10th Sep 2014

How to Get a Special Investor’s Resident Visa (SIRV)

 

The Special Investor’s Resident Visa (SIRV) is a visa issued by the Bureau of Immigration through the Board of Investments (“BOI”) pursuant to the provisions of the Omnibus Investments Code of 1987.  The SIRV is a special non-immigrant visa that entitles the holder to reside in the Philippines for an indefinite period as long as the required qualifications and investments are maintained.

 

Period of Validity of the Visa

 

The Probationary SIRV is valid for six (6) months while the Indefinite SIRV is valid so long as the visa holder maintains the required investment in the Philippines.

 

Eligible Applicants

A foreigner who is at least twenty-one (21) years of age, who meets the following qualifications:

• He has not been convicted of a crime involving moral turpitude
• He is not afflicted with any loathsome, dangerous or contagious disease
• He has not been institutionalized for any mental disorder or disability
• He is willing and able to invest the amount of at least US$75,000.00 in covered investments.

Deposit Requirements

The Applicant must deposit the amount of at least US$75,000.00 into Peso Time Deposit for a minimum maturity period of 30 days and a maximum maturity period of 180 days with either  Land Bank of the Philippines (LBP); OR Development Bank of the Philippines (DBP).

The investor shall have one hundred eighty (180) days from date of issuance of probationary visa to convert the deposit into an investment in an eligible domestic enterprise and report such investment to the BOI.

For purposes of securing an SIRV, only investments/shares of stocks in existing, new or proposed corporations shall be allowed/ accepted as eligible forms of investment:

1. Publicly- listed companies

2. Companies engaged in areas listed in the Investment Priorities Plan (IPP) of the Board of Investments. (The IPP is a list of priority areas of economic activities which the Government promotes for investments.)

3. Companies engaged in the manufacturing and services sectors

The companies whose activities fall in any of the following major sectoral classifications found under the services sectoral classification lists shall be deemed in the service sectors for purposes of evaluating the qualification of SIRV applicants:

a) Business services;

b) Communication services;

c) Construction and related engineering services;

d) Distribution services;

e) Educational services;

f) Environmental services;

g) Financial services;

h) Health related and social services;

i) Tourism and travel related services;

j) Recreational, cultural and sporting services;

k) Transport services, and

l) Other services not included elsewhere.

Ownership of shares of stock in corporations engaged in wholesale trading shall not be allowed.

Investments in condominium units or partnerships are also no longer allowed.

 

Requirements for Application of the Probationary SIRV

1. BOI Form SIRV-001A for Principal applicant

2. Signed and notarized Deed of Undertaking

3. Accomplished Personal History Statement Form

4. Police Clearance issued abroad translated into English and duly authenticated by Philippine Embassy/Consulate or

5. Clearance from the Interpol Division of the National Bureau of Investigation (NBI) issued in the Philippines valid for 6 months

6. Medical Certificate (Authenticated by the Bureau of Quarantine of the Phil. Department of Health) valid for 6 months

7. Birth Certificate / Family Registry / Household Registry duly authenticated by Philippine Embassy/Consulate

8. Marriage Contract (if applicable), duly authenticated by Philippine Embassy/Consulate

9. Proof of Inward Remittance from Development Bank of the Philippines (DBP) – Head Office or Land Bank of the Philippines -Sen. Gil J. Puyat Ave. (Buendia) Branch

11. Processing fee of US$ 300.00

12. Bureau of Immigration (BI) fee of P10,110.00

 

Requirements for Conversion of Time Deposit to Investment

1.  Letter of Intent

2.  Processing Fee of P1,000.00

3.  For investment in new corporation, a signed and notarized duplicate copies of the Articles of Incorporation and By-Laws;

4.  For investment in existing corporation:

a)      Certified true copies of the Articles of Incorporation, By-Laws and SEC Certificate of Registration.

b)     Latest Audited Financial Statement and list of latest officers and directors

c)      Notarized Corporate Secretary’s Certificate stating that the purchase of shares of stock by the Applicant shall not violate the 40% limitation on ownership by foreigners in nationalized areas.

d)     Waiver of pre-emptive rights of existing stockholders

e)      Certified true copy of the SEC Resolution authorizing the issuance of shares from the unsubscribed portion and exempting said shares from the registration required by the Revised Securities Act, if the shares to be acquired will come from the unsubscribed portion of the corporation’s authorized capital stock.

f)       If the shares were purchased from an existing stockholder, the purchase price shall not exceed 10% of its current book value.  Furthermore, the following must also be submitted:  notarized Secretary’s Certificate stating that the stockholder selling the shares is a stockholder of record owning the certain amount of shares and that said shares are free from any lien, encumbrance and are not subject to set-off; certified true copy of the Stock Certificate issued to the selling stockholder; and Deed of Assignment between the buyer and the seller of the stock certificate.

5.  For investment in shares in publicly-listed corporations, a sworn certification of the stock broker.

 

Requirements for Conversion of Temporary SIRV to Indefinite SIRV

1.  NBI Clearance/ Police Clearance valid within six (6) months

2.  Lease contract or proof of ownership of office or factory and its location map.

3.  For investment in new corporation:

a)      Certified true copies of the Articles of Incorporation, By-Laws and SEC Certificate of Registration.

b)     Sworn Certification by Corporate Secretary as to the proposed start of commercial operations of the corporation

c)      BIR Certificate of Registration

d)     BIR approved authority to print official receipts and invoices of the company’s official receipts (if available)

e)      Certified true copy of the Business Permit and the corresponding official receipt

4.  For investment in existing corporation:

a)      Certified true copy of the Business Permit and the corresponding official receipt

b)     Certified true copy of the Certificate of Registration with the BOI

c)      BIR Certificate of Registration

d)     Latest BIR approved authority to print official receipts and invoices of the company’s official receipts

e)      Latest General Information Sheet filed with the SEC

5.  For investment in publicly-listed corporation:

a)      Certified true copy by stock broker of official receipts and invoice

b)     Certification from the stock transfer office that the SIRV holder is a stockholder on record of the company where the investment was made

c)      Certified true copy of the stock Certificate issued in the name of the SIRV holder with the required annotation on the face thereof duly signed by the Corporate Secretary

Benefits of the SIRV

1. Right to reside in the Philippines for an indefinite period;
2. Multiple entry privileges;
3. Exemption from the Exit Clearance and Re-Entry requirements of the Bureau of Immigration (BI), Alien Certificate of Registration;

 

Obligations of the SIRV Holder

 

1.   Maintenance of the required investment.

 

2.   Yearly renewal of the SIRV ID Card.

3. Payment of Annual Inspection Fee

4.  Submission of documents every year regarding the investment.

ADVANTAGES

DISADVANTAGES

Can permanently stay in the Philippines The deposit requirement cannot be credited when the foreigner buys condominium, etc. or engages in ling-term lease
Advantageous for foreigners who just want to invest Must maintain the investment requirement
  Mere deposit is not enough
  Higher deposit requirement than SRRV ($75,000 vs. $20,000 or $50,000 vs.  SRRV)

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