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Special Resident Retiree's Visa (SRRV)


What is the SRRV?

 

The Special Resident Retiree's Visa (SRRV) is issued by the Bureau of Immigration (BI) of the Republic of the Philippines under the Retirement Program of the Philippine Retirement Authority (PRA) to foreigners and overseas Filipinos. It entitles the holder to multiple-entry privileges with the right to stay permanently/indefinitely in the Philippines.

Who may apply?

A. Citizenship

1. Any foreign national, except those nationals of countries with which the Philippines does not have diplomatic relations and those nationals considered restricted by the Department of 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.

B. Age/Deposit Requirements

All foreign nationals below 50 and at least 35 years of age are required to deposit the amount of US75,000.00 dollars with any PRA short-listed bank. Those aged 50 and above are required to deposit the amount of US 50,000 dollars. Former Filipinos who are now holders of foreign passports are required to deposit US 1,500.00 dollars; the deposit amount of US50,000.00 shall be required from an applicant who is at least 35 years of age and belongs to any of the following:

1. Retired military personnel of governments recognized by the Philippines; or
2. Former members of foreign diplomatic corps who have served for at least three (3) years in their respective posts, or
3. Retired officer and employees of international organizations such as the United Nations and its affiliate agencies, the World Health Organization, World Bank, International Labor Organization and other similar organizations.

Documentary Requirements

Under PRA rules, should the resident retiree suffer an untimely demise, the surviving spouse who is a holder of SRRV has the option to become the principal retiree using the original principal dollar deposit as his/her qualifying deposit. If he/she chooses not to, the law on succession shall apply.

A prospective member should submit the following documentation to the PRA:

1. Completed Philippine Retirement Authority application form.
2. Valid passport
3. DFA Medical Examination Form No. 11 accomplished by a licensed physician from the applicant's place of origin, including AIDS Test, duly authenticated by the Philippine Embassy/Consulate posted there or PRA Medical Certificate (RSSC Form No. 002) accomplished by a licensed physician in the Philippines.
4. Certification by PRA shortlisted bank of the requisite deposit amount of US$50,000.00 dollar or US 75,000.00 dollars, whichever is applicable
5. Police Clearance, duly authenticated by the Philippine Embassy/Consulate, issued abroad or National Bureau of Investigation (NBI) Clearance, issued in the Philippines.
6. Photographs, 2.4 cms and 5 cms. six (6) pieces each.
7. If the spouse is joining the applicant, Marriage Certificate or Marriage Contract if the applicant's marriage was solemnized in the Philippines or Marriage Certificate duly authenticated by the Philippine Embassy/Consulate nearest the applicant's residence abroad if the marriage was contracted abroad.
8. If dependent/s is/are joining the applicant, Birth Certificate/s of dependent/s born in the Philippines or Birth Certificate/s or Household Register duly authenticated by the Philippine/Consulate nearest the applicant's residence abroad.

Benefits

1. Permanent non-immigrant status with multiple-entry privileges through the Special Resident Retiree's Visa;
2. Exemption from customs duties and taxes for the importation of personal effects;
3. Exemption from Exit Clearance and Re-entry Permits;
4. Exemption from payment of travel tax provided the retiree has not stayed in the Philippines for more than one year from date of his last entry into the country;
5. Conversion of the requisite deposit into active investments, including purchase of condominium unit;
6. Interest on the foreign currency deposit is tax-free and payable to retiree in Philippine Pesos;
7. Foreign currency time deposit can be converted into Philippine Pesos deposit, but interest is subject to withholding tax;
8. Pension, annuities remitted to the Philippines are tax-free; and
9. Guaranteed repatriation of the requisites deposit including invested profits, capital gains and dividends accrued from investments, upon compliance with Bangko Sentral rules and regulations.

Process of SRRV

1. Applicant/Marketer submits documents to Philippine Embassy/Consulate
2. Applicant/Marketer notifies PRA of application/documents submitted to Philippine Embassy/Consulate

a. PRA application
b. Birth Certificate or Photocopy of passport page showing Date of Birth
c. Medical and Police Clearance from place of origin valid for six (6) months
d. Certification by bank of deposit
e. Photographs
f. Marriage Certificate if spouse is joining
g. Payment of application fee to PRA

3. Upon arrival in Manila, applicant goes to PRA office. PRA evaluates the documentary requirements. If complete, PRA transmits the documents including the original of the applicant's passport to the Bureau of Immigration (BI) for stamping of the multiple/indefinite-entry SRRV.

Note: For more information about this visa category, please inquire from the Consular Section