Special Resident Retiree's Visa

1.      What is a Special Resident Retiree’s Visa (SRRV)?

Special Resident Retiree’s Visa is a visa that is issued by the Bureau of Immigration (BI) 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.

 

2.      What is the Philippine Retirement Authority (PRA)?

PRA is a government owned and controlled corporation, and it is an attached agency of the Department of Tourism. The PRA is mandated to attract foreign nationals and former Filipino citizens to invest, reside and retire in the Philippines with the end-view of accelerating the socio-economic development of the country, contributing to the foreign currency reserve of the economy and providing them the best quality of life in the most attractive package.

 

3.      What are the kinds of SRRV being offered?

There are four kinds of SRRV being offered by the PRA. They are:

 

  1. SRRV SMILE: for active/healthy principal retirees 35 years old and above who would like to maintain their Visa deposit of USD20,000.00 in any of the PRA designated banks;
     
  2. SRRV CLASSIC: for active/healthy principal retirees who would opt to use their VISA deposit of USD10,000.00 or USD20,000.00 (50 years old and above) or USD50,000.00 (35 to 49 years old) to purchase condominium units or use for long term lease of house and lot;
     
  3. SRRV COURTESY: for former Filipinos (35 years old and above), and foreign nationals (50 years old & above) who have served in the Philippines as diplomats, ambassadors, officers/staff of international organizations.
     
  4. 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 USD10,000.00, a monthly pension of at least USD1,500.00 and a Health Insurance Policy.

 

4.      Who may apply for SRRV?

All foreign nationals (except those classified as restricted), and former Filipinos, who are at least 35 years old with no derogatory record, can join the program. A retiree who applies for an SRRV has the option to enroll to the program based from his retirement status.

 

5.      What if the retiree plans to bring his family to the Philippines?

An SRRV applicant’s spouse and their unmarried children who are below 21 years of age may also be issued SRRV.

 

6.      Can the retiree’s spouse or children be also given an indefinite SRRV status?

Yes. An SRRV holder’s spouse and his legitimate or legally adopted unmarried children under twenty-one (21) may be given an indefinite status if they are accompanying or would be accompanying the SRRV holder in the Philippines.


7.      Are there any required deposits for the SRRV holder’s unmarried children if they are or would be accompanying the SRRV holder?

It would depend upon the circumstances.

  1. A resident retiree can bring with him, without additional deposit, his spouse and child, who is unmarried and below 21 years old.
  2. If the spouse is not joining, two (2) children (provided they are unmarried and under 21 years of age).
  3. Additional children with the same qualifications may be also to join the SRRV holder. There is an additional deposit of USD15,000.00 or any equivalent foreign currency for each additional legitimate or legally adopted unmarried child under twenty-one (21) years of age. This does not apply to former Filipino citizens.

 

8.      What are the privileges of an SRRV?

There are various privileges accorded to an SRRV holder. Some of them are as follows: 

  1. Option of Permanent Residency, Multiple-entry and indefinite stay in the Philippines;
  2. Exemption from Exit Clearance and Re-entry Permits;
  3. Exemption from securing the ACR I-Card (Alien Certificate of Registration Immigration Card) from the Bureau of Immigration;
  4. Exemption from Travel Tax, if their stay in the Philippines is less than a year from last entry date;
  5. Option of including dependents in the program;
  6. Their dependent-children who intends to pursue education in the Philippines are exempted from getting a Study Permit or Student’s Visa;
  7. Assistance in securing an Alien Employment Permit;
  8. Tax-free remittance of annuities and pensions;
  9. Guaranteed repatriation of the deposit/investment;
  10. SRRV holders may also use health cards issued abroad in the Philippine hospitals/clinics accredited by selected health card companies.
  11. SRRV holders may also avail of the one-time tax-free importation of household good/personal effects.

 

9.      Does an SRRV holder have any obligations?

Yes. The SRRV holder has the following obligations: 

  1. To give written notice of any change in information supplied in the Application Form (e.g. status, name or address) within thirty (30) days from such change;
  2. To give a written thirty (30) day notice of termination of his participation in the Program;
  3. To pay by way of Visitorial/Monitoring Fee, the amount equivalent to one (1%) percent of the total amount in Philippine Peso equivalent of the foreign currency deposit converted into investment or 1.5% (applicable only to retiree members using the pre-existing investment scheme – for the first year only) to be paid annually on the date of withdrawal/conversion of deposit into investment;
  4. To secure an Alien Employment Permit (AEP) from the Department of Labor & Employment (DOLE);
  5. To comply with the rules and regulations of the PRA.

 

10.  What is the Visitorial/Monitoring Fee?

It is a fee rendered by the PRA to the resident retiree from the time he withdraws his requisite deposit into investment. The annual Visitorial/Monitoring fee is equivalent to one (1%) of the total amount invested. This is payable by the retiree-investor upon receipt by the PRA of the certified true copy or Photocopy of the original of the contracts, documents, or instruments evidencing the investment.

 

11.  What are the age and deposit requirements needed from SRRV applicants?

The following are the various age and deposit requirements needed from the SRRV applicants: 

  1. All foreign nationals below 50 and at least 35 years of age are required to deposit the amount of USD75,000.00 with any PRA short-listed bank;
  2. Those aged 50 and above are required to deposit the amount of USD50,000.00;
  3. Former Filipinos who are now holders of foreign passports are required to deposit USD1,500.00;
  4. The deposit amount of USD50,000.00 shall be required from an applicant who is at least 35 years old and belongs to any of the following:
    1. Retired military personnel of governments recognized by the Philippines;
    2. Former members of foreign diplomatic corps who have served for at least three (3) years in their respective posts;
    3. Retired officer and employees of international organizations such as the United Nations and its affiliate agencies, the World Health Organization, World Bank, International Labor Organization and other similar organizations.

 

12.  Are the dollar deposits convertible to other currencies?

The dollar deposit may be converted into peso after 30 days upon issuance of the SRRV to the applicant.

 

13.  Can an SRRV holder convert his time deposit into active investments?

Yes, an SRRV holder has the option of converting their time deposit into active investments after a holding period of thirty (30) days from the date of SRRV issuance.

 

14.  What are the investment areas for SRRV holders?

An SRRV holder may choose to invest their required deposit through the following means:

  1. Purchase, acquisition and ownership of a condominium unit.
  2. Long-term lease of a house and lot, condominium or townhouse for a period not shorter than twenty (20) years.
  3. Purchase, acquisition and ownership of golf or country club shares.

 

15.  What if the SRRV holder, who had converted his dollar deposit into an active investment, wishes to substitute another form of investment, is this allowed?

Yes, an SRRV holder who has converted his dollar deposit into an active investment may opt to substitute the same with another form of invested that is allowed under the PRA program. In case of substitution, the value of the substituted one must be at least equal or higher than the amount of the SRRV holder’s requisite deposit after conversion.

 

16.  What are the guidelines for Substituting Investments?

The following are the guidelines for substituting investments:

      a. The SRRV holder must submit a letter of intent to the PRA, which must indicate as to what investment outlet he will avail of and must also submit the following:

      i.  For Property/Condominium Unit:

          i) Copy of the Transfer Certificate of Title (TCT) or Condominium Certificate of Title (CCT) for leased/purchased property and condominium unit, respectively.
         ii)      Copy of the Deed of Absolute Sale or Contract of Lease.

      ii. For Golf/Proprietary Membership Shares:

          i)  Certified true copy of the Stock Certificate

         ii)  Certification duly notarized by the Corporate Secretary of the Golf Club that the PRA Restriction annotated in the stock and transfer book of the gold club.

      b.  PRA evaluates the said documents and informs the SRRV holder of their status.

      c.  PRA will give the SRRV holder a letter addressed to the Register of Deed or to the Corporation for the annotation of the PRA Restriction on the TCT/CCT and/or Stock Certificate.

      d.  The SRRV holder will submit to the PRA the annotated document.

 

17.  Can an SRRV holder own real property in the Philippines?

No, the Constitution of the Republic of the Philippines prohibits foreigners to acquire land. However, if the SRRV holder is legally married to a Filipino citizen, they may construct a residential unit on a parcel of land owned and/or registered in the name of the Filipino spouse.

 

18.  What if the SRRV holder is not married to a Filipino citizen, is there any way he can acquire land?

Yes. Under the existing investment policy of the Philippines and subject to foreign equity restrictions, foreigners are allowed to invest in corporations registered with the Securities and Exchange Commission (SEC). The corporation may then purchase/acquire land. He can also acquire land through hereditary succession.

 

19.  What if the SRRV holder is a natural-born former Filipino, can they own real property in the Philippines?

Natural-born former Filipinos whose SRRV has been issued may own/acquire a maximum area of 5,000 square meters of urban land and three (3) hectares of agricultural land.

 

20.  Can the SRRV holder divide/spread his dollar deposit requirement to any of PRA’s accredited banks?

Yes, the SRRV holder may divide or spread his dollar deposit requirement for a minimum deposit of USD10,000.00.

  

21.  What are the documentary requirements of an SRRV Principal applicant?

An SRRV applicant is required to submit the following:

  1. Completed PRA application form;
  2. Original passport with Valid Entry Status;
  3. Medical Examination Clearance;
  4. Certification by PRA short-listed bank of the requisite deposit amount;
  5. National Bureau of Investigation (NBI) Clearance from the Philippines or police clearance from the applicant’s country of origin;
  6. 6 pieces of 1”x1” and 6 pieces of 2”x2” pictures;
  7. Bank Certification of Dollar Time Deposit – Inward Remittance to PRA Accredited Banks

 

Required Dollar Time Deposit:

  1. 35 -49 years old                   = USD75,000.00
     
  2. 50 years old and above         = USD50,000.00
     
  3. Former Filipino citizens          = USD1,500.00
                                             (at least 35 years old; regardless of the number of dependents)
     
  4. Retired ADB employees*
    i.  50 years and above           = USD25,000.00
    ii. Below 50 years old             = USD50,000.00
     
  5. Retired Ambassadors of foreign countries who served in the Philippines = USD1,500.00
     
  6. Retired military personnel (and members of the diplomatic corps
    below Ambassador level) = USD50,000.00
     
  7. Additional Dependent (in excess of two) = additional USD15,000.00 (except former Filipinos)

    *Note: For ADB retirees, the balance of USD25,000.00 may be filled in with a pre-existing investment in real property in the Philippines.
     

  8. Fees (One-time only):
    a.  USD1,500.00 for processing and service fee
    b.  USD10.00 for the Annual PRA ID Card fee (waived for the first year)

 

22.  What are the requirements of the spouse and/or child of the SRRV holder/applicant?

The following are the requirements needed to be submitted by the spouse of the SRRV holder/applicant:

  1. Duly accomplished PRA Application Form;
  2. Original Passport with Valid Entry Status;
  3. Medical Examination Clearance;
  4. National Bureau of Investigation (NBI) Clearance from the Philippines or police clearance from the applicant’s country of origin;
  5. 6 copies of 1”x1” and 6 copies of 2”x2” pictures;
  6. Birth Certificate**
  7. Fees (One-time only)
    i.   USD300.00 for processing and service fee
    ii.  USD10.00 for Annual PRA ID Card fee (waived for the first year)

 **Note: In Lieu of the Marriage or Birth Certificates:

  1. Family Register/Domicile (For Koreans & Japanese)
  2. Household Register (For Taiwanese)
  3. Certificate of Relationship (For P.R.O.C. Chinese)
  4. Koseki Tohon (For Japanese)

 

23.  How long is the processing time of the application for an SRRV?

The processing time may take from seven to ten working days upon receipt of complete requirements.

 

24.  What is the validity of SRRV?

The holder of the SRRV may reside in the Philippines without securing extensions of his stay from the Bureau of Immigration.

 

25.  Can an SRRV holder apply for Philippine citizenship?

Yes, an SRRV holder can apply for a Philippine citizenship, 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:

  1. Has honorable 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. Has been 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.

 

26.  What are the fees an SRRV holder has to pay?

The following are the fees that an SRRV may have to pay:

 

SRRV Application Fee

Principal

Spouse/Dependents

USD1,400.00

USD300.00

USD10.00

 

Per applicant

Per year/per member

ID Renewal Fee

 

 

 

Visa Cancellation

B.I. Downgrading Fee

B.I. Cancellation Fee

Downgrading PRA Service Fee

Cancellation PRA Service Fee

PhP3,510.00

PhP500.00

USD10.00

 

USD10.00

Per member

Per member

Per member

 

Per member

Re-Stamping of SRRV on Passport

B.I. Fee

PRA Service Fee

PhP1,010.00

USD10.00

Per member

Per member

Certificate of Membership

 

 

USD5.00

 

Per certificate

Investment Management Fee

(varies per member)

SRRV# 0001 to SRRV#

1/2% of the total amount withdrawn per year

M-002161

 

SRRV# M-002162 to M-006392

 

1% of the total amount withdrawn per year

SRRV# M-006393 and Above:

 

USD50,000.00 Requisite Deposit

USD20,000.00 Requisite Deposit

USD10,000.00 Requisite Deposit

USD1,500.00 Requisite Deposit

 

 

 

USD750.00

 

USD500.00

 

USD500.00

 

USD15.00

 

 

 

Per year

 

Per year

 

Per year

 

Per year

Harmonization Management Fee

 

1.5% of withdrawn amount of deposit per year.

 

 

27.  Are there any other fees that an SRRV holder might have to pay apart from the ones stated above?

Yes. An SRRV holder may have to pay the following fees:

 

VARIOUS ACCREDITATION FEES

 

Accreditation as Marketer

USD300.00

Renewal as Accredited Marketer (yearly)

USD150.00

Accreditation of Facility

USD250.00

Renewal ac Accredited Facility

USD125.00

Accreditation as Merchant Partner

No fee

Accreditation as Approved Project

No fee

Accreditation of Bank

No fee

 

 

28.  How can one withdraw from the retirement program?

If the SRRV holder wishes to terminate his membership in the Retirement Program, he has to accomplish the Exit Interview Form, surrender his original/valid passport with the stamped SRRV for the cancellation of the visa and his PRA ID Card. He also has to pay all taxes and duties due if he availed of the tax-free importation privilege, if he was a member of the program for less than three (3) years, and other financial obligations, if any.