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  Special Resident Retiree Visa (SRRV)
 









SPECIAL RESIDENT RETIREE VISA (SRRV)

 

Special Resident Retiree Visa (SRRA) is a privilege granted to foreigners who would like to have a permanent resident status in the Philippines. For investing in the Philippines, foreigners can enter and leave the country as many times and as long as one wishes, including family members. With a Special Resident Visa, a holder can live, do business, study in the Philippines indefinitely.
 

Requirements for Special Resident Retiree Visa

Principal Applicant:

1). Application Form 

2). Passport with valid entry to the Philippines

3). National Bureau of Investigation (NBI) Clearance or Police Clearance (to be authenticated by the Philippine Embassy)

4). Medical Clearance (if applicant is abroad, this clearance must be authenticated by the Philippine Embassy)

5). 6 pieces 6" x 6" pictures

6). 6 pieces 1" x 1" pictures

7). Bank Certification from an accredited bank of the Philippine Retirement Authority of bank deposit (US$ 50,000 for 50 years old & above, $75,000 for 35 to 49 years)

8). Processing fee: US$ 1,500
 
Spouse / Dependent:

1). Application Form

2). Passport with valid entry to the Philippines

3). NBI Clearance or Police Clearance (to be authenticated by the Philippine Embassy for 18 years old and above)

4). Medical Clearance (if applicant is abroad, this clearance must be authenticated by the Philippine Embassy)

5) 6 pieces 6" x 6" pictures

6). 6 pieces 1" x 1" pictures

7). Marriage Certificate (authenticated by the Philippine Embassy) for spouse.

8). Birth Certificate (authenticated by the Philippine Embassy) for dependents.
 
In Lieu of Marriage or Birth Certificates:

Family Register (for Koreans)

Household Register (for Taiwanese)

Certificate of Relationship (for P.R.O.C.) 
 

Fees:

- Service fee of $300 each for spouse or dependent (up to 3 dependents)
For families with more than 3 dependents, additional $ 15,000/dependent

 
Immigration conversion fee:

- Php: 7,600 for spouse and children 16 to 20 years old.

- Php: 7,350 for children 14 to 15 years old.

- Php: 6,850 for children 13 years old and below

- PLRA ID card ($10) for spouse and/or dependent

- Immigration express fee of Php 500 per person (elective)
 
Note: The required investment money (US$ 50,000 for 50 years old & above, $75,000 for 35 to 49 years) to avail of the Special Resident Retirement Visa (SRRA) must be deposited in a bank accredited by the Philippine Retirement Authority. This deposit can be withdrawn after 6 months but must be invested in the Philippines. It can be used to buy properties (condominiums) stocks, securities, etc.

Kindly refer to the
Philippine Retirement Act from the Philippine Retirement Authority. (Details below)
 

 

PRESIDENTIAL EXECUTIVE ORDER NO. 1037 - PHILIPPINE RETIREMENT ACT

Full Government Support of the Retirement Program
Under the Presidential Executive Order No. 1037 (also known as PRA Charter), the Philippine Retirement Authority is mandated to make available a comprehensive and attractive retirement package for potential foreign retirees who seek an easy and comfortable lifestyle. With this in mind, the PRA is committed to provide its retirees a wholistic retirement environment.

    * The SRRV Application Process
    * Benefits
    * Enrollment Options
    * Eligibility
    * Members Obligations

The SRRV Application Process
In order to apply for the SRR Visa, you may visit the PRA One Stop Shop center at the 29th Floor, Citibank Tower, Paseo de Roxas, Makati City, Philippines. You may secure an SRR Visa application form (for online applications) and also apply for the National Bureau of Investigation (NBI) clearance. You may likewise obtain a schedule for your medical exam. Our staff will then evaluate and process your application when these documents are submitted. For SRR Visa Enrollment Options.
 
Once these documentary requirements are met, and the necessary fees settled, the endorsement of the SRR Visa application is prepared and sent to the Bureau of Immigration for approval. The approval of the SSR Visa normally takes 5 to 7 working days. Once the SRR Visa is approved, then the PRA ID card is issued. This card will serve as the Alien Certificate of Registration (ACR) which exempts the bearer from the Annual Registration requirement, Exit Clearance and Re-entry Permit, and from the application of the I-card as otherwise required by the Bureau of Immigration.

Benefits
Once you are an SRRV Visa holder, it opens the door to vast opportunities and benefits.
These includes :

   1. Option to Retire Permanently – You may live, work and study in the Philippines.
   2. Multiple Entry Privileges – You may travel outside the Philippines, and re-enter anytime.
   3. Exemptions from :
          * Income tax over your pension and annuities;
          * Exit and re-entry permits of the Bureau of Immigration;
          * Annual registration requirement of the Bureau of Immigration;
          * Customs Duties and Taxes with regard to the importation of household goods and personal effects up to US$7,000.00;
          * Travel tax, if stay in the Philippines is less than one year from the last entry date; and
          * I-Card
      As an SRR Visa holder, the PRA can assist you in obtaining basic documents from other government agencies.
      These include, but are not limited to:
          * Department Of Labor and Employment (DOLE)- Alien Employment Permit
          * Land and Transportation Office (LTO) – Driver’s License
          * Department of Foreign Affairs (DOF) - Tax Exemption/ Extension Certificate
          * National Bureau of Investigation (NBI) - Clearance


Enrollment Options
A retiree who applies for a Special Resident Retiree Visa (SRRV) has the option to enroll to the program based from his retirement status.

Retirement Option and their Required Time Deposit
   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, current and former staff members of international organizations including ADB - US$1,500.00
   3. A resident retiree can bring with him, without additional deposit, his spouse and a child who is unmarried and below 21 years old or if the spouse is not joining, two (2) children (provided they are unmarried and under 21 years of age.) Additional children with the same qualifications may also be allowed to join the principal retiree provided there is an additional deposit of US$15,000.00 per child. The said time deposit however, is subject the same and conditions with that of the principal deposit. This does not apply to former Filipino Citizens.

NOTE: 
The PRA Accredited banks agree to accept any acceptable foreign currency equivalent to the requisite amount for deposit in the accounts, provided that it shall be credited to the account as the United States Dollars or Philippine Pesos equivalent.



Eligibility
Former Filipino Citizens and Foreign nationals except those classified as restricted by Department of Foreign Affairs and Bureau of Immigration.
   1. At least 35 years old.
   2. Without criminal record.
   3. Meeting medical standards
   4. Meeting the investment requirement.

In order to process your SRRV Visa application, you must personally appear at the PRA office located at the 29th Floor Citibank Tower, Paseo de Roxas, Makati City


DOCUMENTARY REQUIREMENTS
   1. Principal Retiree Applicant
   2. Spouse
   3. Dependent/s

PRINCIPAL RETIREE APPLICANT
   1. Duly accomplished SRRV Application Form.
   2. Original Passport with Valid Entry Visa
   3. Medical Examination Clearance
          - Can be secured abroad (with English translation) duly authenticated by the Philippine Embassy/Consular Office.
          - This can also be secured in the Philippines at the PRA One-Stop Shop
   4. Police Clearance
        - Police Clearance secured from the applicant's country of origin (with English translation) duly authenticated by the Philippine Embassy or Consular Office           or 
        - National Bureau of Investigation (NBI) Clearance
   5. ID Pictures - twelve (12) pieces of 2"x2"
   6. Bank Certificate of Time Deposit Inwardly Remitted to any PRA Accredited Banks
          - A retiree applicant is required to remit deposit through telegraphic transfer to any PRA Accredited Banks (download telegraphic transfer form)
         - Non-Withdrawability of Retiree’s Deposit – The Retiree’s deposit or account shall not be withdrawn by the retiree for the duration of his participation in the Program and the depository bank shall not allow such withdrawal except upon proper notice or approval by the PRA.
          - However, the interest earning of the Time Deposit is withdrawable without PRA clearance.
   7. Fees :
          - US$1,400.00 application fee or equivalent Philippine Peso. (one time)

Note : If you prefer to enroll under the With Pension Scheme, below are the following additional requirements.
  
  1. Certification of Retirement Benefits issued by the concerned government and/or private entity which clearly states your identity, date of effectivity of the payment of pension and the amount of monthly pension; and
   2. Proof of your monthly pension remitted to the Philippines.


NOTE :
ALL DOCUMENTS OBTAINED / ISSUED ABROAD MUST HAVE AN ENGLISH TRANSLATION DULY AUTHENTICATED BY THE PHILIPPINE EMBASSY / CONSULAR OFFICE.

SPOUSE
   1. Duly accomplished SRRV Application Form.
   2. Original Passport with Valid Entry Visa
   3. Medical Examination Clearance
          - Can be secured abroad (with English translation) duly authenticated by the Philippine Embassy/Consular Office. If the applicant is in the Philippines, it               can be secured at the PRA One-Stop Shop

   4. Police Clearance
        - Police Clearance secured from the applicant's country of origin (with English translation) duly authenticated by the Philippine Embassy or Consular Office            or
        - National Bureau of Investigation (NBI) Clearance.

   5. ID Pictures - Twelve (12) pieces of 2"x2"
   6. Marriage Certificate or in its absence, any of the following:
          - For Koreans & Japanese - Family Register/Domicile
          - For Taiwanese - Household Register
          - For P.R.O.C. Chinese - Certificate of Relationship
          - For Japanese - Koseki Tohon

   7. Fees :
          - US$300.00 application fee or equivalent Philippine Peso (one time)


NOTE :
ALL DOCUMENTS OBTAINED / ISSUED ABROAD MUST HAVE AN ENGLISH TRANSLATION DULY AUTHENTICATED BY THE PHILIPPINE EMBASSY / CONSULAR OFFICE.


DEPENDENT/S

   1. Duly accomplished SRRV Application Form.
   2. Original Passport with Valid Entry Visa
   3. Medical Examination Clearance
          * Can be secured abroad (with English translation) duly authenticated by the Philippine Embassy/Consular Office. If the applicant is in the Philippines, it can be secured at the PRA One-Stop Shop

   4. Police Clearance
          * Police Clearance secured from the applicant's country of origin (with English translation) duly authenticated by the Philippine Embassy or Consular Office. or
          * National Bureau of Investigation (NBI) Clearance.

   5. ID Pictures - twelve (12) pieces of 2"x2"
   6. Birth Certificate or in its absence, any of the following:
          * Family Register/Domicile (for Koreans & Japanese)
          * Household Register (for Taiwanese)
          * Certificate of Relationship (for P.R.O.C. Chinese)
          * Koseki Tohon (for Japanese)

   7. Fees :
          * US$ 300.00 application fee or equivalent Philippine Peso(one time)

   8. Additional Dollar Deposit
          * For every additional dependent (in excess of two) an additional US$15,000.00 deposit shall be required per head except for former Filipino citizens.


NOTE :
ALL DOCUMENTS OBTAINED / ISSUED ABROAD MUST HAVE AN ENGLISH TRANSLATION DULY AUTHENTICATED BY THE PHILIPPINE EMBASSY / CONSULAR OFFICE.

 

Members Obligations

   1. Yearly renewal of the PRA I.D. Card
          * Retirees may request for a 3-year validity of the I.D.card upon the accomplishment of a Deed of Undertaking that the required deposit will remain in the bank for another 3 years.

   2. Payment of Annual Visitorial Fee
          * Retirees are obliged to pay the annual visitorial fee and submit specific documents if the required deposit has been converted into active investment.

   3. Notification of Changes in Personal Information
          * These changes may include change in address, phone numbers and email address.

   4. Cancellation of the SRR Visa
          * Retirees should provide a written notice to the PRA within 30 days prior to his/her cancellation of the SRR Visa.

  

FREQUENTLY ASKED QUESTIONS ABOUT SRRV
 
GENERAL INFORMATION

Q. WHAT IS THE SPECIAL RESIDENT RETIREE’S VISA (SRRV)?
A. It is a special non-immigrant visa issued by the Bureau of Immigration of the Republic of the Philippines through the Retirement Program of the Philippine Retirement Authority (PRA) to foreigners and former Filipino citizens. It entitles the holder to multiple-entry privileges with the option to reside permanently in the Philippines.

Q. WHO MAY APPLY?
A. All foreign nationals provided they are issued an entry visa by the Philippine Embassy/Consulate and former Filipino citizens who are now holders of foreign passports both of whom are at least 35 years old.

Q. HOW CAN ONE JOIN THE PRA PROGRAM?
A: Through online at www.pra.gov.ph or If you are based in the Philippines, you may secure an application form and file the same at:
Philippine Retirement Authority
29/F Citibank Tower
8741 Paseo de Roxas
Makati City 1227
Tel. No.: (632) 848-1412 to 16
Fax No.: (632) 848-1411
Direct Line: (632) 848-7104
Website: http//www.pra.gov.ph
E-mail: inquiry @pra.gov.ph

Q: WHAT ARE THE FEES FOR JOINING THE PRA PROGRAM/APPLYING FOR SRRV?
A: A one-time payment of US$1,400.00 for the principal and US$300.00 for each dependent (spouse/children).
Note: These fees are inclusive of the Bureau of Immigration fees and the fee for the issuance of the initial PRA I.D. Card.

Q: HOW LONG IS THE VISA VALID?
A: The SRRV is valid for so long as one remains a member of good standing of the Program and provided his time deposit and/or investment exists in the Philippines.

Q: CAN A RESIDENT RETIREE BRING HIS/HER FAMILY MEMBERS WITH HIM/HER INTO THE COUNTRY TO JOIN THE PROGRAM?
A: Yes. A resident retiree can bring with him/her, without additional deposit, his spouse and a child who is unmarried and below 21 years old or if the spouse is not joining, two (2) children (provided they are unmarried and under 21 years of age). Additional children with the same qualifications may also be allowed to join the principal retiree provided there is an additional deposit of US$15,000.00 per child. The deposit is subject to the same terms and conditions with that of the principal deposit. This does not apply to former Filipinos citizens.

Q: WILL DEPENDENTS CONTINUE TO BE SRRV HOLDERS OR RETAIN THEIR SRRV EVEN AFTER REACHING 21 YEARS OLD?
A: Yes. For so long as the principal retiree remains a member of the Program, his dependents retain their SRRV even if they reach 21 years of age and above.

Q: WHAT HAPPENS IF THE PRINCIPAL RETIREE DIES?
A: The surviving spouse, provided he/she is a SRRV holder, has the option to assume the status of a principal retiree using the original account as his/her qualifying deposit. Should he/she not choose to become the principal retiree, then the law on Succession prevails.

As far as the beneficiary is concerned, the withdrawal of the time deposit should be made in accordance with the Philippine banking rules and regulations. The beneficiary will have to pay estate tax as the retiree is treated as a resident alien and therefore covered by the National internal Revenue Code.


SRRV REQUIREMENTS

Q: WHAT IS THE AGE/DEPOSIT REQUIREMENT OF AN APPLICANT?
A: Retirement Option and their Required Time Deposit

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, current and former staff members of international organizations including ADB (at least 50 years old) -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 Dollars or Philippine Pesos equivalent

Q. WHAT ARE THE DOCUMENTS REQUIRED FROM A RETIREE BEFORE HE CAN JOIN THE PROGRAM?
A: A prospective retiree-participant shall submit to PRA the following:
   1. PRA application form;
   2. Original passport with valid entry status;
  3. Medical Examination Clearance -can be secured abroad (with English translation) duly authenticated by the Philippine Embassy/Consular Office. If the applicant is in the Philippines, this can also be secured at the PRA One-Stop Shop
   4. Bank Certificate of Dollar Time Deposit inwardly remitted to any PRA accredited banks;
   5. Police Clearance only, for retiree-applicants whose stay in the Philippines is thirty (30) days or less from date of last entry, which must be secured from the applicant’s country of origin (with English translation) duly authenticated by the Philippine Embassy or Consular Office. Police Clearance (from the applicant’s country of origin) and National Bureau of Investigation (NBI) Clearance for retiree applicants whose stay in the Philippines is more than 30 days from date of last entry.This also applies to spouse and dependents 18 years of age and above;
   6. Photographs, 12 pieces 2”x2”;
   7. If the spouse is also applying for SRRV, Marriage Certificate or Marriage Contract translated into English (if necessary) and duly authenticated by the Philippine Embassy/Consulate nearest the applicant’s residence if the marriage was contracted abroad. If the marriage was solemnized in the Philippines, original Marriage Certificate; and
   8. If dependent/s is/are also applying for the SRRV, original Birth Certificate/s of dependent/s born in the Philippines or Birth Certificate/s or Household Register translated into English (if necessary) and duly authenticated by the Philippine Embassy/Consulate nearest the applicant’s residence abroad.

Note: If you prefer to enroll under the With Pension Scheme, below are the additional requirements:

a. Certification of Retirement Benefits issued by the concerned government and/or private entity which clearly states your identity, date of effectivity of the payment of pension and the amount of monthly pension; and
b. Proof of your monthly pension remitted to the Philippines.

Q: WHAT ARE THE BENEFITS UNDER THE PROGRAM?
A: Once you are an SRRV Visa holder, it opens the door to vast opportunities and benefits. These include:

1.       Option to Retire Permanently
a.       You may live, work and study in the Philippines

2.       Multiple Entry Privileges
b.       You may travel outside the Philippines and re-enter anytime

3.       Exemptions from:
a.       Income tax over your pension and annuities;
b.       Exit and re-entry permits of the Bureau of Immigration;
c.       Annual registration requirement of the Bureau of Immigration;
d.       Customs Duties and Taxes with regard to the importation of household goods and
e.       personal effects up to US$7,000.00;
f.        Travel tax, if you stay in the Philippines is less than one year from the last entry date; and
g.       I-Card

As an SRR Visa holder, the PRA can assist you in obtaining basic documents from other government agencies. These include, but are not limited to:
a.       Alien Employment Permit
b.       Driver's License
c.       Tax Exemption/Extension Certificate
National Bureau of Investigation (NBI) Clearance

Q: WHAT ARE THE OBLIGATIONS OF A SRRV HOLDER?
A: 1. Yearly renewal of the PRA ID Card
Retirees may request for a 3-year validity of the ID card upon the accomplishment of a Deed of Undertaking that the required deposit will remain in the bank for another 3 years.
2. Payment of Annual Visitorial Fee
Retirees are obliged to pay the annual visitorial fee and submit specific documents if the required deposit has been converted into active investment.
3. Notification of Changes in Personal Information
These changes may include change in address, phone numbers and email address.
4. Cancellation of the SRR Visa
Retirees should provide a written notice to the PRA within 30 days prior to his/her cancellation of the SRR Visa.


Q. DOES PRA ALLOW CURRENCIES OTHER THAN US DOLLARS AS REQUIRED FOREIGN CURRENCY DEPOSIT?
A. For purpose of applying for SRRV, the PRA allows currencies other than US Dollars as required foreign currency deposit. This is explicitly provided for under Section 2(b), subsection 1.7 of the Memorandum of Agreement between PRA and accredited banks, which read:
    Section 2. Duties of the Bank
    b.1. Opening of Account
    1.7. A retiree may elect to remit or deposit funds in any of the Following foreign currencies:
            a. British Pound
            b. Australian Dollar
            c. Canadian Dollar
            d. Hong Kong Dollar
            e. Japanese Yen
            f. Singapore Dollar
            g. Swiss Franc
            h. US Dollar
            i. Euro
            j. Korean Won
            k. Chinese Yuan

Provided there is proof of foreign currency remittance by the retiree, a copy of which shall be furnished PRA, the retiree shall have the option to open the account in US Dollar or its equivalent in Peso. Furthermore, the bank and the retiree maybe allowed to convert the retiree’s remitted or deposited funds into US Dollar, if allowable, or into Philippine Peso, for purpose of opening the deposit account and maintaining the same. The remitted currency, maybe maintained, provided that it maintains the value of the minimum required deposit.

Q: CAN THE REQUIRED DEPOSIT BE DIVIDED INTO ANY OF PRA’s ACCREDITED BANKS?
A. Yes, for a minimum deposit of US$10,000.00 per PRA Accredited Banks.

Q: UNDER WHOSE NAME IS THE REQUIRED FOREIGN CURRENCY DEPOSIT BE CREDITED?
A: The required foreign currency deposit maybe opened in the name of the principal retiree or under an “and/or” account with the spouse provided the latter is also a member of the PRA Program. This applies also to an applicant/retiree who is legally married to a Filipino Citizen even if not a PRA member.

Q: WHEN CAN THE REQUIRED FOREIGN CURRENCY DEPOSIT BE CONVERTED INTO INVESTMENT?
A: After one (1) month from the date of the issuance of the SRR Visa.

INVESTMENTS 

Q: WHAT AREAS OF INVESTMENTS ARE AVAILABLE TO A RESIDENT RETIREE?
A: The areas of investment are the following:
   1. Purchase of condominium unit/s;
   2. Long term Lease of a house and lot, condominium or townhouse unit/s;
   3. Construction of a residential unit on a leased parcel of land;
   4. Purchase of Proprietary Membership/Golf shares in golf clubs;
   5. For former Filipinos, purchase of a lot not exceeding 5,000 square meters in urban areas or three (3) hectares rural areas to be used for business or other purposes.
Note: A retiree who has converted his dollar deposit into an active investment may opt to substitute the same with another form of investment that is allowed under the PRA program.

Q: CAN RESIDENT RETIREE APPLY FOR PHILIPPINE CITIZENSHIP?
A: Yes, in accordance with the Naturalization Law of the Philippines. One of the basic requirements for naturalization is the continuous residency in the Philippines for a period of ten (10) years.
The period may be reduced to five (5) years if the applicant has any of the following qualifications:

   1. Has honorably held office under the Government of the Philippines or under that of any of the provinces, cities, municipalities, or political subdivision thereof;
   2. Has established a new industry or introduced a useful invention in the Philippines;
   3. Being married to a Filipino citizen;
   4. Has been engaged as a teacher in the Philippines for a period of at least two (2) years;
   5. Has been born in the Philippines.

Note: For former Filipino citizens, the Citizenship Retention and Reacquisition Act of 2003 applies.
 

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