APECO Special Resident Visa (ASRV)
The APECO Special Resident Visa (ASRV) is granted to eligible foreign individuals who have either established or are in the process of establishing a residence within the Aurora Ecozone. This can be accomplished through the acquisition of real estate or by entering into a contract that grants the foreign national the right to reside within the Aurora Ecozone for a minimum of five (5) years.
What is APECO?
The Aurora Pacific Economic Zone Free Port Authority (APECO), commonly known as the Aurora Special Economic Zone, is a specific project established by the Republic of the Philippines through Acts 9490 (RA 9490) and 10083 (RA 10083) with the objective of fostering local economic growth.
APECO’s primary goals include enhancing employment opportunities, improving the quality of life and environmental sustainability, and promoting economic and industrial advancement. This is achieved through the development of resort hotels, eco-friendly energy centers, and the establishment of port and airport infrastructure.
Checklist of documentary requirements for APECO Special Resident Visa (ASRV)
Applications for ASRV shall be subject to the following documentary requirements:
a) Letter Request signed by the applicant;
b) Duly filled-out APECO General Application Form (not notarized);
c) Copy of any document showing proof that applicant has established or is in the process of establishing a residence within the APEFZ;
d) Photocopy of passport bio-page;
e) Letter of undertaking to secure a clearance from National Bureau of Investigation (NBI) with a statement that he/she consents to the cancellation of his/her APECO visa in case he/she has derogatory record with NBI; and
f) Bureau of Immigration Clearance Certificate.
Who can apply for an ASRV?
You must not have any criminal convictions in order to apply for an ASRV. APECO issues various types of visas, including ASRV, ASIRV (requiring a refundable investment of $150,000), AWV, and ACE. Among these, the ASRV visa is particularly suitable for foreign investors due to its lower entry requirements.
Advantages of the APECO Special Resident Visa (ASRV)
- Minimum age requirement is 18 years or older; no other age restrictions apply.
- Visa holders have the freedom to study, work, establish businesses, and engage in local business activities within the Philippines.
- The processing time for the visa is relatively short, ranging from 10 to 22 working days.
- The visa granted is a permanent residence visa, providing long-term residency status.
- The documentation required for processing is simple, with only the original passport and a certificate of no criminal record in the Philippines (NBI Clearance) necessary.
- Spouses and children under the age of 21 can be included in the visa application, and there is no limit on the number of children.
- Children are eligible to participate in the joint examination for overseas Chinese students, subject to policy requirements.
- Visa holders enjoy the freedom to enter or leave the Philippines without restrictions.
- Visa holders can open high-interest bank accounts, apply for credit cards, purchase insurance, and apply for loans.
- The Philippine estate tax is only 6%, and visa holders have the ability to transfer property to their children at a low tax rate while residing in the Philippines on a permanent residence visa.
- The APECO resort membership is included, granting visa holders free access to resort facilities.
- After 7 years, visa holders have the option to apply for a Philippine passport.
- The visa application can be processed even if the applicant is not currently in the Philippines.
- Visa holders enjoy visa-free access to more than 70 countries and territories worldwide.
For more information about the APECO Special Resident Visa (ASRV)
You may reach us at (+632) 8478 5826 or email info@duranschulze.com for more information.