The Philippines is a popular place for people from many countries to retire to, mainly because of the lower costs of living when compared to their home countries.
The Philippine Bureau of Immigration provides the (SRRV), Special Retiree’s Resident Visa for this purpose.
This Visas comes at a cost, but is available for those aged 35 upwards.
It does have the main advantage of SRRV holders being exempt from ACR, I-card, exit clearance and re-entry permit requirements.
For the younger retiree, aged between 35 and 49 years, they must make a US$50,000 time deposit. (SRRV SMILE)
For the older retiree, aged over 50, they need to make a US$20,000 time deposit. (SRRV CLASSIC)
Retirees with an overseas pension of at least US$800 per month, are able to apply for the SRRV with a reduced time deposit amount:
This is only available for the older retiree, aged over 50, and they only need a US$10,000 time deposit.
You do have to ensure that the the proof of your pension is in an acceptable form to the Bureau of Immigration.
The SRRV CLASSIC allows the retiree to convert the deposit into into a Ready For Occupancy condominium or long-term lease of House and Lot. However, the Investment, if converted this way, must be at least US$50,000.
The Fees for these options are:
- Application Fee: US$1,400 (PHP56,000)
- Annual Fee: US$360 per year. (PHP14,400)
This information is current at July 2013.
Updated information can be seen at the Philippine Bureau of Immigration website: http://immigration.gov.ph
Search for “Special Retiree’s Resident Visa”.