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- 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
WHAT ARE THE DOCUMENTS REQUIRED FROM A RETIREE BEFORE HE CAN JOIN THE PROGRAM?
A prospective retiree-participant shall submit to PRA the following:
1. PRA application form;
Original passport with valid entry status;
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 aslo be secured at the PRA One-Stop Shop;
Bank Certificate of Dollar Time Deposit inwardly remitted to any PRA accredited banks;
5. Police Clearance issued abroad translated into English and duly authenticated by the Philippine/Consulate or National Bureau of Investigation (NBI) Clearance issued in the Philippines. This also applies to spouse and dependents 18 years of age and above (Age requirement of 18 is for purpose of NBI Clearance only);
Photographs, 6 pieces 1”x1” and 6 pieces 2”x2”;
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
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.
WHAT ARE THE BENEFITS UNDER THE PROGRAM?
1. Multiple/Indefinite entry privileges with the option to reside permanently in the Philippines.
Exemption from exit Clearance & Re-Entry Permits.
Exemption from Customs Duties and Taxes for the Importation of Personal Effects up to US$7,000.00.
Exemption from Travel Tax, if stay in the Philippines is less than a year from the last entry date.
Exemption from the Bureau of Immigration’s Annual registration requirement.
Assistance in Obtaining an Alien Employment Permit.
Tax-free remittance of Annuities and Pensions.
Guaranteed repatriation of the deposit/investment.
WHAT ARE THE OBLIGATIONS OF A SRRV HOLDER?
1. To give a written notice of any change of information supplied in the Application Form (e.g. status, name or address) within (60) days from such change;
To give a written sixty (60) day notice of termination of his participation
DOES PRA ACCEPT CURRENCIES OTHER THAN US DOLLARS AS REQUIRED FOREIGN CURRENCY DEPOSIT?
No. Nonetheless, 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 United States Dollars or Philippine Peso equivalent.
after the issuance of SRRV the retiree may convert the Dollar time deposit to Philippine Peso or Euro money.
CAN THE REQUIRED DEPOSIT BE DIVIDED INTO ANY OF PRA’s ACCREDITED BANKS?
Yes, for a minimum deposit of US$10,000.00
UNDER WHOSE NAME IS THE REQUIRED FOREIGN CURRENCY DEPOSIT BE CREDITED?
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.
WHEN CAN THE REQUIRED FOREIGN CURRENCY DEPOSIT BE CONVERTED INTO INVESTMENT?
After one (1) month from the time it was opened in any of the PRA accredited banks as a retiree account.