Special Retiree Resident Visa
Philippine Tourism sector continues to foster strength as visitor arrivals from January to September 2012 increased by 9.08% of the previous year ! Quite an increase from the past ! This has had a positive effect on most industries from tourism, banking, manufacturing ( as seen in growth of locators at PEZA zones ), vehicle sales ( more upscale cars in the market now ), supermarkets, and of course, real estate which then affects construction related business ( hardware supplies, electrical, plumbing, concrete aggregates, cement, trucking companies, logistics … to name a few ), net effect more employment to all.
We’ve seen more investors / buyers now taking advantage of the Philippine Retirement Authority’s program called Special Retiree Resident Visa as our program supposedly has more perks and advantages for the foreign retiree. Below is an excerpt taken from the Philippine Retirement Authority website. For further details, please visit their website : ww at www.prc.gov.ph
Who may apply for Special Retiree’s Resident Visa (SRRV)?
A retiree who applies for a Special Resident Retiree Visa (SRRV) has the option to enroll to the program based from his retirement status.
Retirement Option and their Required Time Deposit
- With Pension – 50 years old and above – the required time deposit is US$10,000.00 plus a monthly pension of US$800.00 for a single applicant and US$1,000 for couple.
- Without Pension
- 35 to 49 years old – US$50,000.00 time deposit
- 50 years old and above – US$20,000.00 time deposit
- Former Filipino Citizens (at least 35 years old, regardless of the number of dependents – US$1,500.00)
- Ambassadors of Foreign Countries who served and retired in the Philippines, current and former staff members of international organizations including ADB (at least 50 years old) – US$1,500.00
- A resident retiree can bring with him, without additional deposit, his spouse and child who is unmarried and below 21 years old or if the spouse is not joining, two(2) children (provided they are unmarried and under 21 years of age.) Additional children with the same qualifications may also be allowed to join the principal retiree provided there is an additional deposit of US$15,000.00 per child. The said time deposit however, is subject the same and conditions with that of the principal deposit. This does not apply to former Filipino Citizens.
What is the validity of SRRV?
The holder of the SRRV may reside in the Philippines without securing extensions of his stay from the Bureau of Immigration.
Are SRRV holders exempted from Travel Tax?
PRA members who are holders of valid SRRV are exempted from paying travel tax provided they have not stayed in the Philippines for more than one year from the date of last entry into the country.
Can SRRV holder own real property in the Philippines?
No. If he or she is legally married to a Philippine citizen, he or she may construct a residential unit on a parcel of land owned and/or registered in the name of Philippine spouse. Natural-born former Filipinos whose SRRV has been issued may own/acquire a maximum area of 5,000 square meters of urban land and three (3) hectares of agricultural land.
Is the dollar deposit convertible to other currency?
The dollar deposit may be converted into peso after 30 days upon issuance of the Special Resident Retiree’s Visa (SRRV).
Where do I get the approval of the SRRV?
The approval of your application will come from the Bureau of Immigration. The pre-evaluation of the application is made by the Philippine Retirement Authority where applications are filed.
How long is the processing time?
Processing time takes seven to ten working days upon receipt of complete requirements.
Can my spouse and unmarried minor children be granted an indefinite privilege to reside in the Philippines?
Yes. Your spouse and a legitimate or legally adopted unmarried child under twenty-one (21) may be given an indefinite status if they are accompanying or joining you soon after your admission into the country as such.
Is there an additional deposit for unmarried children if they are following or accompanying me?
Yes. There is an additional deposit of US$15,000.00 or any equivalent acceptable foreign currency for each additional legitimate or legally adopted unmarried child under twenty-one (21) years of age.
*More information on Special Retiree Resident Visa on the Philippine Retirement Authority website.