Did you know that as a retiree, you have the freedom to choose which country you would like to spend your retirement in, and have the same benefits and rights as its citizens? One of the countries that offers this to retirees is the Philippines.

Why Should You Retire in the Philippines?

The Philippines has become a popular destination for retirees seeking an affordable and relaxed lifestyle. The country is known for its warm climate, beautiful surroundings and hospitable local citizens. Additionally, it offers several benefits for foreign retirees who wish to spend their golden years in the country: 

• Low Cost of Living. The cost of living in the Philippines is considered to be more affordable than in Western countries and other Asian countries, which makes it possible to have a comfortable lifestyle even on a budget. 
• Tax Exemption. Foreign retirees are exempted from paying the customs duties, certain pension taxes, and travel tax provided that they have not stayed in the country for more than a year from the date of their last entry.
• Healthcare. The country has many medical facilities that offer quality health services, from checkups to surgeries. Healthcare costs are also significantly lower compared to those in other countries.
• Tourist Spots. With its tropical weather, the Philippines is ideal for retirees who prefer a warmer climate. It has a wide range of beaches, mountains, and other natural attractions that are perfect for nature lovers.
• Diverse Culture. Due to colonization, Philippine culture has been influenced by Spanish, American and Asian traditions. English is widely spoken in the country, making it easy for the foreign nationals to communicate with the locals. 
• Property Ownership. Foreign nationals are allowed to purchase a condo unit. However, according to Republic Act No. 4726, their ownership must not exceed 40%, which means the remaining 60% must be owned by the Filipino citizens.

What are the Best Places to Retire in the Philippines?

If you are planning to retire in the country, deciding where you should reside is crucial. The following cities and provinces may be perfect for you:

• Baguio is known as the “Summer Capital of the Philippines.” It has the coolest temperature in the country due to its elevation. It is an ideal destination for foreign retirees who want to live by the mountains and pine trees. 
• Dumaguete is a popular retirement hotspot. It has a great balance of modern amenities and a beautiful natural environment.
• Puerto Galera has the most beautiful beaches in the country. It is just a one (1) hour ferry ride from Luzon, which is a convenient choice for retirees who enjoy a peaceful coastal lifestyle but still want to experience life in the city.
• Makati is one of the most convenient cities in the country for commuting to other areas of Metro Manila. It has various condominiums which is an ideal destination for retirees who want to live in a city. 
• Cebu is one of the top place choices for retirees because of its great balance of city amenities and beautiful beaches. 
• Davao is the safest and cleanest city in the country. It is a perfect destination for retirees who prefer a peaceful environment and affordable living.

What Type of Visa Do You Need to Retire in the Philippines?

In the Philippines, foreign nationals and former Filipinos can apply for a Special Resident Retiree’s Visa (SRRV) if they are at least fifty (50) years old. This visa program is designed to encourage them to spend their retirement in the country. The SRRV offers multiple benefits, such as tax exemption, multiple-entry privileges, and the ability to live in the country permanently.

What are the Different Types of Special Resident Retiree’s Visa (SRRV) in the Philippines?

The Philippine Retirement Authority (PRA) offers different SRRV to foreign nationals who want to retire in the country, which are as follows:

• SRRV Smile is offered to active and healthy foreign retirees and may deposit a US$20,000 in any of the PRA accredited banks.
• SRRV Classic is for active or healthy foreign retirees who desire to be involved in an active investment, such as purchasing a condominium unit, long term lease of house and lot, or any property in the country, and be able to deposit a US$10,000 to US$20,000. 
• SRRV Human Touch is offered to ailing retirees who need medical or clinical care. They must have a monthly pension of at least US$1,500.00 and a health insurance policy accepted in the Philippines. They are also required to deposit a US$10,000.
• SRRV Courtesy is granted to former Filipino citizens and foreign nationals who are retired officers of International Organizations, recognized by the Department of Foreign Affairs (DFA). They are required to deposit a US$1,500.
• SRRV Expanded Courtesy is issued to foreign nationals who are retired Armed Force officers of the USA. They must have a monthly pension of at least US$1,000 and must deposit a US$1,500.

What are the Requirements for a Special Resident Retiree’s Visa (SRRV)?

The following requirements must be submitted to the Philippine Retirement Authority (PRA) office:

Principal Applicant

• Duly accomplished Philippine Retirement Authority (PRA) application form
• Original passport with valid entry status (you must downgrade your existing visa if you do not hold a Tourist Visa before applying for the retirement program)
• Medical Examination Clearance
• National Bureau of Investigation (NBI) Clearance 
• 6 copies of 1×1 and 2×2 pictures
• Bank Certification of Dollar Time Deposit – Inward Remittance to PLRA Accredited Banks 
• Required deposit fee

Spouse

• Duly accomplished Philippine Retirement Authority (PRA) application form
• Original passport with valid entry status (you must downgrade your existing visa if you do not hold a Tourist Visa before applying for the SRRV program)
• Medical Examination Clearance
• National Bureau of Investigation (NBI) Clearance
• 6 copies of 1×1 and 2×2 pictures
• Marriage Certificate
• Required fee

Dependent 

• Duly accomplished Philippine Retirement Authority (PRA) application form
• Original passport with valid entry status (you must downgrade your existing visa if you do not hold a Tourist Visa before applying for the SRRV program)
• Medical Examination Clearance
• National Bureau of Investigation (NBI) Clearance 
• 6 copies of 1×1 and 2×2
• Birth Certificate 
• Required fees

How to Apply for a Special Resident Retiree’s Visa in the Philippines?

To apply for a Special Resident Retiree’s Visa (SRRV) in the Philippines, the applicants must follow these procedures:

• Open a USD Bank Account. Applicants are required to open a US dollar time deposit account in any bank accredited by the Philippine Retirement Authority (PRA) and must have a total amount required for the chosen SRRV type. The bank will then issue a time deposit certification of inward US dollar remittance in the name of the applicant.
• Secure a Medical and Police Clearance. They must secure a Medical and Police Clearance from their country of origin to be authenticated by the Philippine Embassy or Consulate.
• Enter the Country. After processing the first two procedures, the applicants may enter the country as a tourist to process their SRRV application.
• Submission of Requirements. All required documents shall be submitted to the Philippine Leisure and Retirement Authority (PLRA) office in Manila. If the Medical and Police Clearances are not secured from place of origin, the PLRA may assist the applicants to secure the clearances, but may take some time. 
• Evaluation. Once the required documents are completed and submitted, the PRA will evaluate the application and endorse it to the Bureau of Immigration (BI) for issuance of the visa. 
• Issuance. If approved, the BI will issue a SRRV to the applicants. 

What Do You Need When Retiring in the Philippines?

If you are planning to retire in the Philippines, there are a few documents that you will need to prepare:

• Proof of Financial Capability. You will need to show that you have the financial means to support yourself during your retirement. This is usually done by making a deposit into a local Philippine bank account, depending on the type of SRRV you apply for.
• Retirement Visa Application. In order to retire in the country, you are required to file an application for the SRRV. This type of visa is offered to former Filipino citizens and foreign nationals who wish to retire, invest, or live in the country permanently. 
• Health Insurance. It is important to have health insurance to cover medical expenses. Some retirees prefer international health insurance plans, while others may choose local plans.
• Police Clearance. You are required to provide a police clearance from your home country. If you have any criminal records, this could forbid you from flying in the country. 
• Medical Certificate. You must provide a medical certificate from a licensed health professional to prove that you are in good health or if you have any medical conditions so you will be assisted in looking for the right medical care for you. 

Need further information and assistance regarding Special Resident Retiree’s Visa in the Philippines? Talk to our team at Duran & Duran-Schulze Law to know more about the requirements and process. Call us today at (+632) 8478 5826 or +63 917 194 0482, or send an email to info@duranschulze.com for more information.