Retirement Visa in the Philippines
Government in Manila takes active measures to make the Philippines a popular destination for retirees and pensioners from around the globe. Formalities and regulations regarding long time stay are much more liberal than in other countries across Southeast Asia.
One of the most interesting options for those who seriously consider settling in the Philippines for good and do not plan to or can’t marry a citizen of this country is a government program called Special Resident Retiree’s Visa or SRRV.
The procedure, although surely time consuming, doesn’t seem too complicated. I followed a few stories online of people who successfully passed through it and are now enjoying their life in the tropics without the mandatory and time consuming visits to the Bureau of Immigration. Philippine Retirement Authority is the office directly responsible for smooth operation of the SRRV program.
Special Resident Retiree’s Visa – options, eligibility, qualifying criteria and cost:
– For persons 35 years old and above – a bank deposit in the amount of 20.000USD is required, without the possibility of withdrawal or use of these funds while participating in the program, i.e. funds must be deposited in a designated bank account and cannot be used for investments or in order to meet current obligations, satisfy day to day needs etc.
a) for persons 50 years old and above – a bank deposit in the amount of 10.000USD is required if you receive pension (at least 800USD per person or 1000USD per couple). Otherwise 20.000USD must be deposited. These funds may be used for investment in residential condominiums or lease of real estate properties (land and residential buildings).
b) for persons aged 35-49 years, a bank deposit in the amount of 50.000USD is required with the possibility of using these funds for investments in residential condominiums or lease of land and real estate properties.
SRRV HUMAN TOUCH
– For patients 35 years and above and with documented history of illness – a bank deposit in the amount of 10.000USD is required as well as health insurance and a monthly pension/annuity in the amount of 1500USD.
SRRV COURTESY and EXPANDED COURTESY
– For citizens of the Philippines who have lost their citizenship and foreigners over 50 years of age – retired diplomats and employees of international organizations. This option is available for former Filipinos 35 years and above and foreign nationals 50 years old and above. Deposit of 1.500USD is required which may be used for investment.
All deposits must be transferred to designated accounts in one of the Philippine Retirement Authority accredited banks: Development Bank of the Philippines (DBP), Allied Bank, Philippine National Bank (PNB), Banco de Oro (Pacific Star Branch Only), Bank of China, Korea Exchange Bank, Tong Yang Bank or Unionbank. The deposits paid are refundable in case of withdrawal from the program. No interest is paid though.
Special Resident Retiree’s Visa SRRV benefits
Special Resident Retiree’s Visa comes with a lot of benefits. SRRV holder may live permanently, work and study in the Philippines, enjoy overseas travel and re-entry on arrival without any additional paperwork. They are also exempt from income tax over pension and annuities, custom duties and taxes on imported goods and personal effects (but only up to 7.000USD), exempt from annual registration requirement and ACR I-Card requirement etc.
Philippine Retirement Authority will also assist holders with obtaining Tax Identification Number, driver’s license, employment permit and other official documents.
Under several conditions and upon payment of additional fees immediate family members of the main applicant may also participate in the program. The cost of obtaining an SRRV visa is 1400USD regardless of the type for the main applicant and 300USD for each additional family member. The annual fee for participation is 360USD.
Special Resident Retiree’s Visa SRRV- application and required documents
Documents required for SRRV application: duly accomplished application form, medical clearance or health certificate, National Bureau of Investigation and Police clearance, criminal record background check from country of origin, proof of deposit payment, passport and valid visa, 12 passport photos. The applicant must be present in the Philippines during the application process, it is not possible to apply from abroad.
Special Resident Retiree’s Visa SRRV online application form
Please note: this is general information regarding Special Resident Retiree’s Visa (SRRV) program as of June 2016. Those interested in applying please visit Philippine Retirement Authority website for further information.