves as the main airport of the Philippines situated within the city of Pasay and Paranaque. NAIA is the main gateway of Philippines for tourists who want to explore the beauty and fun in the Philippines. It is the center of the international airlines aside from international airports in major metropolitan cities in the Philippines. The name of the airport was coined after the father of the present president of the Philippines, late Senator Benigno “Ninoy” Aquino, who was then fought the democracy of the Philippines from the regime of the Marcos Administration.
A record breaking annual passenger was recorded last year, 2011 making it to more than 29 million passengers – making one of the busiest airports in Asia.
This only indicates that Philippine tourism is active. Investors for real estate, tourism, gaming flux in the Philippines because of the business potential and very promising development within Metro Manila especially surrounding the airports.
MANILA BAY DEVELOPMENTS
Last March 2012, Senators want to make sure the compliance of the development along Manila Bay since the constructions started in 2007. The “Las Vegas-style” complex, to be built near Manila Bay, is supposed to feature six-star hotels, gaming facilities, malls, museums, cultural centers, sports arenas, residential villages and theme parks.
It is supposed to boost tourist arrivals and generate new jobs in the country and capture at least 10 percent in the global gaming market, which is estimated at $115 billion annually.
Pimentel said four companies have been granted licenses to build, own, and operate integrated resorts within the comlpex, including Travellers International Hotel Group, SM consortium, Tiger Resorts Leisure and Entertainment Inc., and Bloomberry Resorts and Hotels Incorporated.
Please see the video here for the updates of the construction and the development.
If you need assistance on how to invest on properties surrounding the area, please fill up this form or call 218-8637 or 0999.994.0522.
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