The Special Resident Retiree’s Visa (SRRV) is a special nonimmigrant visa for foreign nationals who would like to make the Philippines:
- Their second home or,
- Their investment destination.
1. Indefinite stay with multiple-entry/exit privileges;
2. Exemption from:
• Philippine Bureau of Immigration ACR-I Card (Annual Report)
• Customs duties & taxes for one time importation of household goods & personal effects worth up to US$7,000.00 Tax from pensions & annuities
• Travel Tax, if retiree has not stayed in the Philippines for more than 1 year from last date of entry
• Student Visa/Study Permit
3. Access to the Greet & Assist Program at selected Philippine airports;
4. Free subscription to the PRA Newsletter;
5. Discount privileges from PRA accredited Merchant Partners;
6. Free assistance in transacting with other government agencies;
7. Entitlement to PHILHEALTH benefits & privileges.
Under this program, anyone at least 35 years of age can retire to the Philippines on a Philippines retirement visa even if they do not receive a retirement pension. The requirement is to have $20,000 USD and to deposit it in an approved PRA Philippine bank.
If you are bringing your spouse or children, an additional $15,000 USD will be required for each one of them, to be deposited in an approved PRA Philippine bank. Yes, you will earn interest on all the deposits.
The percentage rate of interest will change with the current interest rate structure, just as in any bank around the round world.
This is by far the most popular and widely used program in the PRA. The SRRV Classic is where most of those who retire in the Philippines are in control of their life situations.
For those 50 years of age and above with a pension of at least $1,000 USD per month if single and/or a pension of at least $1,000 per month if married, the time deposit amount is only $10,000 USD, with an additional deposit of $15,000 USD for each dependent.
The good news is that unlike the SRRV Smile program, these deposits can be converted to investments in the Philippines, such as buying a condominium or for long- term house and lot leasing. A foreigner cannot buy or own land in the Philippines, however, they can buy a condo, provided 60% of the other unit owners are Philippine citizens.
If you have a pre-existing condition but not a contagious disease, and are in need of medical care and services, you qualify for this retirement program if you have a pension of at least $1,500 per month. The PRA required bank deposit is only $10,000 USD and the good news is, there isn’t a requirement for an additional deposit for your dependents. Isn’t that great?
For former Philippine citizens, who are at least 35 years of age, this is the Philippines Retirement Visa program for you under the PRA. The PRA required bank deposit is only $1,500 USD. Former foreign diplomats, age 50 and above and who served in the Philippines, can also avail this program, however, if not a former Philippine citizen, an additional $15,000 USD for each dependent is required.
All deposits for the dependents can be converted to investments, such as buying a condominium or for long-term house and lot leasing.
For US veterans who are over the age of 50, retired with a DD Form 214, and a monthly pension over $1,000. The Cost an application fee of $1,400 and a bank deposit (which is refundable) of $1,500.