Breathtaking sceneries, large shopping outlets, delicious food, affordable living and most of all great value for money. The Philippines remain to be the perfect destination for tourists and investors alike—and now the opportunity is closer than ever.
A program under the Philippine Retirement Authority (PRA), the Special Resident Retiree’s Visa, or SRRV, allows foreign nationals and former Filipinos for multiple-entry privileges and indefinite stay within the country. So anyone who wants to enjoy the best perks and privileges in the Philippines can opt to register to this non-immigrant visa and come back to the country whenever he pleases.
While obtaining an SRRV means being exempted from custom duties, travel taxes, student visa (of registered dependents), and other tax from pension and annuities, the best thing about it is the opportunity for retirees to turn their bank deposits into active investments, perfect for the Philippines’ rapidly emerging economy.
How to get started?
There are four types of visa available under SRRV, but for holders to get the best value for their retirement, SRRV Classic is the most popular where they can earn more in a short amount of time.
As young as 35, a deposit of $50,000 in a Philippine bank is required to be able to convert it into active property investment—either for a condo purchase or long-term housing lease. On the other hand, for age 50 or older, a deposit of $10,000 is needed if with pension, or $20,000 if without. However, using this $10,000 initial deposit as property investment is only allowed as long as the total amount of investment is at least $50,000.
Take note that under SRRV Classic, the deposit covers the holder, a spouse, and a child. For every excess dependent, there’s an additional deposit of $15,000.00.
Along with the required bank deposit, other forms such as your SRRV Application, Original Passport, NBI Clearance, other application fees and more are needed to be submitted to begin travelling. The list below shares the basic documents needed to apply.
|For the complete requirements, visit http://pra.gov.ph/main/srrv_program?page=1.|
Other types of SRRV visas are also available, such as a special retirement visa for former diplomats.
|SRRV OPTIONS||SRRV Smile||SRRV Classic||SRRV Courtesy/Expanded Courtesy||SRRV Human Touch|
|Ideal Holders||active/healthy retirees||active/healthy retirees||former Filipinos/diplomats||ailing retirees|
|Age Qualification and Visa Deposits||35 years old and above: US$20,000||35 to 49 years old: US$50,000
50 years old and above:
|former Filipinos, 35 years old and above: US$1,500foreign diplomats, 50 years old and above: US$1,500||35 years old and above: US$10,000|
|Convertibility of Deposits||must be maintained with the PRA Designated/Accredited Bank and may only be withdrawn upon cancellation of the SRRV or to satisfy end of terms needs or catastrophic obligations||may be used for investment/s in RFO real estate properties (investment value must be at least US$50,000.00)||may be used for investment/s in RFO real estate properties (investment value must be at least US$50,000.00)||must be maintained with the PRA Designated/Accredited Bank and may only be withdrawn upon cancellation of the SRRV or to satisfy end of terms needs or catastrophic obligations.|
|For a more comprehensive comparison, visit http://www.pra.gov.ph/main/srrv_program?page=1.|
Where to invest bank deposits?
Once application and lock-off period are complete, it is now possible to convert the dollar deposits to active investment through the following means:
- Purchase, acquisition and ownership of a condominium unit
- Long-term lease of house and lot, condominium or townhouse for a period not shorter than 25 years (renewable for another 25 years)
To ensure that retirees are given the best quality and globally competitive lifestyle experience, PRA has its own approved projects where retirees can invest. Luckily, some of these are located in Fort Bonifacio, a major CBD that remains to be the most attractive investment destination. Here, land values and demand for space continuously increase, and soon-to-rise infrastructures are being created for the progress of the community.
In Fort Bonifacio, top developer Megaworld Corporation has 2 PRA-approved projects: The Venice Luxury Residences in McKinley Hill and One Uptown Residence in Uptown Bonifacio. Perfect for expatriates and growing families, The Venice Luxury Residences is a 7-tower development that is interconnected to the most romantic mall in the country. While for professionals and entrepreneurs who seek for anything modern and fast-emerging, One Uptown Residence is the best community. Both homes are a wise investment for retirees who’d want to maximize their stay and make the most of a complete lifestyle.
|PRA-approved Megaworld projects|
If you’re a retiree and want to invest in one of our Megaworld projects, send us a message.