Why Should You Get a Special Resident Retirement Visa in the Philippines?

What is a Special Resident Retiree Visa?

You’ve fallen in love with the Philippines and have decided to make this beautiful country your retirement home. Now you need an SRRV visa Philippines.

The special resident retiree’s visa is a special non-immigrant visa for foreign nationals who want to retire in the Philippines or make the Philippines an investment destination. The SRRV Visa comes with many benefits. The greatest benefit is that the SRRV allows for an indefinite stay in the Philippine with multiple entry and exit privileges. Retirees are allowed to stay in the Philippines as long as they and may comein and out of the Philippines anytime they desire.

People with an SRRV are exempt from travel tax and the Philippine Bureau of Immigration ACR-I Card (Annual Report). They are also exempt from certain customs duties and taxes on household goods and personal effects, as well as taxes on pensions and annuities.

Who is Eligible for a Special Resident Retiree Visa for the Philippines?

To qualify for an SRRV Visa Philippines, you need to be 50 years or older. You must have a regular retirement income to qualify for the SRRV; however, your income from Social Security is counted in the Philippines. In fact, the Philippines is one of the few countries that have U.S. Embassy staff who are trained to help you with Social Security services.

You will be required to deposit a specified amount of money in a bank in the Philippines. The amount will depend on whether you have a guaranteed monthly income or not. For retirees with a guaranteed income, the deposit is usually $10, 000. For retirees without a fixed income, the deposit runs higher, typically around $20, 000. This deposit is deposited in a time deposit account and draws interest, it is your money but when it is withdrawn you lose your residency Fortunately, you are able to use this money towards purchasing an approved condo or other approved investments.

If you’re a young retiree, don’t worry—you may still be eligible for an SRRV for the Philippines. If you’re 35-49 years old and are without a pension, you’ll need a one-time deposit of $50, 000.

A Retirement Destination

More retirees are choosing to spend their golden years in the Philippines. With over 80 provinces, there are so many locations to choose from in the Philippines. The SRRV visa Philippines is the most popular choice for retirees as it offers an affordable and convenient way to legally stay in the Philippines without much hassle or expense. As an SRRV holder, you can stay in the Philippines without securing extensions from the Bureau of Immigration. In other words, you can come and go as you please.

For More Information

If you’re close to retirement and deciding that the Philippines is the place for you, consult a tax advisor to learn more about the benefits of an SRRV visa Philippines, as well as the process of obtaining one. There are so many great benefits with an SRRV visa, and so little hassle involved. If you have a significant other and two or less dependents under the age of 21, you don’t need to worry about any additional deposits for them on an SRRV visa.

If you are considering an SRRV visa Philippines, contact us at Olvis immigration and travel today. We have a wealth of knowledge on immigration processing and programs and would be thrilled to help you into the retirement of your dreams.

Everything You Need to Know About the Philippine SRRV Visa

Introduction

Some of the best beaches in the world are located in the Philippines. From the white sands and turquoise waters of Borocay to the luxury shopping in Makati, more and more people are choosing to retire in the Philippines. Before making the move, however, it’s important to do the proper research. Understanding the SRRV visa Philippines and income requirements, cost of living, where to live, and housing and healthcare will help individuals make a more informed decision.

What is the Special Resident Retiree’s Visa in the Philippines?

Foreigners and overseas Filipinos can apply for the Special Resident Retiree’s Visa (SRRV) in the Philippines, which is issued by the Bureau of Immigration of the Republic of the Philippines, under the Retirement Program of the Philippine Retirement Authority (PRA). Holders of the SRRV Visa in the Philippines are entitled to multiple-entry privileges with the right to reside in the Philippines either permanently or indefinitely.

Who can apply for the SRRV?

The SRRV is a special non-immigrant visa for foreign nationals who would like to make the Philippines their second home or investment destination.

Principal applicants

• Must be foreign nationals or former Filipino citizens who are at least 35 years old.

Dependents

• The spouse must be legally married to the Principal Retiree;

• Children must be legitimate or legally adopted by the Principal Retiree, unmarried and below 21 years old upon joining the program.

What is the process for getting an SRRV?

The SRRV program of the PRA requires the foreign national to have a certain amount of money deposited in any PRA-accredited bank in the Philippines. The amount has to be deposited via inward remittance.

Basic SRRV requirements:

  1. Original valid Passport with valid /updated Temporary Visitor’s Visa;
  2. Accomplished PRA Application Form;
  3. Original valid Medical Clearance;
  4. Original valid Police Clearance from country of origin, and an additional NBI Clearance, if the applicant has stayed in the Philippines for over 30 days from the last date of entry;
  5. Photos (12 pieces, 2″x2″);
  6. SRR Visa deposit that is inwardly remitted;
  7. Processing/Service Fees (one-time):

• USD 1,400 – Principal applicant

• USD 300 Dependent applicant

• Annual Fee of USD 360 (for the Principal & two dependents)

  1. Marriage Certificate for joining dependent-spouse
  2. Birth Certificate for joining dependent-child.

Additional requirements may be requested depending on the SRRV option to be chosen by the SRRV applicant.

The medical and police clearances are valid up to 6 months from date of issuance.

All documents issued outside of the Philippines must be translated in English, if necessary, and authenticated by the Philippine Embassy/Consular Office nearest the applicant’s residence.

What are the different types of SRRV?

Individuals interested in applying for an SRRV should consult the SRRV Info Guide for full details.

What are some of the benefits of the SRRV?

• Indefinite stay with multiple-entry/exit privileges;

• Access to the Meet & Assist Program at selected Philippine airports;

• Free assistance in transacting with other government agencies;

• Entitlement to PhilHealth benefits & privileges.

Living in the Philippines can be an amazing retirement experience. But it’s important first to understand the requirements and process of applying for the SRRV. Applicants can contact a PRA accredited marketer to ask questions or begin the process of applying.