Want to find a beautiful corner of the world to spend the golden years of your life? There’s no better country than the Philippines. The beautiful beaches, tropical climate, and quality living at an affordable cost speak for itself. In fact, Forbes named the Philippines one of the best places to retire abroad in the year 2019.

To accommodate foreigners and overseas Filipinos who like to spend their retirement days in the Philippines, the Bureau of Immigration (BI) of the Republic of the Philippines offers Philippine’s retirement visa, called SRRV. SRRV means the Special Resident Retiree’s Visa (SRRV) which falls under the Retirement Program of the Philippine Retirement Authority (PRA). With this visa, you can stay in the Philippines indefinitely along with your families. To know everything there’s to know about this visa, read along!

Who is suitable for SRRV?

  • If you are a retiree, you can apply for SRRV based on your retirement status
  • SRRV can be acquired from the age of 35 or older
  • You need to make a deposit of USD 1500 to apply for the visa
  • The deposit covers you, your spouse and 1 dependant under the age of 21 years old
  • Your dependant can remain under your visa till the age of 35 years, after which they need to apply as the principal applicant of SRRV as their current SSRV will be canceled

What are the benefits of SRRV Visa in the Philippines?

The perks of taking SRRV certainly outweigh its cost and effort you put into it.

1. The opportunity to stay indefinitely in permanent non-immigrant status with multiple entries and exit privileges

2. There is no need for SRRV renewal as the stay is indefinite

3. Exempted from going through exit clearance and re-entry permits every time you fly in and out of the Philippines

4. Exempted from Philippine Bureau of Immigration’s ACR-I Card

5. A one-time exemption from custom duties and taxes if you want to import your household and personal items from overseas. The exemption worth up to USD 7000

6. Your pensions and annuities are tax exempted

7. You are exempted from travel tax if you have not stayed in the Philippines for more than 1 year from your last date of entry

8. You are exempted from student visa if you like to study in the Philippines

9. You get to access the Greet and Assist Program at certain airports in the Philippines

10.  Enjoy a free subscription to PRA in SRRV in form of Newsletters

11.  Enjoy discount privileges from PRA accredited Merchant Partners

12.  Free assistance if you need help to deal with Government Agencies

13.  Entitled to good health via PHILHEALTH benefits and privileges

14.  You can convert your requisite deposits into active investments. You can even buy condominium units

15.  If you have any deposit in foreign currency, it will be payable to you in Philippine Pesos without any tax implications

16.  If your time deposit is in foreign currency, you can convert it to Philippine pesos, but any interest on this amount will be subject to withholding tax

17.  If you decide to return to your home country, all your requisite deposits including investment returns, capital gains and dividends earned from the investments will be sent back to you under Bangko Sentral regulations

Types of SRRV

This retirement visa in the Philippines is not only easy to apply but offers 5 different variations to suit the need of diverse people equally.

1. SRRV SMILE

If you are an active and fit retiree, then SRRV Smile is the perfect type of SRRV visa for you. You must be at the age of 35 years or older to apply for this category. The necessary details are as follows:

  • USD 20,000 deposited in any PRA accredited bank, which cannot be converted to investment
  • You must pay an additional $15000 as a deposit if you have more than 2 dependants
  • You can withdraw your deposit only when you cancel the visa or subject to critical situations like death or serious medical condition
  • The application fee for principal retiree meaning you is USD 1400, and your dependent is USD 300
  • The annual fee for you plus 2 dependents is USD 360. For dependants more than 2, you must pay USD 100 per year for each.

2. SRRV Classic

If you are a fit and active retiree and wish to use your deposit for active investment such as to put a long-term lease on a house or purchase a condominium, SRRV Classic is your perfect fit. The necessary details are as follows:

  • The deposit amount is USD 50000 if you are 35-49 years old
  • If you are 50 years or older, your deposit is USD 20000 without pension
  • For 50 years old with a pension, the deposit amount is lowered to USD 10000
  • Minimum USD 800 per month if you are a single applicant
  • USD 1000 for married couples
  • You need to show Certificate of Retirement Benefits to be entitled to this option
  • You must use your entire deposit on the purchase of a condo or in leasing a house or a lot
  • The value of the property you purchase must be at least USD 50000 or above
  • You must pay an additional $15000 as a deposit if you have more than 2 dependants
  • The application fee for principal retiree meaning you is USD 1400, and your dependent is USD 300
  • The annual fee for you plus 2 dependents is USD 360. For dependants more than 2, you must pay USD 100 per year for each.

3. SRRV Human Touch

If you are a retiree who requires medical attention, then SRRV Human Touch should be your preference. The necessary details are as follows:

  • You need to be 35 years or older
  • You are liable to $10000 visa deposit that cover for you and 1 dependent
  • Your deposit will be locked down until you cancel your visa or for any drastic situations such as death or serious medical emergency
  • You cannot use your deposit in any active investment
  • You must pay a minimum monthly pension of USD 1500 and show the Certificate of Retirement Benefits to be entitled to this option
  • You need to have a health insurance package approved by the Philippines authority
  • Any pre-existing medical condition that requires medical attention must be declared in your Medical Certificate
  • The application fee for principal retiree meaning you is USD 1400, and your dependent is USD 300
  • The annual fee for you plus 1 dependent is USD 360
Empress at the Capital Commons of Ortigas Land, List Sotheby's International Realty
Accredited Property for SRRV

4. SRRV Courtesy

SRRV Courtesy caters to 2 different kinds of people:

  • Former Filipinos at the age of 35 years or above
  • Foreign nations aged 50 years or above who are retired officers of International Organizations recognized by the Department of Foreign Affairs (DFA)

The necessary details for your application are given as follows:

  • USD 1500 visa deposit which can be converted to invest in real estate
  • If you choose to convert your deposit for real estate investment, you must utilize the entire deposit on buying a condominium or putting a long-term lease on a house
  • The value of the property you like to purchase must be at least USD 50000
  • For foreign nationals, if you have more than 2 dependents, you must pay an additional USD 1500. Former Filipinos are exempted for this extra cost
  • For former Filipinos, your birth certificate must be issued by the National Statistics Office (NSO) or you must have your old Philippine passport
  • Foreign nationals must have a Certificate of Former Employment from a DFA-approved international organization

5. SRRV Expanded Courtesy

This expanded version of SRRV Courtesy is specially designed for foreign nationals above the age of 50 years who are retired Army Officers of foreign countries with prior agreement or connection with the Philippine Government. To see the specific criteria for this type of SRRV, check out PRA Circular No. 012 of 2013. The necessary details for your application are given as follows:

  • You must pay a deposit of USD 1500 which can be converted for real estate investments
  • You must pay a minimum monthly pension of USD 1000 and show the Certificate of Retirement Benefits to be entitled to this option
  • Your deposit will cover you and 2 dependents. For dependents above 2, you must pay an additional USD 15000 for each unless you are a former Filipino, in which case you are exempted from this cost
  • If you choose to convert your deposit for real estate investment, you must utilize the entire deposit on buying a condominium or putting a long-term lease on a house
  • The value of the property you like to purchase must be at least USD 50000
  • Show Certificate of achievement issued by applicable International body or organization
  • The application fee for principal retiree meaning you is USD 1400, and your dependent is USD 300
  • The annual fee is waived for the first year. From the second year onwards, you must pay an annual fee of USD 360
  • You need to pay a USD 10 for each dependent to issue the PRA ID Card each year

What are the SRRV requirements for application?

  • You should be a foreigner or former Filipino at the age of 35 years or older
  • You must be married to your spouse legally
  • Your children must be under 21 years old, biological or legally adopted and unmarried

Documents:

  • Valid original passport with updated Temporary Visitors’ Visa
  • Completed PRA’s SRRV Application form
  • Original Medical and Police Clearance (from your country of origin), both of which is valid up to 6 months from the date of issuance
  • An additional National Bureau of Investigation (NBI) Clearance from the last date of entry if you have stayed in the Philippines for more than 30 years
  • 12 copies of 2 by 2-inch photos of you and your dependents
  • Inwardly remitted SRRV visa deposit
  • Marriage Certificate if your spouse is accompanying you of the visa
  • Birth Certificate of the children accompanying you for the visa
  • All documents should be translated in English and approved by the Philippines Embassy or Consular Office

What is the SRRV Application Process?

  • Choose the type of SRRV visa suitable for you
  • Follow the general requirements and necessary requirements for your chosen type of SRRV visa
  • Your application will go through pre-evaluation by the PRA
  • Once it passes pre-evaluation, you must wait for approval of your application from the Bureau of Immigration
  • It makes take about 7 to 10 working days to process your visa once the Bureau of Immigration receives it
  • Once, it is approved, you are ready to pack, set and GO!