Philippines retirement visa (SRRV)

Principal applicants must be at least 40 and can be foreign nationals or former Filipino citizens. Under SRRV Classic the deposit depends on age and pension: aged 50 or more, USD 15,000 for pensioners and USD 30,000 for non-pensioners; aged 40 to 49, USD 25,000 and USD 50,000. Pensioners prove a lifetime pension of at least USD 800 a month for a single applicant or USD 1,000 with dependants. Classic holders may use the deposit for investments allowed under the programme. SRRV Courtesy, with deposits of USD 1,500 to USD 6,000, is reserved for retired diplomats, officers of recognised international organisations, retired military from countries with recognised bilateral relations, high achievers and former Filipinos.

Principals submit their original passport with a valid tourist visa, unrestricted and valid for at least one month during processing (and extended if it expires meanwhile), the PRA application form, a medical certificate and a police clearance from the country of origin or residence, both issued within six months, a BI clearance certificate, an NBI clearance if they have stayed in the Philippines over 90 days, eight 2x2 photos taken within three months, the processing fee and the bank certificate. Documents issued outside the Philippines must be translated into English and apostilled or authenticated by a Philippine embassy.

The PRA charges a USD 1,500 processing fee for the principal and USD 300 for each joining dependant. The annual PRA fee for SRRV Classic is USD 360 covering the principal and two dependants, plus USD 100 for each additional dependant; it is paid on joining and every year after. The deposit must arrive as an inward remittance from a bank abroad to a PRA-accredited bank. The Development Bank of the Philippines sends PRA a notarised bank certificate within 7 to 10 working days of receipt; accredited private banks such as PNB and Unionbank require a letter of introduction from the PRA and certify within 3 to 5 banking days.

A legally married spouse and unmarried legitimate or legally adopted children under 21 at the time of application can be included, either in the first application or after the principal's SRRV is approved. Each dependant needs a passport with a valid tourist visa, the PRA form, a PRA medical certificate, a police clearance for the spouse and for children aged 18 or over, a BI clearance, an apostilled proof of relationship, eight photos and the USD 300 fee. Classic applicants deposit an extra USD 15,000 for each dependant beyond two.

According to the PRA, holders enjoy permanent residency with multiple entry and indefinite stay, exemption from the BI annual report and the ACR I-Card, from exit and re-entry permits, from customs duties on a one-time import of household goods up to USD 7,000, from tax on pensions and annuities and from the travel tax, and need no separate work or student visa. They also get a special PhilHealth rate and PRA assistance with other agencies.