The Philippines is a country known for its tourist spots, cuisines, and rich cultural heritage. It is an attractive destination for foreign nationals who are looking for a place to spend their retirement. However, foreigners who wish to retire in the country are required to apply for a Special Resident Retiree’s Visa (SRRV).
What is a Special Retiree’s Visa (SRRV)?
Special Resident Retiree’s Visa (SRRV) is a visa issued by the Bureau of Immigration upon endorsement of the Philippine Retirement Authority (PRA). It is granted to foreign nationals who must be at least fifty (50) years old and meet the program’s requirements. Additionally, it entitles the holder to reside in the country for his or her lifetime.
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 Get a Special Resident Retiree’s Visa (SRRV) in the Philippines?
To apply for a retirement visa 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. Applicants 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 are the Benefits of a Special Resident Retiree’s Visa (SRRV) Holder in the Philippines?
Foreign nationals who hold a SRRV have several benefits in the Philippines.
- Multiple Entry Privilege. They can stay permanently in the Philippines, and can also enter and exit the country anytime they want, without being required to obtain an Exit Clearance and Re-Entry Permit from the Bureau of Immigration (BI).
- Tax Exemption. They are exempted from paying the customs duties, certain pension taxes, and travel tax provided that the retirees have not stayed in the country for more than a year from date of last entry in the country.
- Business Opportunities. SRRV holders can set up a business provided that it is not limited or prohibited by the Constitution, existing laws, or by the Philippine Foreign Investment Act of 1991.
- Work Opportunities. They may work in the country provided that they have an Alien Employment Permit (AEP) from the Department of Labor and Employment (DOLE). Additionally, they are liable for income tax since they will obtain an income from the Philippine sources.
- Property Ownership. Foreign nationals are not allowed to own land in the Philippines, but they can own condominium units, provided that at least 60% of the building is owned by Filipino citizens.
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.
