Special Retirement Visa for retirees..

[chicosdrive]

Special Retiree Resident Visa

Who may apply for Special Retiree's Resident Visa (SRRV)?

Aliens or former Filipinos who are at least fifty years of age and who wish to stay in the Philippines. They must also deposit a minimum amount of $50,000.00 in a bank accredited by the Philippine Retirement Authority (PRA).

What is the validity of SRRV?

The holder of the SRRV may reside in the Philippines without securing extensions of his stay from the Bureau of Immigration.

Are SRRV holders exempted from Travel Tax?

PRA members who are holders of valid SRRV are exempted from paying travel tax provided they have not stayed in the Philippines for more than one year from the date of last entry into the country.

Can SRRV holder own real property in the Philippines?

No. If he or she is legally married to a Philippine citizen, he or she may construct a residential unit on a parcel of land owned and/or registered in the name of Philippine spouse. Natural-born former Filipinos whose SRRV has been issued may own/acquire a maximum area of 5,000 square meters of urban land and three (3) hectares of agricultural land.

Is the dollar deposit convertible to other currency?

Yes. After six (6) months, the retiree's Dollar Time Deposit under the PRA may be converted to any other acceptable foreign currency time deposit. The interest, however, is subject to twenty (20 %) withholding tax.

Where do I get the approval of the SRRV?

The approval of your application will come from the Bureau of Immigration. The pre-evaluation of the application is made by the Philippine Retirement Authority where applications are filed.

How long is the processing time?

One month, provided all documents are complete.

Can my spouse and unmarried minor children be granted an indefinite privilege to reside in the Philippines?

Yes. Your spouse and a legitimate or legally adopted unmarried child under twenty-one (21) may be given an indefinite status if they are accompanying or joining you soon after your admission into the country as such.

Is there an additional deposit for unmarried children if they are following or accompanying me?

Yes. There is an additional deposit of US$15,000.00 or any equivalent acceptable foreign currency for each additional legitimate or legally adopted unmarried child under twenty-one (21) years of age.

[lisaudy]

Hi Welcome to the forums, I am excited to get to know you!

[chicosdrive]

thank you. i enjoy a lot and learned a lot in this forum.

[bongoko]

This is a great opportunity for those who are retiring soon and are worried about the economy and recession. The cost of living in the Philippines is low compared to many other countries.