WHAT IS THE SPECIAL RESIDENT RETIREE’S VISA (SRRV)?
The Special Resident Retiree’s Visa (SRRV) hereinafter referred to as the “Retiree’s Visa”, is a special non-immigrant visa separate and distinct from the existing visa categories defined by the Philippine Immigration Act of 1940, as amended, and allied laws. (Sec. 1, Rule II of LOI 1470)
LOI 1470, as a supplemental statute to E.O. 1037 was passed on July 4, 1985 aimed at:
1) Developing and promoting the Philippines as a preferred retirement haven for former Filipinos and foreign nationals;
2) Attracting foreign exchange; and
3) Directing the issuance of the Special Resident Retiree Visa (SRRV).
The issuance of the SRRV to qualified PRA applicants, entitles the holder to reside in the Philippines for an indefinite period with multiple-entry privileges as long as the required minimum deposit investment subsists. (Sec. 2, Rule II of LOI 1470)
Moreover, the SRRV offers benefits which includes the exemption from the Exit Clearance, Re-Entry and Annual Registration requirements of the Bureau of Immigration, Travel Tax (provided the retiree has not stayed in the Philippines for more than a year from date of last entry) Special Study Permit, importation of household goods/personal effects worth US$7,000 for family use and other value added services.
The SRRV, characterized by its being indefinite with multiple-entry privileges, partakes the nature of a permanent and/or “lifetime” visa. Thus, guaranteeing the principal retiree and family members the privilege to settle permanently in the Philippines and enjoy the best quality of life in the most attractive package. This is the Authority’s international commitment and is the true meaning of “Smiling at Life” in the Philippines.
WHO MAY APPLY?
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.
Register in the SSRV Program now!
HOW CAN ONE JOIN THE PRA PROGRAM?
1. If you are based in the Philippines, you may secure an application form and file the same with the following:Philippine Retirement Authority29/F Citibank Tower 8741 Paseo de Roxas Makati City 1227Tel. No.: (632) 848-1412 to 16Fax No.: (632) 848-1411 Direct Line: (632) 848-7104 Website: http//www.pra.gov.ph E-mail: inquiry @pra.gov.ph
2. If you are based abroad: Through the Philippine Embassy/Consulate
WHAT ARE THE FEES FOR JOINING THE PRA PROGRAM/APPLYING FOR SRRV?
a. Processing Fee
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 PRA I.D. Card.
b. Annual Renewal/replacement of PRA ID Card
US$10.00 per member/card/year
HOW LONG IS THE VISA VALID?
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.
CAN A RESIDENT RETIREE BRING HIS/HER FAMILY MEMBERS WITH HIM/HER INTO THE COUNTRY TO JOIN THE PROGRAM?
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 or equivalent foreign currency 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.
WILL DEPENDENTS CONTINUE TO BE SRRV HOLDERS OR RETAIN THEIR SRRV EVEN AFTER REACHING 21 YEARS OLD?
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.
WHAT HAPPENS IF THE PRINCIPAL RETIREE DIES?
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.