After investing your money in the Philippines, you may start thinking about how you can send back profits to your home country in the future. It is not enough that you have money in the bank. You also need to present to the bank a document called Bangko Sentral Registration Document (BSRD).
BSRD is being issued by the Bangko Sentral ng Pilipinas (BSP) when inward foreign direct investments and investments in peso-denominated money market instruments are registered with the BSP. Without this document and registered investment, you cannot remit dividends, profits or earnings sourced from BSP authorized agent banks.
Recently, the Office of the Governor of the BSP issued a circular prescribing the prescriptive period of registration. Starting 11th January 2012, applications for registration of foreign direct investments should be filed within 5 years from the date of inward remittance or actual transfer of assets to the Philippines. After the said period, BSP will no longer register such investments. However, for existing unregistered foreign direct investments which were transferred more than 5 years prior to the date of the circular, application may still be filed within one (1) year from 15th December 2011.
While registration of inward remittance is optional and voluntary for the investor, it is better to register it. Otherwise, you will be forever barred from registration of your investment. Contact us and speak with one of our Tax Consultants.
Atty. Marissa Yambao CPA
12F Sagittarius Building, 111, H.V. Dela Costa Street
Salcedo Village, Makati City 1227
T: +632 856 9631