Special Investor's Resident Visa

1.      What is Special Investor’s Resident Visa?

Special Investor’s Resident Visa (SIRV) is a visa issued by the Bureau of Immigration (BI) ­that entitles the holder to reside in the Philippines for an indefinite period, as long as the required qualifications and investments are maintained.

 

2.      Who may apply for a SIRV?

Any alien, except for restricted nationals, who meets the following requirements:

  1. He is at least twenty-one (21) years of age;
  2. He has not been convicted of a crime involving moral turpitude;
  3. He has not been afflicted with any loathsome, dangerous or contagious disease;
  4. He has not been institutionalized for any mental disorder or disability;
  5. He is willing and able to invest at least USD75,000.00 in the Philippines.

 

3.      What if the alien is below 21 years of age?

The spouse and unmarried children (below 21 years old) of an SIRV holder may also be issued the same visa. They are issued an SIRV dependent visa.

 

4.      Who are not eligible for SIRV?

Nationals of countries determined by the Department of Foreign Affairs not entitled to SIRV, would not be allowed to apply for an SIRV.

 

5.      What are the privileges of having a SIRV?

The holder of an SIRV is allowed to reside in the Philippines as long as his investment subsists and is entitled to import used household goods and personal effects tax and duty-free as an alien coming to settle in the Philippines for the first time.

 

6.      What are the documentary requirements that are needed to be submitted along with the application for SIRV?

The following are the requirements in the application for an SIRV:

  1. Duly accomplished and notarized application form, with recent photographs;
     
  2. Clearance from the National Intelligence Coordinating Agency (NICA), together with either a clearance from the central government agency of the applicant’s country or place of residence, competent to give information about any criminal record that the applicant may have, duly authenticated by the Philippine Embassy, or the Interpol Division of the National Bureau of Investigation (NBI) indicating that the applicant has not been convicted by a final judgment of a crime involving moral turpitude.

    The NICA shall issue an initial clearance within three (3) working days from receipt of the BOI endorsement, and a more thorough verification to cover the Armed Forces of the Philippines and the Philippine National Police should be made within three (3) months after the grant of the probationary visa. Any derogatory record may be the basis for revocation of the SIRV holder’s visa.

    The expiration date of said clearances should not be earlier than six (6) months from date of filing of application; 
     

  3. Medical certificate issued by the Department of Health (DOH), any government hospital or health facility, or any licensed and accredited hospital, medical center, or laboratory or the equivalent in the applicant’s home country, certifying that the applicant is physically and mentally fit. The expiration of the certification should not be earlier than six (6) months from date of filing of application; 
     
  4. Certification under oath from the duly-authorized officers of any accredited depository bank in the Philippines as to the amount of foreign exchange inwardly remitted by applicant, and its conversion to pesos through the said bank, in the prescribed form. Should the inward remittance be sent through non-accredited correspondent banks, the total amount of remitted money should be immediately transferred to the accredited banks. In all cases, inward remittances shall not be made earlier than one (1) year prior to the filing of the application.
     
  5. Certified true copy of the certificate of peso time deposit with a maturity period of at least thirty (30) days. The original copy of the certificate of time deposit shall remain with the depository bank for safe-keeping;
     
  6. Birth certificate/family registry/household registry duly authenticated by the Philippine Consulate/Embassy located in the applicant’s home country or the applicant’s embassy in the Philippines;
     
  7. If spouse and dependent children are included in the application, marriage contract duly authenticated by the Philippine Consulate/Embassy located in the applicant’s home country or the applicant’s embassy in the Philippines;
     
  8. Original passport of the applicant;
     
  9. Payment.


7.      What is the Board of Investments?

The Philippine Board of Investments (BOI) is an attached agency of the Department of Trade and Industry (DTI). It is the lead government agency responsible for the promotion of investments in the Philippines.

 

8.      How can the foreigner secure the SIRV?

In order to secure the SIRV, the foreigner must deposit the amount of at least USD75,000.00, into a Peso Time Deposit for a minimum maturity period of 30 days and a maximum maturity period of 180 days, with either Land Bank of the Philippines (LBP) or Development Bank of the Philippines (DBP).

 

The investor shall have one hundred eighty (180) days from date issuance of probationary visa to convert the deposit into an investment in an eligible domestic enterprise and report such investment to the BOI.

 

9.      What are the forms of investments that are acceptable as eligible forms of investments for the procurement of SIRV?

For purposes of securing an SIRV, only investments or shares of stocks in existing, new or proposed corporations shall be allowed as eligible forms of investment.

 

  1. In existing corporations:
    1. Publicly-listed companies;
    2. Companies engaged in areas listed in the Investment Priorities Plan (IPP) of the Board of Investments;
    3. Companies engaged in the manufacturing and services sectors.
       
  2. In proposed corporations:
    1. Companies to be engaged in the manufacturing and service sectors;
    2. Companies to be engaged in IPP projects.

 Ownership of shares of stock in corporations engaged in wholesale trading shall not be allowed.

 

10.  What are the kinds of SIRV issued by the Bureau of Immigration?

There are two kinds of SIRV issued. They are:

  1. A Probationary SIRV – which is valid for six (6) months;
  2. An Indefinite SIRV – this visa is valid as long as the visa holder maintains the required investment in the Philippines.

 

11.  What are the requirements for Application of the Probationary SIRV?

The following are the requirements for application of the Probationary SIRV are:

  1. BOI (Board of Investments) Form SIRV – 001A for Principal Applicant
  2. Signed and notarized Deed of Undertaking
  3. Accomplished Personal History Statement Form
  4. Police Clearance issued abroad translated into English and duly authenticated by Philippine Embassy/Consulate or
  5. Clearance from the Interpol Division of the National Bureau of Investigation (NBI) issued in the Philippines valid for 6 months
  6. Medical certificate (Authenticated by the Bureau of Quarantine of the Philippine Department of Health) valid for 6 months
  7. Birth Certificate / Family Registry / Household Registry duly authenticated by Philippine Embassy/Consulate
  8. Marriage contract (if applicable), duly authenticated by Philippine Embassy/Consulate
  9. Proof of Inward Remittance from Development Bank of the Philippines (DBP) – Head Office or Land Bank of the Philippines
  10. Processing fee
  11. Bureau of Immigration fee

 

12.  Where can on file the application for SIRV?

The application for the SIRV may be filed with:

  1. The Philippine Embassy or Consulate in the applicant’s home country or place of residence;
  2. The embassy or consulate nearest thereto in the absence of the foregoing; or
  3. The Board of Investments if the investor is already in the Philippines.

 

All applications must be accompanied by all required supporting documents, otherwise they will not be accepted for processing.

 

13.  Where can an SIRV applicant remit his investments?

An applicant may remit his investments through any accredited depository bank of the Philippines (Land Bank of the Philippines, Development Bank of the Philippines). Should the inward remittance be sent through non-accredited correspondent banks, the total amount of remitted money should be immediately transferred to the accredited banks.

 

14.  How is the SIRV granted? 

  1. The applicant, who filed an application with the Philippine Embassy/Consulate, and who has not made an actual investment at the time his application is re-endorsed by the BOI to the concerned Philippine Embassy/Consulate, shall be issued a probationary multiple SIRV valid for a period of six (6) months.
     
  2. The applicant, who filed an application with the BOI, and who has not made an actual investment at the time his application is endorsed by the BOI to the Bureau of Immigration shall be granted a probationary multiple entry SIRV valid for six (6) months.
     
  3. Only upon submission by the applicant of all required documents to prove actual investments shall the BOI endorse to the BI his application for issuance of an indefinite multiple entry SIRV.

    For investments made in existing corporations, the indefinite multiple entry visa shall be granted only after validation of the same by the BI.
     

  4. From receipt of the BOI endorsement, the BI shall issue the probationary visa within a period of five (5) working days. For conversion to indefinite visa, the BI shall issue the visa within a period of fourteen (14) working days from receipt of the BOI endorsement if investment is made in existing corporations; and five (5) working days if in new corporations.

 

 

15.  What happens when the SIRV application of the investor is granted?

The Bureau of Immigration shall release passports with the SIRV only to an authorized officer or representative of the BOI. The applicant shall personally claim his passport from the BOI. He shall then be required to undergo a briefing as an SIRV holder.

 

The BOI shall issue SIRV identification cards only to applicants with actual investments valid for one (1) year, renewable yearly.

 

However, the SIRV ID shall be valid for three (3) years, renewable every three (3) years for SIRV holders whose investments are in the following:

  1. Companies registered with the Board of Investments (BOI), Philippine Economic Zone Authority (PEZA), Subic Bay Metropolitan Authority (SMBA), Clark Development Authority (CDC) and other economic zones;
  2. Condominiums (SIRV holders under the old rules) and shares in publicly-listed corporations with annotation of a lien on Condominium Certificate of Titles/Stock Certificates;
  3. Businesses with established manufacturing/service operations.

 

16.  How can a person show Proof of Investment?

At least thirty (30) days prior to the expiration of the one hundred eighty (180) day period to make the investment, the probationary SIRV holder shall show proof of investment as follows:

     a.  For investment in new corporation:

      i)  Duplicate copies of articles of incorporation and by-laws;
     ii)  Treasurer’s affidavit;
    iii)  Certified true copy of official receipt issued by the treasurer-in-trust;
    iv)  Certified true copy of Securities and Exchange Commission (SEC) registration;
     v)  Certified true copy of stock certificate issued in favor of the applicant.

     b.  For investment in existing corporation not publicly listed:

     i)  Certified true copy of business/mayor’s permit;
     ii)  Certified true copies of articles of incorporation, by-laws and DEC registration;
    iii)  BOI registration, if any;
    iv)  Latest audited financial statement, list of officers and directors;
     v)  Secretary’s certificate;
    vi)  Waiver of pre-emptive rights of existing stockholders;
   vii)  Certified true copy of the resolution from SEC authorizing the issuance of shares from the unsubscribed portion and exempting said shares from registration;
  viii)  Certified true copy of stock certificate issued in favor of applicant;
   ix)  Certified true copy of SEC certificate of change of stockholders;
    x)  Lease contract or proof of ownership of office or factory/plant sites.

     c.  Additional documents for shares purchased from existing stockholders:

     i)  Corporate Secretary’s Certificate;
    ii)  Certified true copy of stock certificate issued to selling stockholder;
   iii)   Deed of assignment between buyer and the seller of the stock.

     d.  For investment in shares publicly listed corporations:

     i)  Certified true copy of stock certificate to be submitted within 3 month from date of investments;
    ii)  Certified true copy of official receipts and buy invoice;
   iii)  Sworn stock certification of stock broker.

The Board from time to time may require submission of other proofs of investment as it may deem necessary.

 

17.  How long does an SIRV holder have, to make an investment in the country?

The SIRV holder shall have one hundred eighty (180) days from the date of issuance of probationary visa to make the investment in an eligible domestic enterprise and report such investment to the Board of Investments.

 

18.  Can stock certificates which are the investments of the SIRV holder be sold anytime by him?

No. Stock Certificates issued to an SIRV holder should bear the annotation that the owner is an SIRV holder and that the same shall not be sold, transferred or conveyed without prior BOI approval. Stock Certificates bearing such annotation may be issued an SIRV ID valid for three (3) years, renewable every 3 years after.

 

19.  Will there be any inspections made of the investments that a supposed investor made?

Yes. The BI together with the BOI, shall conduct a one-time inspection of the companies of SIRV applicants or SIRV holders prior to the grant of indefinite SIRV.

The inspection shall be done in accordance with the following:

  1. For investments in existing corporations – inspection by BI together with BOI, within six (6) working days from submission of proof of investment. The BI shall process the conversion of the probationary to indefinite SIRV within fourteen (14) working days;
  2. For investments in new corporations – one year from date of issuance of indefinite visa or before the expiration of the holder’s identification card.
  3. In case of investments in publicly-listed firms – verification thereof may be secured from the firm’s Corporate Secretary.
  4. In case of investment in IPP-listed project and investment is approved by the BOI, no inspection shall be necessary.

 

20.  Is the SIRV applicant/holder required to register his investments?

Yes. The SIRV applicant/holder is required to register his investments with the Bangko Sentral ng Pilipinas (BSP) only if the foreign exchange needed to service the repatriation of capital and the outward remittance of dividends, profits and earnings which accrue thereon shall be sourced from the local banking system.

 

21.  Is an SIRV holder required to make a report to the Board?

Yes, it is stated in the rules that at least one month before the expiry of his SIRV identification card, an SIRV holder shall file a sworn report with the Board, supported by the following documents:

  1. Certified true copy of the latest current audited financial statement of the business filed with the BIR;
  2. Certification from the Securities and Exchange Commission that the business is existing;
  3. Certification under oath from the Corporate Secretary that the SIRV holder is a stockholder of record and is in good standing and the amount of investments has not been reduced below the amount provided in the Code;
  4. Business/mayor’s permit;
  5. Proof of registration with the BIR;
  6. Copy of corporate income tax return filed with the BIR with official receipt of income tax payment, if applicable;
  7. Copy of the individual tax return of the SIRV holder filed with the BIR with official receipt of income tax payment, if applicable.

 

22.  What happens if the SIRV holder fails to file a report or any of the required documents?

Failure to timely file the needed documents or report shall subject the SIRV holder to a fine/penalty and/or constitute a ground for the cancellation of his visa and/or his inclusion in the BI’s blacklist. Furthermore, his identification card shall not be renewed.

 

23.  What if the investor fails to make an investment within the prescribed period?

Failure to make investments within the prescribed period shall constitute a ground for automatic cancellation of the SIRV and/or inclusion in the blacklist of the Bureau of Immigration.

 

24.  What are the grounds for disapproval of an application of SIRV?

The following are the grounds for the disapproval of an application for SIRV:

  1. Failure to meet any of the minimum qualification requirements provided by law and these rules.
  2. Fraudulent misrepresentation on the part of the applicant or his authorized agent relative to the data submitted in support of his/her application.
  3. Submission of falsified or spurious documents in support of his/her application.

 

25.  What are the grounds for cancellation/revocation of SIRV?

The following are the grounds for the cancellation/revocation of SIRV:

  1. Failure to maintain the qualifications as a holder of the SIRV
  2. Violation of any of the provisions of Book V of the Code (SIRV)
  3. Violation of existing laws.

 

26.  When would the visa of the dependent of a SIRV holder be cancelled?

The visa of a dependent of the SIRV holder shall be co-terminus with that of the principal and/or be automatically cancelled upon his reaching 21 years of age and/or marriage.

 

27.  What are the fees that may be paid by the SIRV holder?

The following are the fees to be paid by the SIRV holder: 

 

SCHEDULE OF FEES

 

1) Application fee

SIRV Principal and dependents/Inclusion of dependents

 

USD300.00 each (equivalent to Phil. Pesos

2) Reinstatement of SIRV

PhP5,000.00 each

3) Conversion of Time Deposit to Investment

PhP1,000.00

4) Conversion of Probationary to Indefinite SIRV

PhP2,000.00 each

5) Issuance of SIRV Identification Card

PhP2,000.00 each

6) Certifications/other requests which need documentary outputs

PhP750.00

7) Inspection fee pursuant to Rule XXII, Section 6, of the Rules and Regulations implementing Book V of the Executive Order No. 226, as amended

Actual cost

 

 

28.  What are the fines that an SIRV holder may have to pay?

The following are the fines that an SIRV holder may have to pay: 

 

FEES

 

Failure to invest within the prescribed period

Basic fine of PhP1,000.00 plus a daily fine of PhP100.00 until compliance.

Failure to submit annual reports on time

Basic fine of PhP1,000.00 plus a daily fine of PhP100.00 until compliance.