Discover How Foreigners Can Retire In The Philippines

Just like how other countries welcome foreign nationals to reside here permanently, our country gives you an option as well to enjoy its warm and friendly people, pristine beaches and low-cost of living in its 7,641 islands. The best combination a retiree can ask for. As this has been available for quite some time now, I have been asked by a couple of my overseas clients lately about it. I think it’s time I explain further.

The SRRV or the Special Resident Retirees Visa is a special non-immigrant visa provided by the Philippine Bureau of Immigration under the retirement program of the Philippine Retirement Authority (PRA) to foreigners and overseas Filipinos. Once a SRR Visa holder, this gives you the following benefits,

1. Indefinite stay with multiple entry/exit to the Philippines
2. Exempted from:
   1. The Philippine Bureau of Immigration Alien Certificate of Registration (ACR) Card.
   2. Customduties and taxes for one-time importation of household goods and personal effects worth up to US$7,000^.00 Tax from pensions and annuities.
   3. Travel Tax if retiree has not stayed in the country for more than 1 year from last date of entry.
   4. 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 and privileges

With this, here are the basic requirements needed,

1. Original valid passport with valid/updated temporary visitor’s visa
2. Accomplished PRA Application Form
3. Original valid Medical Clearance
4. Original valid Police Clearance
5. NBI Clearance (if applicant has stayed in the Philippines for over 30 days from last date of entry
6. 2” x 2” Photos (8 pcs.)
7. SRR Visa deposit that is inwardly remitted
8. Marriage Certificate for joining Dependent-Spouse
9. Birth Certificate for joining Dependent-Child
10. Processing/Service Fee (one-time): Principal Applicant – US$1,400^.00; Dependent Applicant – US$300^.00
11. Annual Fee: US$360^.00 for the Principal and 2 Dependents

Once you’ve decided on seriously getting one for you and your spouse. There are five categories to choose from namely,

1. SRR Visa Smile – This is the basic one for active and healthy retirees. You just need to maintain your US$20,000^.00 SRR Visa deposit in any of the PRA accredited banks.
2. SRR Visa Classic – The most popular one and a Real Estate Broker is frequently asked about. It is for active and healthy retirees who opt to use their SRR Visa deposit into an active investment such as purchasing a condominium unit or going into a long-term lease of a house. The SRR Visa deposit is as follows:
   1. 50 years old & above: US$10,000^.00 (with a pension of at least US$800^.00 for single and US$1,000^.00 for couple); US$20,000^.00 (without pension)
   2. 35 to 49 years old: US$50,000^.00
   3. The value of the property must at least be US$50,000^.00. The list of condominium buildings considered as Retirement Facilities can be seen here.

* Additional Requirement: Certificate of Retirement Benefits equivalent to US$800^.00/month (for single applicant) and at least US$1,000^.00/month (for couple) issued by the concerned government and/or private entity.

3. SRR Visa Human Touch – These are for the ailing retirees with an age of 35 years old and above who needs/requires medical or clinical care. Retiree must have a monthly pension of at least US$1,500^.00, a health insurance policy accepted in the Philippines, and an SRR Vissa deposit of US$10,000^.00 are required.

* Additional Requirements: Medical Certificate showing pre-existing condition and in need of medical/clinical care and services; Certificate of Retirement Benefits, equivalent to or more than US$1,500^.00 issued by the concerned government and/or private entity; Health Insurance accepted in the Philippines

4. SRR Visa Courtesy – This is for former Filipino citizens, 35 years old and above. For foreign nationals aged 50 years old and above, who are retired officers of International Organizations recognized by the Department of Foreign Affairs (DFA). An SRR Visa deposit of US$1,500^.00 is required.

* Additional Requirements: Former Filipino Citizens: Birth Certificate issued by the Philippine Statistics Authority (PSA) or old Philippine Passport or host country’s naturalization documents; Foreign Nationals: Certificate by the international organization/agency concerned that the applicant was a former officer/staff – stating position held and the duration/date of employment. 

5. SRR Visa Expanded Courtesy – For foreign nationals 50 years old and above, retired Armed Force officers of select countries with a monthly pension of at least US$1,000^.00 and a SRR Visa deposit of US$1,500^.00 are required. This deposit includes the principal applicant and 2 dependents. Additional dependent needs an additional SRR Visa deposit of US$15,000^.00 each (except for former Filipinos). Your children must be legitimate or legally adopted by the Principal Retiree, unmarried and below 21 years old before joining the program.

* Additional Requirements: For foreign nationals: Certificate by the concerned organization/agency pertaining his achievement including proof of monthly pension or any other similar benefits of at least US$1,000^.00 to be remitted to the Philippines.

I know all of these may look tedious though there are marketing agents willing to assist you. Just make sure they’re in the list of accredited ones which can be found in the PRA website. It may cost you a little extra for the processing fee though it’ll be worth it. The Philippines is an amazing place to hang your hat and call your home.

By: Peter Norrdell

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