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 This deposit is deposited in a time deposit account and draws interest, it is your money but when it is withdrawn you lose your residency Fortunately, you are able to use this money towards purchasing an approved condo or other approved investments.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.