Special Resident Retirement Visa (SRRV) for foreign expatriates
Special Resident Retirement Visa (SRRV) for foreign expatriates
A Foreign national who intends to retire in the Philippines should be aware of a special visa being offered by its government as an incentive to expatriates wanting to enjoy their retirement days in any of the 7,100 tropical islands of the country.
Under the Special Resident Retirement Visa (RSSV), a comprehensive and attractive package awaits the potential foreign retiree who seeks a comfortable and relaxed lifestyle in the Philippines. Unfortunately, most foreign citizens are not familiar with the benefits and privileges afforded by the SRRV. Thus, as a matter of course, when non-citizens enter the Philippines either for pleasure, business or for health reasons, they would usually apply for a temporary visitor's visa. On the other hand, alien students desiring to enroll in Philippine schools have to apply for a student visa, while foreign workers aspiring to work locally may petition for a working visa. Under any of these circumstances, if the visa is approved, the foreigners are granted only a limited period of stay in the Philippines.
Under the SRRV law, all the foregoing privileges may be availed of by the applicant in a single visa, and more importantly, the foreign expatriate is allowed to stay indefinitely, provided he complies with some legal conditions.
Potential SRRV applicant has to comply and submit the following minimum requirements:
- Passport
- Marriage Contract
- Medical Examination Clearance duly authenticated by the Philippine Embassy or Consular Office (If secured abroad, with English translation)
- Police Clearance secured from the country of origin, duly authenticated by the Philippine Embassy or Consular Office (with English translation)
- Proof of Dollar Remittance to any PRA Accredited Banks
- For those who selected the "With Pension" option, Certification of Retirement Benefits issued by the concerned government and/or private entity authenticated by the Philippine Embassy or Consular Office is needed.
Privileges of Special Resident Retirement Visa (SRRV)
Under the SRRV, holders are given multiple entry privileges. Such benefit is never granted to a visitor, student or work visa. Thus, the holders can travel outside the Philippines, tour other countries and re-enter anytime they desire without securing entry and exit permits from the Bureau of Immigration (BI).
SRRV holders are also exempted from paying travel taxes upon entry and exit (if their last entry date is less than one year). In contrast, a temporary visitor's visa allows its holders a mere one-time entry. Thus, a foreign national who is permitted to enter on a visitor's visa and subsequently leaves the Philippines shall be required to apply for another visa if he decides to re-enter the country.
SRRV holders are also exempted from the following: a) payment of income tax over their pensions and annuities; b) annual registration requirement of the Bureau of Immigration; c) customs duties and taxes pertaining to importation of household goods as well as personal effects of up to $7,000.00; and d) I-card.
Not all SRRV holders are of retiring age since the minimum age requirement is 35 years. Thus, a foreign businessman planning to pursue any of the businesses allowed by the SRRV law may carry on with the enterprise without the burden of securing a separate permission from the Philippine government.
Should the retiree decide to pursue their education either for self-satisfaction or for the advancement of their career, they can also study in the Philippines without securing any additional permit from the Immigration Bureau. Likewise, children of SRRV holders accompanying them are also granted an indefinite privilege to study in the country even without applying for a student visa.
Under the Philippine Constitution, foreigners are not allowed to acquire lands within the Philippines but there is no prohibition to non-citizens purchasing condominium units. The law also allows the long-term lease of houses and lots, or townhouse units. The Construction of residential units on leased parcels of land is likewise permitted by Philippine statutes.
The law on SRRV is a benefit package which foreign nationals planning to settle down in this tropical paradise should take advantage of. SRRV holders will definitely enjoy not only the sun, sand, and sea, but more importantly, that warmth feeling of being welcome in these 7,100 islands known as the Philippines.
Any foreign national who is at least 35 years of age, and granted an entry visa from a Philippine Embassy/Consulate may apply for an SRRV. An applicant may initially apply online. However, all the required original documents must be presented at the Philippine Retirement Authority (PRA) upon arrival in the Philippines. Once Philippine Retirement Visa is approved, the holder is allowed to be accompanied by a spouse and one unmarried child below twenty-one (21) years of age. If there is no spouse, then the retiree can bring two children who possess the same qualifications. It is recommended that you hire an immigration specialist in the Philippines to assist you with the step by step process of the retirement visa application.
