The Philippines is fast becoming the favorite retirement haven of foreign nationals. More so now when retirement visa in the Philippines is made simple. That’s besides the fact that the country is the 25th retirement choice in the world, says the Global Retirement Index Ranks of International Living.
The tropical climate, friendly and hospitable locals and cheaper cost of living are among the main attractions here. What foreign nationals usually do is marry a local to make their stay here legal and get a retirement visa in the Philippines easier.
However, there’s a better way to do this and skip having to wed a local. This good news is called Special Retirees Resident Visa or simply SRRV.
The Special Retirees Resident Visa is a non-immigrant visa secured exclusively from the Philippine Retirement Authority (PRA). This visa enables foreigners, and especially natural-born Filipinos who acquired foreign citizenship but want to reside in the Philippines for an indefinite time. This retirement visa in the Philippines includes multiple-entry rights.
There are several ways to secure an SRRV:
- SRRV Smile and Classic Options. These options are designed for healthy and active retirees. Smile is specifically for retirees at least 35 years old and able to put and keep a US$20K deposit. Classic, on the other hand, is for pensioned retirees.
- For diplomats and former Filipinos, the SRRV Courtesy or Expanded Courtesy option can be availed of. This is designed for diplomats who are at least 50 years of age and former Filipinos who are at least 35.
- SRRV Human Touch is designed for ailing retirees at least 35 years of age.
Here are some benefits of having a retirement visa in the Philippines as an SRRV holder:
- You can opt to retire for good and live, find new work and/or study in the Philippines.
- Enjoy multiple entry benefits without having to talk to immigration or bother with the gruesome process of securing multiple entry visas.
- Get exempted from:
- Being taxed on your annuities and pension.
- Re-entry and exit authorization from the Bureau of Immigration or BI
- Having to file annual reports at the BI
- Custom duties and other such taxes for importing personal goods and belongings, not exceeding US$7,000 worth.
- Travel tax (as long as you stay in the country less than a year from your most recent entry date).
- Getting an I-Card.
- Being assisted by PRA with basic documents from government agencies, especially when securing a retirement visa in the Philippines, like:
- Driver’s license
- Alien Employment Permit
- TIN or Tax Identification Number
- Tax Extension/Exemption Certificate
- NBI or National Bureau of Investigation Clearance
To get your SRRV, provide the following:
- Your valid passport. Make sure it has an updated Philippine tourist visa not sponsored by a tour operator or travel agency.
- Filled up PRA application form. Get it here or fill out one online.
- Medical certificate or clearance.
- Police valid clearance from country of origin.
- NBI clearance for those staying in the Philippines for over 30 days before your application for a retirement visa in the Philippines through SRRV.
- 12 copies of your 2 X 2 (inches) pictures
- If you have dependents with you, proof of relationship.
- Other documents required for securing the SRRV option you chose.
Fees and Deposits
Pay the following fees:
1) Make a deposit for the VISA with the VSSR option you chose.
2) With Pension (50 years old and over)
– Deposit US$10K on top of a US$800 monthly pension for each applicant. For each couple, US$1,000.
3) Without Pension
– For those 35 to 49 years old: US$50K time deposit
– Those 50 years and over: US$20K time deposit
– Ex-Filipino citizens (35 years old or below and with dependents): US$1.500
– Ambassadors of other countries who served and retired here. Present or former staff of international organizations. ADB staff: US$1,500 (at least 50 years old).
4) Fee rates
– Principal applicant: US$1,400
– Each dependent: US$300
– Annual fee (PAF): US$360 (for 3 family members)
* Add PAF US$100 for every additional dependent if there are 4 or more retirees in the family.
* PAF is not counted for SRRV Expanded Courtesy/Courtesy holders unless they have 2 dependents. A fee of US$10 is paid for each dependent in excess of the two for the issuance of a PRA ID card.
Other SRRV Details to Consider
- Validity: SRRV validity enables you to live in the Philippines without having to secure extensions of your stay from Immigration. In short, you stay as long as you like as long as you have this retirement visa in the Philippines.
- Travel Tax: No need to pay travel taxes as long as your stay in the country is not longer than one year from the date of your last entry here.
- Property ownership: Does SRRV entitle you to property ownership? No, except when legally married to a citizen of the country and the retiree decides to own properties named to his or her citizen spouse. Natural-born former Filipinos with SRRV are granted property ownership rights as long as the property located in the city does not exceed 5,000 square meters and/or 3 hectares of agricultural property.
- Dollar conversion: Dollar deposits are convertible to Philippine peso after 30 days on the issuance of your retirement visa in the Philippines or SRRV.
- SRRV Approval: Your filed SRRV application is pre-evaluated by the PRA but approved by the BI.
- Processing time: It’s 7 to 10 working days after all requirements are submitted.
- Legal and adopted children: Your legal and legally adopted children under 21 years of age and single can stay with you indefinitely in the country.