16th Apr 2013
The Special Resident Retiree’s Visa (“SRRV”) is a visa issued by the Bureau of Immigration through the Philippine Retirement Authority (“PRA”). The SRRV is a special non-immigrant visa that provides its holders with multiple-entry privileges and indefinite stay in the Philippines and is especially designed for those who wish to live in the Philippines on an extended or permanent basis. However, it must be noted that the SRRV requires a specific amount of time deposit or investment in the Philippines.
The SRRV is valid for so long as the visa holder remains a member of good standing of the Program AND provided his time deposit and/or investment exists in the Philippines.
Any Foreigner with entry visa issued by the Philippine Embassy who is at least 35 years old or former Filipino citizens who are now holders of foreign passports and at least 35 years old are eligible to apply for the SRRV.
In order to secure the SRRV, the following deposit requirements must be complied with:
A: Retirement Option and their Required Time Deposit
1. 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$1,000.00 for couple
2. 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
It must be emphasized that the required time deposit can be converted into enumerated areas of investment after one (1) month from the date of the issuance of the SRRV. The only allowed areas of investment are the following:
1. Purchase of condominium unit/s;
2. Long term lease of a house and lot, condominium or townhouse unit/s;
3. Construction of a residential unit on a leased parcel of land;
4. Purchase of Proprietary Membership/Golf shares in golf clubs;
5. For former Filipinos, purchase of a lot not exceeding 5,000 square meters in urban areas or three (3) hectares rural areas to be used for business or other purposes.
As for the documentary requirements and pursuant to the issuance of the PRA, the following must be submitted:
1. PRA application form;
2. Government Fee of US$1,400.00 for the principal and US$300.00 for each dependent (spouse/children).
3. Original passport with valid entry status;
4. Medical Examination Clearance -can be secured abroad (with English translation) duly authenticated by the Philippine Embassy/Consular Office. If the applicant is in the Philippines, this can also be secured at the PRA One-Stop Shop
5. Bank Certificate of Dollar Time Deposit inwardly remitted to any PRA accredited banks;
6. Police Clearance only, for retiree-applicants whose stay in the Philippines is thirty (30) days or less from date of last entry, which must be secured from the applicant’s country of origin (with English translation) duly authenticated by the Philippine Embassy or Consular Office. Police Clearance (from the applicant’s country of origin) and National Bureau of Investigation (NBI) Clearance for retiree applicants whose stay in the Philippines is more than 30 days from date of last entry. This also applies to spouse and dependents 18 years of age and above;
7. Photographs, 12 pieces 2”x2”;
8. If the spouse is also applying for SRRV, Marriage Certificate or Marriage Contract translated into English (if necessary) and duly authenticated by the Philippine Embassy/Consulate nearest the applicant’s residence if the marriage was contracted abroad. If the marriage was solemnized in the Philippines, original Marriage Certificate; and
9. If dependent/s is/are also applying for the SRRV, original Birth Certificate/s of dependent/s born in the Philippines or Birth Certificate/s or Household Register translated into English (if necessary) and duly authenticated by the Philippine Embassy/Consulate nearest the applicant’s residence abroad.
A foreigner who holds a SRRV is entitled to reside permanently in the Philippines. In addition, he shall enjoy the following benefits:
1. Multiple entry privileges;
2. Exemption from the Exit Clearance and Re-Entry requirements of the Bureau of Immigration (BI);
3. Exemption from Travel Tax, provided the SRRV holder has not stayed in the Philippines for more than a year from date of last entry;
4. Tax-free importation of household goods/personal effects worth US$7,000.00;
5. Privilege to study in the Philippines;
6. Privilege to work in the Philippines upon issuance of the Alien Employment Permit.
This is how to get a Special Resident Retiree’s Visa (SRRV) in the Philippines.
For further inquiries, you may seek legal assistance by e-mailing us email@example.com.
Nicolas & De Vega Law Offices is a full service law firm in the Philippines. You may visit us at the 16th Flr., Suite 1607 AIC Burgundy Empire Tower, ADB Ave., Ortigas Center, 1605 Pasig City, Metro Manila, Philippines. You may also call us at +632 4706126, +632 4706130, +632 4016392.