SRRV


WHAT IS THE SRRVisa?

The Special Resident Retiree’s Visa (SRRVisa) is a special non-immigrant resident visa that provides its holders with multiple-entry and indefinite stay status in the Philippines.

 

It also grants Tax-Free incentives and privileges as well as value-added services and benefits that they can avail of from our partner establishments such as hotels, resorts, retirement facilities, and restaurants.

 

It is a “lifestyle” visa for those who enjoy perks and privileges, a “hassle-free” visa for the frequent business traveler, and a “retirement visa” for the elderly who need special care for their special needs.

SRRV Benefits and Features:

Benefits

Once you are an SRRV Visa holder, it opens the door to vast opportunities and benefits. These include:

1.   Option to Retire Permanently

      •   You may live, work and study in the Philippines

2.   Multiple Entry Privileges

      •   You may travel outside the Philippines and re-enter anytime

3.   Exemptions from:

      •   Income tax over your pension and annuities;
      •   Exit and re-entry permits of the Bureau of Immigration;
      •   Annual registration requirement of the Bureau of Immigration;
      •   Customs Duties and Taxes with regard to the importation of household goods and personal effects up to US$7,000.00;
      •   Travel tax, if you stay in the Philippines is less than one year from the last entry date; and
      •   I-Card

As an SRR Visa holder, the PRA can assist you in obtaining basic documents from other government agencies. These include, but are not limited to:

      •   Alien Employment Permit
      •   Driver's License
      •   Tax Exemption/Extension Certificate
      •   Tax Identification Number
      •   National Bureau of Investigation (NBI) Clearance

Enrollment Options

 

A retiree who applies for a Special Resident Retiree Visa (SRRV) has the option to enroll to the program based from his retirement status.

Retirement Option and their Required Time Deposit

    • 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
    • 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, current and former staff members of international organizations including ADB - US$1,500.00
    • A resident retiree can bring with him, 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 per child. The said time deposit however, is subject the same and conditions with that of the principal deposit. This does not apply to former Filipino Citizens.

Note: The PRA Accredited banks agree to accept any acceptable foreign currency equivalent to the requisite amount for deposit in the accounts, provided that it shall be credited to the account as the United States Dollars or Philippine Pesos equivalent

Eligibility


 

Former Filipino citizens and foreign national except those classified as restricted by the Philippine Department of Foreign Affairs and the Bureau of Immigration are eligible to apply for the SRR Visa. Also, he or she should be:

      •   At least 35 years old
      •   Without criminal record
      •   Meeting medical standards
      •   Meeting the investment requirement

Documentary Requirements

 

    • PRINCIPAL RETIREE APPLICANT
    • Duly accomplished SRRV Application Form.
    • Original Passport with Valid Entry Visa
    • Medical Examination Clearance
      • Can be secured abroad (with English translation) duly authenticated by the Philippine Embassy/Consular Office.
      • This can also be secured in the Philippines at the PRA One-Stop Shop
    • Police Clearance
      • Police Clearance secured from the applicant's country of origin (with English translation) duly authenticated by the Philippine Embassy or Consular Office or
      • National Bureau of Investigation (NBI) Clearance
    • ID Pictures - twelve (12) pieces of 2"x2"
    • Bank Certificate of Time Deposit Inwardly Remitted to any PRA Accredited Banks
      • A retiree applicant is required to remit deposit through telegraphic transfer to any PRA Accredited Banks (download telegraphic transfer form)
      • Non-Withdrawability of Retiree’s Deposit – The Retiree’s deposit or account shall not be withdrawn by the retiree for the duration of his participation in the Program and the depository bank shall not allow such withdrawal except upon proper notice or approval by the PRA.
      • However, the interest earning of the Time Deposit is withdrawable without PRA clearance.
    • Fees:
      • US$1,400.00 application fee or equivalent Philippine Peso. (one time)

Note: If you prefer to enroll under the With Pension Scheme, below are the following additional requirements.

      a. Certification of Retirement Benefits issued by the concerned government and/or private entity which clearly states your identity, date of effectivity of the payment of pension and the amount of monthly pension; and
       b.  Proof of your monthly pension remitted to the Philippines.

NOTE:
ALL DOCUMENTS OBTAINED / ISSUED ABROAD MUST HAVE AN ENGLISH TRANSLATION DULY AUTHENTICATED BY THE PHILIPPINE EMBASSY / CONSULAR OFFICE.


SPOUSE

    • Duly accomplished SRRV Application Form.
    • Original Passport with Valid Entry Visa
    • 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, it can be secured at the PRA One-Stop Shop
    • Police Clearance
      • Police Clearance secured from the applicant's country of origin (with English translation) duly authenticated by the Philippine Embassy or Consular Office or
      • National Bureau of Investigation (NBI) Clearance.
    • ID Pictures - twelve (12) pieces of 2"x2"
    • Marriage Certificate or in its absence, any of the following:
      • For Koreans & Japanese - Family Register/Domicile
      • For Taiwanese - Household Register
      • For P.R.O.C. Chinese - Certificate of Relationship
      • For Japanese - Koseki Tohon
    • Fees:
      • US$300.00 application fee or equivalent Philippine Peso (one time)

NOTE:
ALL DOCUMENTS OBTAINED / ISSUED ABROAD MUST HAVE AN ENGLISH TRANSLATION DULY AUTHENTICATED BY THE PHILIPPINE EMBASSY / CONSULAR OFFICE.

DEPENDENT/S

    • Duly accomplished SRRV Application Form.
    • Original Passport with Valid Entry Visa
    • 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, it can be secured at the PRA One-Stop Shop
    • Police Clearance (applies only for 18yrs. old and above)
      • Police Clearance secured from the applicant's country of origin (with English translation) duly authenticated by the Philippine Embassy or Consular Office. or
      • National Bureau of Investigation (NBI) Clearance.
    • ID Pictures - twelve (12) pieces of 2"x2"
    • Birth Certificate or in its absence, any of the following:
      • Family Register/Domicile (for Koreans & Japanese)
      • Household Register (for Taiwanese)
      • Certificate of Relationship (for P.R.O.C. Chinese)
      • Koseki Tohon (for Japanese)
    • Fees:
      • US$ 300.00 application fee or equivalent Philippine Peso(one time)
    • Additional Dollar Deposit
      • For every additional dependent (in excess of two) an additional US$15,000.00 deposit shall be required per head except for former Filipino citizens.

NOTE:
ALL DOCUMENTS OBTAINED / ISSUED ABROAD MUST HAVE AN ENGLISH TRANSLATION DULY AUTHENTICATED BY THE PHILIPPINE EMBASSY / CONSULAR OFFICE.

Members Obligations

1.   Yearly renewal of the PRA ID Card

      •   Retirees may request for a 3-year validity of the ID card upon the accomplishment of a Deed of Undertaking that the required deposit will remain in the bank for another 3 years.

2.   Payment of Annual Visitorial Fee

      •   Retirees are obliged to pay the annual visitorial fee and submit specific documents if the required deposit has been converted into active investment.

3.   Notification of Changes in Personal Information

      •   These changes may include change in address, phone numbers and email address.

4.   Cancellation of the SRR Visa

      •   Retirees should provide a written notice to the PRA within 30 days prior to his/her cancellation of the SRR Visa.

 


FREQUENTLY ASKED QUESTIONS


Q. HOW CAN ONE APPLY IN THE PROGRAM?

A. If you are based in the Philippines, secure an application form from the following: PHILIPPINE RETIREMENT AUTHORITY

29/F Citibank Tower

8741 Paseo de Roxas Makati City, PHILIPPINES Tel.Nos.: +63.2.848.1412

Fax No. : +63.2.848.1411

or from duly accredited Marketers of the PRA

 

If you are based abroad, secure an application form from the Philippine Embassy/Consulate or from PRA General Sales Agents.

 

Q. WHERE CAN THE RETIREE APPLICANT PAY THE APPLICATION FEE? A.  At the PRA office in Cash or remit directly to:

LAND BANK OF THE PHILIPPINES

For the account of: (Name of the Retiree/Applicant)

 

PHILIPPINE RETIREMENT AUTHORITY

FCDU Account No. 2204-0086-82

Buendia Branch

#319 Sen. Gil J. Puyat Avenue, Makati City, Philippines

 

Q. WHAT ARE MY PRIVILEGES AS AN SRRVisa HOLDER?

 

A. A resident retiree or holder of the SRRV is accorded the following privileges/benefits


Permanent, non-immigrant status with multiple entry privileges through the Special Resident

Retiree's Visa;

 

Exemption from customs duties and taxes for the importation of personal effects, appliances and household furniture worth US$7,000.00;

 

Exemption from Bureau of Immigration (BI) exit clearance and re-entry permit;

 

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;

 

Conversion of the requisite deposit into active investment, including purchase of a condominium unit;

 

Foreign currency time deposit can be converted into Philippine Peso deposit, but interest is subject to withholding tax;

 

Pension, annuities remitted to the Philippines are tax-free and;

 

Guaranteed repatriation of the requisite deposit including invested profits, capital gains and dividends accrued from investments, upon compliance with Bangko Sentral rules and regulations.

 

Q. WHAT ARE MY OBLIGATIONS AS AN SRRVisa HOLDER?

 

A. An SRRVisa holder has the following obligations as a member of the PRA Retirement Program:

 

 To give a written notice of any change of information supplied in the Application Form

(e.g. status, name or address) within thirty (30) days from such change;

 

     To give a written thirty (30) day notice of termination of his participation in the

Program;

 

    To pay by way of Visitorial/Monitoring fee, the amount equivalent to one (1%) percent of the total amount in Philippine Peso equivalent of the foreign currency deposit converted into investment or 1.5% (applicable only to retiree members using the pre- existing investment scheme - for the first year only) to be paid annually on the date of withdrawal/conversion of deposit into investment.

 

 To secure an Alien Employment Permit (AEP) from the Department of Labor & Employment;

 

     To comply with the rules and regulations of the Authority.

 

Q. CAN I DIVIDE/SPREAD MY DOLLAR DEPOSIT REQUIREMENT TO ANY OF PRA’S ACCREDITED BANK?

 

A. Yes, for a minimum deposit of US$10,000.00.

 

Q. AM I REQUIRED TO CONVERT MY DOLLAR DEPOSIT INTO AN ACTIVE INVESTMENT? OR CAN I JUST LEAVE IT INDEFINITELY AS AN INTEREST BEARING ACCOUNT?

 

A. The retiree has the option to convert the required foreign currency deposit after six (6) months from date of deposit to any of the currently approved investment outlets or leave it indefinitely in an interest bearing account either in US dollar or peso time deposit with any of the accredited banks.


Q. WHAT IS VISITORIAL/MONITORING FEE?

 

A. It is a fee for services rendered by the Authority to the resident retiree from the time he withdraws his requisite deposit into investment. The annual Visitorial/Monitoring fee is equivalent to one (1%) percent of the total amount invested. This is payable by the retiree-investor upon receipt by the Authority of the certified true copy or Photocopy of the original of the contracts, documents or instruments evidencing the investment.

 

Q. IS IT POSSIBLE FOR AN SRRVisa HOLDER TO SET UP A BUSINESS OR WORK IN THE PHILIPPINES?

 

A. Yes, he can set up his business provided it is not limited/prohibited by the Constitution, existing laws or by the Philippine Foreign Investment Act of 1991 (R.A. 7042). Working in the Philippines is allowed provided one has the necessary Alien Employment Permit (AEP) from the Department of Labor and Employment.

 

Q. CAN FOREIGN NATIONALS WHO ARE MEMBERS OF THE PRA PROGRAM ACQUIRE LAND?

 

A. No. The Constitution of the Republic of the Philippines prohibits foreigners to acquire land. However, under the existing investment policy of the Philippines and subject to foreign equity restrictions, foreigners are allowed to invest in corporations registered with the Securities and Exchange Commission. The corporation may then purchase/acquire land. He can also acquire land through hereditary succession.

 

Q. ARE NON-RESIDENT ALIENS ENGAGED IN TRADE OR BUSINESS SUBJECT TO TAX?

 

A. Non-resident aliens engaged in trade or business in the Philippines are subject to Philippine income tax in the same manner as resident citizen and aliens taxable income received from all sources within the Philippines.

 

Q. AS AN SRRVisa HOLDER, CAN I ALSO APPLY FOR PHILIPPINE CITIZENSHIP?

 

A. Yes. In accordance with the Naturalization Law of the Philippines. One of the basic requirements for naturalization is the continuous residency in the Philippines for a period of ten (10) years.

The period may be reduced to five (5) years if the applicant has any of the following qualifications:

 

     Has honorably held office under the Government of the Philippines or under that of any of the provinces, cities, municipalities or political subdivision thereof;

 

     Has established a new industry or introduced a useful invention in the

Philippines;

 

     Has been married to a Filipino citizen;

 

     Has been engaged as a teacher in the Philippines for a period of at least two (2)

years;

 

     Has been born in the Philippines.

 

Note: For Former Filipino citizens, the Citizenship Retention and Reacquisition Act of 2003 apply.

 

Q. HOW CAN ONE WITHDRAW FROM THE PROGRAM?

 

A. If the resident retiree wishes to terminate his membership in the Program, he has to accomplish the

Exit Interview Form, surrender his original/valid passport with the stamped SRR Visa for the

cancellation of the visa and his PRA Identification (ID) Card. He also has to pay all taxes and duties due


if he availed of the tax-free importation privilege, if he was a member of the program for less than three

(3) years, and other financial obligations, if any.