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 Register an Investment with BSP and present a document called the Bangko Sentral Registration Document (BSRD) to the bank.
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.
To Register an Investment with BSP, investors must comply with the guidelines set by the Office of the Governor of the BSP. A recent circular has established a prescriptive period for registration. Starting 11th January 2012, applications for registering foreign direct investments must be submitted within five years from the date of inward remittance or actual asset transfer to the Philippines. After this period, BSP will no longer register such investments. However, for unregistered foreign direct investments transferred more than five years before the circular’s issuance, applications 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.
