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Retirement in the Philippines:

General Information

WHAT IS THE SPECIAL RESIDENT RETIREE’S VISA (SRRV)?

The Special Resident Retiree’s Visa (SRRV) hereinafter referred to as the “Retiree’s Visa”, is a special non-immigrant visa separate and distinct from the existing visa categories defined by the Philippine Immigration Act of 1940, as amended, and allied laws. (Sec. 1, Rule II of LOI 1470)

LOI 1470, as a supplemental statute to E.O. 1037 was passed on July 4, 1985 aimed at:

1) Developing and promoting the Philippines as a preferred retirement haven for former Filipinos and foreign nationals;

2) Attracting foreign exchange; and

3) Directing the issuance of the Special Resident Retiree Visa (SRRV).

The issuance of the SRRV to qualified PRA applicants, entitles the holder to reside in the Philippines for an indefinite period with multiple-entry privileges as long as the required minimum deposit investment subsists. (Sec. 2, Rule II of LOI 1470)

Moreover, the SRRV offers benefits which includes the exemption from the Exit Clearance, Re-Entry and Annual Registration requirements of the Bureau of Immigration, Travel Tax (provided the retiree has not stayed in the Philippines for more than a year from date of last entry) Special Study Permit, importation of household goods/personal effects worth US$7,000 for family use and other value added services.

The SRRV, characterized by its being indefinite with multiple-entry privileges, partakes the nature of a permanent and/or “lifetime” visa. Thus, guaranteeing the principal retiree and family members the privilege to settle permanently in the Philippines and enjoy the best quality of life in the most attractive package. This is the Authority’s international commitment and is the true meaning of “Smiling at Life” in the Philippines.

WHO MAY APPLY?

All foreign nationals provided they are issued an entry visa by the Philippine Embassy/Consulate and former Filipino citizens who are now holders of foreign passports both of whom are at least 35 years old.

Register in the SSRV Program now!

HOW CAN ONE JOIN THE PRA PROGRAM?

1. If you are based in the Philippines, you may secure an application form and file the same with the following:
Philippine Retirement Authority
29/F Citibank Tower
8741 Paseo de Roxas
Makati City 1227
Tel. No.: (632) 848-1412 to 16
Fax No.: (632) 848-1411
Direct Line: (632) 848-7104
Website: http//www.pra.gov.ph
E-mail: inquiry @pra.gov.ph

2. If you are based abroad: Through the Philippine Embassy/Consulate

WHAT ARE THE FEES FOR JOINING THE PRA PROGRAM/APPLYING FOR SRRV?

a. Processing Fee

A one-time payment of US$1,400.00 for the principal and US$300.00 for each dependent (spouse/children).
Note: These fees are inclusive of the Bureau of Immigration fees and the fee for the issuance of the PRA I.D. Card.

b. Annual Renewal/replacement of PRA ID Card

US$10.00 per member/card/year

HOW LONG IS THE VISA VALID?

The SRRV is valid for so long as one remains a member of good standing of the Program and provided his time deposit and/or investment exists in the Philippines.

CAN A RESIDENT RETIREE BRING HIS/HER FAMILY MEMBERS WITH HIM/HER INTO THE COUNTRY TO JOIN THE PROGRAM?

Yes. A resident retiree can bring with him/her, without additional deposit, his spouse and a 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 or equivalent foreign currency per child. The deposit is subject to the same terms and conditions with that of the principal deposit. This does not apply to former Filipinos citizens.

WILL DEPENDENTS CONTINUE TO BE SRRV HOLDERS OR RETAIN THEIR SRRV EVEN AFTER REACHING 21 YEARS OLD?

Yes. For so long as the principal retiree remains a member of the Program, his dependents retain their SRRV even if they reach 21 years of age and above.

WHAT HAPPENS IF THE PRINCIPAL RETIREE DIES?

The surviving spouse, provided he/she is a SRRV holder, has the option to assume the status of a principal retiree using the original account as his/her qualifying deposit. Should he/she not choose to become the principal retiree, then the law on Succession prevails.

As far as the beneficiary is concerned, the withdrawal of the time deposit should be made in accordance with the Philippine banking rules and regulations. The beneficiary will have to pay estate tax as the retiree is treated as a resident alien and therefore covered by the National internal Revenue Code.

REQUIREMENTS

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- US$1,500.00

Note: The PRA Accredited banks agree to accept any acceptable foreign currency for deposit in the accounts, provided that it shall be credited to the account as the United States Dollars or Philippine Pesos equivalent

WHAT ARE THE DOCUMENTS REQUIRED FROM A RETIREE BEFORE HE CAN JOIN THE PROGRAM?

A prospective retiree-participant shall submit to PRA the following:

1. PRA application form;
2. Original passport with valid entry status;
3. 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 aslo be secured at the PRA One-Stop Shop
4. Bank Certificate of Dollar Time Deposit inwardly remitted to any PRA accredited banks;
5. Police Clearance issued abroad translated into English and duly authenticated by the Philippine/Consulate or National Bureau of Investigation (NBI) Clearance issued in the Philippines. This also applies to spouse and dependents 18 years of age and above (Age requirement of 18 is for purpose of NBI Clearance only);
6. Photographs, 6 pieces 1”x1” and 6 pieces 2”x2”;
7. 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
8. 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.

WHAT ARE THE BENEFITS UNDER THE PROGRAM?

1. Multiple/Indefinite entry privileges with the option to reside permanently in the Philippines.
2. Exemption from exit Clearance & Re-Entry Permits.
3. Exemption from Customs Duties and Taxes for the Importation of Personal Effects up to US$7,000.00.
4. Exemption from Travel Tax, if stay in the Philippines is less than a year from the last entry date.
5. Exemption from the Bureau of Immigration’s Annual registration requirement.
6. Assistance in Obtaining an Alien Employment Permit.
7. Tax-free remittance of Annuities and Pensions.
8. Guaranteed repatriation of the deposit/investment.

WHAT ARE THE OBLIGATIONS OF A SRRV HOLDER?

1. To give a written notice of any change of information supplied in the Application Form (e.g. status, name or address) within (60) days from such change;
2. To give a written sixty (60) day notice of termination of his participation

DOES PRA ACCEPT CURRENCIES OTHER THAN US DOLLARS AS REQUIRED FOREIGN CURRENCY DEPOSIT?

No. Nonetheless, the PRA Accredited Banks agree to accept any acceptable foreign currency for deposit in the accounts, provided that it shall be credited to the account as United States Dollars or Philippine Peso equivalent.

after the issuance of SRRV the retiree may convert the Dollar time deposit to Philippine Peso or Euro money.

CAN THE REQUIRED DEPOSIT BE DIVIDED INTO ANY OF PRA’s ACCREDITED BANKS?

Yes, for a minimum deposit of US$10,000.00

UNDER WHOSE NAME IS THE REQUIRED FOREIGN CURRENCY DEPOSIT BE CREDITED?

The required foreign currency deposit maybe opened in the name of the principal retiree or under an “and/or” account with the spouse provided the latter is also a member of the PRA Program. This applies also to an applicant/retiree who is legally married to a Filipino Citizen even if not a PRA member.

WHEN CAN THE REQUIRED FOREIGN CURRENCY DEPOSIT BE CONVERTED INTO INVESTMENT?

After one (1) month from the time it was opened in any of the PRA accredited banks as a retiree account.

INVESTMENTS

WHAT AREAS OF INVESTMENTS ARE AVAILABLE TO A RESIDENT RETIREE?

The areas of investment are the following:
1. Purchase of a condominium unit;
2. Lease of a parcel of land or house and lot;
3. Construction of a residential unit on a leased parcel of land;
4. Propriety 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.

CAN RESIDENT RETIREE APPLY FOR PHILIPPINE CITIZENSHIP?

Yes, in accordance with the Naturalization Law of the Philippines. One of the basic requirements for naturalization is the continuous residency in the Philippines for a period of ten (10) years.
The period may be reduced to five (5) years if the applicant has any of the following qualifications:

1. Has honorably held office under the Government of the Philippines or under that of any of the provinces, cities, municipalities, or political subdivision thereof;
2. Has established a new industry or introduced a useful invention in the Philippines;
3. Being married to a Filipino citizen;
4. Has been engaged as a teacher in the Philippines for a period of at least two (2) years;
5. Has been born in the Philippines.

Note: For former Filipino citizens, the Citizenship Retention and Reacquisition Act of 2003 applies.

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