A Visa for Retirement in the Philippines
The Special Resident Retiree’s Visa (SRRV) is issued by the Bureau of Immigration (BI) of the Republic of the Philippines under the Retirement Program of the Philippine Retirement Authority (PRA) to foreigners and overseas Filipinos. It entitles the holder to multiple-entry privileges with the right to stay permanently/indefinitely in the Philippines.
As at 2015, over 27,000 foreign retirees from 107 countries have already chosen to live in the Philippines through the Special Resident Retiree’s Visa (SRRV) of the Philippine Retirement Authority.
Special Resident Retiree’s Visa (SRRV) Schedule of Fees
The SRRV allows all its foreign retiree-members to retire and live in the Philippines for as long as they want.
An SRRV holder may come in and out of the country as often as he desires, and enjoy privileges such as
exemption from securing the ACR I-Card (Alien Certificate of Registration Immigration Card) from the Bureau of Immigration;
exemption from paying local income tax on your pension and annuities;
exemption from paying the travel tax at the Philippine Airports;
exemption from getting a Study Permit or Student’s Visa for their dependent-children who intends to pursue education in the Philippines.
exemption from Customs Duties and Taxes with regard to the importation of household goods and personal effects up to US$7,000
PRA retiree-members may also use health cards issued abroad in Philippine hospitals/clinics accredited by selected health card companies.
A Principal Retiree must be at least 35 years old to enjoy the above benefits that only SRRV holders are privileged to avail of.
Through the Philippine Retirement Authority, foreign retirees who want to make the Philippines their international retirement destination can now choose from 4 SRRV options:
- SRRV SMILE – for active / healthy principal retirees 35 year old and above who would just like to maintain their Visa deposit of US$20,000 in any of the PRA designated banks;
- SRRV CLASSIC – for active / healthy principal retirees who would opt to use their Visa deposit of US$10,000 or US$20,000 (50 years old & above) or US$50,000 (35 to 49 years old) to purchase condominium units or use for long term lease of house and lot. 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.
- SRRV COURTESY – for former Filipinos (35 years old & above), and foreign nationals (50 years old & above) who have served in the Philippines as diplomats, ambassadors, officers/staff of international organizations. The visa deposit is US$1,500.
- SRRV HUMAN TOUCH – for ailing principal retirees, (35 years old and above), who are shown to have medical/clinical needs and services. Under this option, the retiree only needs to have a Visa deposit of US$10,000, a monthly pension of at least US$1,500 and a Health Insurance Policy.
To avail of the reduced visa deposit for those with a pension, they must show proof of monthly pension remitted to the Philippines of US$800 for a single applicant or US$1,000 for married couples)
The Fees for these options are:
Application Fee: US$1,400
Annual Fee: US$360 per year.
Banks listed as at April 2015 that are authorised to hold SRRV deposit funds:
Banco De Oro
Bank Of China
Bank Of Commerce
Development Bank Of The Philippines
Korea Exchange Bank – Manila Branch
Philippine Business Bank, Inc.
Philippine Savings Bank
Tong Yang Savings Bank Inc.,
Union Bank Of The Philippines
For more details about the SRRV, please click here.