Known for its globally-recognized degree of hospitality, not-so-costly standard of living, the active and competent urban lifestyle and its diverse cultures, the Philippines has been the preferred and favored destination of retirees, expats and immigrants.
The country’s retirement program is managed by the Philippine Retirement Authority (PRA), with a primary role to promote and grant the Special Resident Retiree Visa (SRRV) to possible retirees, foreigners and overseas Filipinos, and to offer a wide range of services, benefits, and other perks that would make your stay truly meaningful. In its entirety, the SSRV Visa holder is entitled to multiple-entry privileges with the right to stay permanently or indefinitely in the Philippines, as long as the required minimum deposit investment subsists. (Sec. 2, Rule II of LOI 1470).
Dubbed as the “Retiree’s Visa“, the SSRV is a special non-immigrant visa separate and distinct from the existing visa categories defined by the Philippine Immigration Act of 1940. The Philippine government makes it trouble-free and uncomplicated to live permanently in the country, unlike other neighboring countries, since it has fewer restrictions. Acquiring a Special Rsident Retiree’s Visa (SSRV) is a good option especially when one is not married to a Filipino citizen. It’s somewhat referred as the Cadillac of Philippine Visas.
Here are a few things that you should know about the Special Resident Retiree’s Visa:
Who are eligible to apply?
The SRRV is valid for as long as one remains a good standing member of the Program and provided his / her time deposit and/or investment exists in the Philippines.
1. Any foreign national, apart from those nationals of countries with which the Philippines does not have diplomatic relations and those nationals considered restricted by the Department of Foreign Affairs (DFA).
2. Overseas Filipinos who are immigrants or under a visa category allowing them legal stay abroad and have resided therein continuously for at least seven (7) years, prior to their application for enrolment in the Program and should not have stayed a maximum total of sixty (60) days in a year in the Philippines.
Below are the Retirement options and their Required Time Deposits:
1. With Pension – (50 years. Old and above) the required time deposit is US$10, 000.00 plus a monthly pension of US$800.00 for a single applicant and US$1,000.00 for couple
2. Without Pension
- 35 to 49 years old — US$50, 000.00 time deposit
- 50 years old and above — US$20, 000.00 time deposit
- Former Filipino Citizens (at least 35 years old, regardless of the number of dependents — US$1,500.00
- Ambassadors of foreign countries who served and retired in the Philippines — US$1,500.00
Note:The PRA Accredited banks agree to accept any acceptable foreign currency for deposit in the accounts, provided that it shall be credited to the account as the United States Dollar or Philippine Peso equivalent.
How to join the PRA Program
If you are based in the Philippines, you may secure an application form and file the same with the following:
Philippine Retirement Authority
29/F Citibank Tower
8741 Paseo de Roxas
Makati City 1227
Telephone No.: (632) 848-1412 to 16
Fax No.: (632) 848-1411
Direct Line: (632) 848-7104
If you are based abroad you may contact and seek assistance from the Philippine Embassy or Consulate near you.
This article is written by Julius Piala