If you wish to settle in The Philippines and you are at least 35 years old, you may apply for a Special Resident Retiree’s Visa (SRRV).
The SRRV is granted by the Philippines Retirement Authority (PRA), and you may reside indefinitely in the Philippines with free entry and exit. Once the permit is issued you will receive a PRA ID card, which must be renewed annually.
The program comprises three categories, under which you may get your resident visa if you have a pension or you make a deposit at a local bank, or a combination of both.
Holding this visa, you may be able to work in the Philippines, as long as you obtain an Alien Employment Permit (AEP).
Under this program, you will also benefit from an income tax exemption over your pension and annuities, customs duties exemptions with regard to the importation of household goods and personal effects up to US$7,000, and a travel tax exemption if you stay in Philippines for less than one year from the last entry date.
The amount of the Visa deposit depends on the SRRV option that the applicant has chosen. In cases that an applicant will be joined by more than two (2) dependents, an additional visa deposit of US$15,000.00 for each additional dependent must be remitted under the name of the Principal applicant, except for former Filipinos under the SRRV Courtesy.
The process is relatively straightforward with application response times of a few weeks.
The required investment to participate in the SIRV program is US$75,000. You’ll start by moving your money into one or both of the two government-owned banks which help administer the program. They typically don’t open accounts for non-residents but make an exception for SIRV participants.
Then, you have six months to invest the money in accordance with the program rules. The government body that runs the program isn’t some huge bureaucracy, so response times aren’t ridiculous, and they seem available to assist participants to make sure your investments are suitable.
You will, of course, need to do a little homework to be part of SIRV to make sure your investments are well placed. There is a similar program specific to tourism investments that branched off from SIRV and requires only $50,000 USD to be invested in that industry, but it’s more convoluted and changes are being made to it over time.
NBI Clearance (Philippine document) is needed when an applicant has stayed in the Philippines for more than 30 days from date of last entry prior to SRRV application. The NBI Clearance is only valid within one (1) year from date it was secured. The NBI Clearance is not a substitute to the apostilled Police Clearance.
This SSR visa category is aimed at active and healthy retirees. It requires you to maintain a fixed US$20,000 deposit in an approved retirement account. This money must stay untouched for the totality of your stay in the Philippines, though it can be withdrawn after you leave.
Repatriation of the deposit including invested profits, capital gains and dividends accrued from investments are guaranteed, upon compliance with Bangko Sentral rules and regulations.
Deposits may be converted to Philippine Peso (PHP) after 30 days of visa issuance. Deposits should be made at one of the following financial institutions: Development Bank of the Philippines (DBP), Allied Bank, Philippine National Bank (PNB), Pacific Star Branch Only, Bank of China, Korea Exchange Bank, Tong Yang Bank and Union bank.
The visa bank deposits are for the principal retiree and 2 dependents (spouse and unmarried children below 21 years old). An additional deposit of US$15,000 is required for each additional dependent, in excess of two.