Retirement in the Philippines / Retirement Visa Philippines
The Philippine government is promoting the country as the new favored retirement destination in Asia. The country has almost all the amenities of a great retirement place from its warm climate, English-speaking, friendly people, low cost of living down to its diverse archipelagic geography offering endless possibilities to the foreign retiree. The Philippines boosts preserved islands which are perfect surroundings for the retiree who’s looking for a truly natural, relaxing atmosphere.
Special Resident Retirement Visa Philippines
The Philippine Retirement Authority (PRA) had been specially put up by the government to man the programs promoting the Philippines as the favored retirement destination for foreigners and former Filipinos. Included in their program is the organization of retirement visas especially the one they call as Special Resident Retiree Visa of which is issued by the Philippine Bureau of Immigration. This visa allows the holder a permanent residency in the Philippines.
• All Foreign Nationals and Former Filipinos aged 35 years old and above.
• No criminal or derogatory record
• Is not classified as RESTRICTED by the DFA
• In good health
Foreign Applicants who are below 50 years old and at least 35 years old have to deposit the amount of US$75,000.00 in any PRA short listed banks.
Foreigners aged 50 and above are required to deposit US$50,000.00.
Former Filipinos retiree applicants are required to deposit US$1,500.00.
Other foreign applicants are required a bank deposit in the amount of US$50,000.00 provided that they are at least 35 years of age and belongs to any of the following:
a. Philippine recognized foreign retired military personnel of governments; or
b. Foreign previous members of foreign diplomatic corps who have served for at least three (3) years in their respective posts; or
c. Foreign retired officers and employees of international organizations such as the United Nations and its affiliate agencies, the World Health Organization, World Bank, International Labor Organization and other similar organizations.
A retiree may bring with him his family in the Philippines as his dependants through the following conditions:
• A retiree can bring his/her spouse and his kid aged below 21 years old and unmarried without any additional costs or deposit.
• In case no spouse is joining, the retiree can bring his two children who meet the above age and civil status qualifications.
• In case a retiree wants to bring more of his single and below 21 years old children, he has to add additional deposit in the amount of US$15,000.00 per child
Note: Dependents/children of a retiree will continue to be members of the program and retain their SRRV even after reaching the age of 21 for so long as the required/additional deposit of their retiring parent/s is maintained in the bank under the PRA account or the investment has not been transferred to other countries and still subsists in the Philippines.
A retirement visa applicant needs to submit the following documents to the Philippine Retirement Authority (PRA)
Completed PRA Application form.
Medical Examination Form #11 accomplished by a licensed physician from the applicant place of origin, duly authenticated by the Philippine Embassy Consulate or
PRA Medical Certificate (RSSC Form #002) accomplished by a licensed physician in the Philippines.
Certificate of deposit with any PRA chosen banks
Police Clearance issued abroad and duly legalized by the Philippine Embassy/Consulate, or National Bureau of Investigation (NBI) in the Philippines.
Photographs, 1×1 and 2×2, six (6) pieces each.
Original Marriage Certificate (if married in the Philippines) or Philippine embassy/consulate duly authenticated Marriage Certificate (if married abroad) if the spouse is joining the applicant.
Original Birth Certificates (if born in the Philippines) or Philippine embassy duly authenticated Birth Certificate or Household Register (if born abroad) for joining dependents.
Service and Processing Fees
• US$2,000.00 (for 35 to 49 years of age)
• US$1,500.00 (for 50 years and above)
• US$1,500.00 for former and overseas Filipinos.
Benefits and Privileges
A resident retiree or holder of the SRRV can enjoy the following benefits as soon as he/she obtains the visa:• Permanent residency with multiple entry privileges through the SRRV.
• Importation of personal effects duty free to be availed within the initial 90 days of the visa
• Exit clearance and re-entry permits exemption
• Payment of travel tax exemption as long as the retiree has not stayed in the Philippines for more than one (1) year from date of his last entry into the country
• Conversion of the requisite dollar deposit into active investments, including purchase of condominium units.
• Interest on the foreign currency deposit is withdrawable anytime and payable to retirees in Philippine pesos.
• Foreign currency time deposit can be converted into Philippine peso deposit after the issuance of SRRVisa with interest subject to 20% withholding tax.
• Pensions and annuities remitted to the Philippines are tax-free.
• Guaranteed repatriation of the requisite deposit including invested profits, capital gains and dividends accrued from investments upon compliance with rules and regulations of Bangko Sentral.
• Exemption from securing the Student’s Visa/Special Study Permit.
Investment Options and Terms
Resident retirees may avail of the following investment opportunities:
• Purchase of a condominium unit.
• Formation of a new corporation and registration with the Securities and Exchange Commission.
• Purchase of share of stocks in existing corporations registered with the Securities and Exchange Commission, but not those traded in the Stock Exchange.
• Lease of a parcel of land or house and lot.
• Construction of a residential unit on leased parcel of land.
• For former natural born Filipinos, purchase of a lot not exceeding 5,000 square meters in urban areas or three (3) hectares in agricultural areas, for business and other purposes.
• Purchase of proprietary/membership shares in golf clubs.
NOTE: The above investments cannot be sold, transferred or encumbered without clearance from PRA.
Retirement Visa Application Inside the Philippines
A retiree may apply for enrollment at:
Philippine Retirement Authority
29/F Citibank Tower, 8741 Paseo de Roxas
Makati City, 1200 Philippines
Process of SRRV Issuance by Philippine Embassy/Consulate Aboroad
1. The visa applicant submits documents to Philippine Embassy/Consulate.
2. Applicant/Marketer notifies PRA of application/documents submitted to Embassy/Consulate:
• PRA Application form duly accomplished
• Photocopy of Passport page showing Date of Birth
• Medical and Police clearance from place of origin valid for six (6) months, duly authenticated by the Philippine Embassy.
• Certification of the Dollar Time Deposit by any of PRA’s short listed bank.
• Marriage Certificate if the spouse is joining
• Birth Certificate if a dependent child is joining.
• Payment of service/processing fee to PRA
3. Embassy/Consulate endorses application/documents to the Depratment of Foreign Affairs (Manila) who in turn endorses the same to PRA for evaluation and processing.
4. PRA reviews documents. If complete, forwards recommendation to DFA Manila for subsequent transmittal to Embassy/Consulate.
5. Embassy/Consulate abroad issues a single-entry SRRV to applicant.
6. Applicant enters Philippines with a single-entry SRRV.
7. Upon arrival in Manila, applicant goes to PRA office for the stamping of the multiple-entry SRRV on the passport by the Bureau of Immigration.
Process of SRRV Issuance by the Bureau of Immigration – Manila
1. Applicant/Marketer remits deposit requirement to a short listed bank in Manila.
2. Bank credits funds to special time deposit account in the name of the applicant.
3. Short listed bank sends PRA certification under oath of inward remittance of applicant’s deposit.
4. Applicant/Marketer secures Medical and Police Clearance from place of origin duly authenticated by the Philippine Embassy/Consulate. If Medical or Police Clearance is not secured from place of origin, PRA assists applicant to secure the same in Manila in three (3) working days.
5. Applicant enters the Philippines as tourist.
6. Applicant/Marketer submits all documents to PRA in Manila:
a. PRA Application
b. Medical Clearance
c. Police or National Bureau of Investigation (NBI) Clearance
d. Certification by bank of the deposit
f. Marriage Certificate if the spouse is joining
g. Birth Certificate if a dependent/child is joining
h. Payment of application fee
7. PRA evaluates and, if complete, endorses the application to the Bureau of Immigration (BI) for the issuance of SRRV.
8. Applicant is issued SRRV by BI within five (5) working days upon completion/submission of all requirements.
PRA Shortlisted Banks
1. Bank of commerce
2. China trust (phils.) Commercial bank
3. Equitable pci bank
4. Metropolitan bank and trust company
Our Manila office is staffed with Philippine Visa officers who are experienced in dealing with Philippine immigration complexities and can assist you with the whole process involved in the retirement visa application.
We can help you with the collection of documents, visa application preparations, accompanying you to the various offices and providing you endless assistance from start to finish of the visa process. Indeed, our firm ensures a smooth and hassle free procedure in organizing your retirement visa in the Philippines.