SPECIAL RESIDENT RETIREE'S VISA (SRRV)
The Philippines is an excellent place for foreign nationals looking forward to retirement. The country is a value-for-money destination boasting of lot of beautiful places with low-cost living and the warm hospitality of its people.
The Philippine Retirement Authority administers the Special Resident Retiree’s Visa (SRRV) program.
- Option of Permanent Residency, Multiple-entry, and Indefinite Stay in the Philippines
- Exemption from Exit Clearance and Re-entry Permits
- Exemption from Custom Duties and Taxes for the importation of personal effects worth US$7,000
- Exemption from Travel Tax, if stay in the Philippines is less than a year from the last entry date
- Option of including dependents in the program
- Exemption from obtaining a Special Study Permit
- Exemption from the Bureau of Immigration's Annual Registration Requirement
- Assistance in securing an Alien Employment Permit
- Tax-free remittance of annuities and pensions
- Guaranteed repatriation of the deposit/investment
ELIGIBLE SRRV APPLICANTS
All foreign nationals (except those classified as restricted) and former Filipinos who are at least 35 years old, physically healthy and with no derogatory record can join the program.
Applicant's spouse and the unmarried children under 21 years of age may also be issued SRRV.
PROCEDURE IN SRRV APPLICATION
Step 1: Deposit investment requirements
All applicants must open a U.S. dollar time deposit for a term of 6 months at the PRA-Accredited Banks in the Philippines. The amounts of deposits are as follows:
- US $1,500.00 for former/overseas Filipinos
- US $50,000.00 for those 50 years old and above
- US $75,000.00 for those 35 to 49 years
Applicant may accomplish the PRA Telegraphic Transfer Form when remitting money to the PRA-Accredited Bank.
Step 2: Bank sends PRA Certification of Inward Remittance
Bank sends to the applicant a copy of the PRA Certification of Inward Remittance.
Step 3: Applicant goes to the Consulate General for authentication of documents and applies for a tourist visa
Step 4: Applicant submits the following documentary requirements to the PRA upon arrival in Manila
- Passport valid for at least six (6) months beyond authorized period of stay in the Philippines.
- Accomplished PRA Application Form with twelve(12) pieces of 2” x 2” photographs. (Applicants may accomplish online application at http://www.pra.gov.ph/main/srrv_form.)
- Medical Examination Form No. 11 accomplished by a physician, notarized by a notary public, and duly authenticated by the Consulate General.
- Police Clearance Certificate, notarized by a notary public and county clerk in the applicant’s legal residence, and duly authenticated by the Consulate General. The certificate must be taken not more than six (6) months prior to date of filing of visa application.
- Certification by a PRA-accredited bank of the required investment deposit.
- If the spouse is joining the applicant, original copy of Marriage Contract if the applicant's marriage was solemnized in the Philippines or original copy of Marriage Certificate duly authenticated by the Consulate General if the marriage was contracted abroad
- If dependents are joining the applicant, original copies of their Birth Certificates (if born abroad, birth certificates must be duly authenticated by the Consulate General)
- Payment of one-time fees:
- Principal - US$1,400.00
- Spouse/Dependent - US$300 each
- I.D. Card Renewal - US$10.00
Step 5: If application is approved, PRA endorses an approval to Bureau of Immigration for issuance of SRRV to the applicant.
For more information, please visit the website of the Philippine Retirement Authority at www.pra.gov.ph