Special Resident Retiree's Visa (SRRV)

posted Feb 8, 2012, 11:14 PM by Admin ---   [ updated Feb 8, 2012, 11:18 PM ]

The Special Resident Retiree's Visa (SRRV) is a Philippine Visa issued by the Bureau of Immigration (BI) under the Retirement Program of the Philippine Retirement Authorit(PRA) to foreigners and overseas Filipinos. It entitles the holder to multiple-entry privileges with the right to stay permanently/indefinitely in the Philippines subject to the conditions laid down therein.

 

Who may apply for SRRV?

  1. Any foreign national, except those nationals of countries with which the Philippines does not have diplomatic relations and those nationals considered restricted by the Department of Department of Foreign Affairs (DFA); and
  2. Overseas Filipinos who are immigrants or under a visa category allowing them legal stay abroad and have resided therein continuously for at least seven (7) years, prior to their application for enrolment in the Program and should not have stayed a maximum total of sixty (60) days in a year in the Philippines.
  3. All foreign nationals below 50 and at least 35 years of age are required to deposit the amount of US75,000.00 dollars with any PRA short-listed bank. Those aged 50 and above are required to deposit the amount of US 50,000 dollars. Former Filipinos who are now holders of foreign passports are required to deposit US 1,500.00 dollars; the deposit amount of US50,000.00 shall be required from an applicant who is at least 35 years of age and belongs to any of the following:
  • Retired military personnel of governments recognized by the Philippines; or
  • Former members of foreign diplomatic corps who have served for at least three (3) years in their respective posts, or
  • Retired officer and employees of international organizations such as the United Nations and its affiliate agencies, the World Health Organization, World Bank, International Labor Organization and other similar organizations.

 

Starting May 05, 2011, more SRRV options will be made available for you to choose from on how to Retire in the Philippines through theSRRV Products. You can choose from the SRRV SMILE, the SRRV CLASSIC, SRRV HUMAN TOUCH, and the SRRV COURTESY. Please refer to the table below for the requirements and the qualifications for each program.


 

 

 

 

 

REQUIREMENTS

SRRV SMILE

SRRV CLASSIC

SRRV HUMAN TOUCH

SRRV COURTESY

 

 

 

 

 

1. Age and Visa Deposit

1.     35 Years Old & Above - US$20,000.00

NOTE: Additional Visa deposit - US$15,000.00 per dependent in excess of two (2).

1.     35 - 49 Years Old - US$50,000.00

2.     50 Years Old & Above:

·         Without Pension - US$20,000.00

·         With Pension - US$10,000.00

NOTE: Additional Visa deposit - US$15,000.00 per dependent in excess of two (2).

Show proof of monthly pension remitted to the Philippines (US$800.00 for single applicant and US$1,000.00 for married couples)*

1.     35 years old & above = US$10,000.00

NOTE: 
Retiree must:

  Be shown to have a pre-existing condition (except contagious diseases) and in need of medical care and services.

  Show proof of monthly pension remitted to the Philippines equal to at least US$1,500.00.

1.     35 Years Old and above for Former Filipino citizens = US$1,500.00

2.     50 Years Old and above for Ambassadors / Retired Diplomats who served in the Philippines = US$1,500.00

NOTE: Additional Visa deposit - US$15,000.00 per dependent in excess of two (2) except for Former Filipinos.

 

 

 

 

 

2. Convertibility of Deposits

1.     LOCKED-IN in the bank.

·         Inconvertible into investment.

·         Intended for end of term needs and obligations of retiree.

·         Withdrawable upon cancellation of SRR Visa.

1.     May be converted into investments.

2.     Total amount of Investment must be at least US$50,000.00 for conversion to be allowed.

NOTE: For investment in condominium or long-term lease of House and Lot, units must be Ready For Occupancy.

1.     Same conditions prescribed under SMILE enrolment program.

1.     May be converted into investments.

NOTE: For investment in condominium or long-term lease of House and Lot, units must be Ready For Occupancy.

 

 

 

 

 

3. Application Fees

1.     US$1,400.00 for the Principal

2.     US$300.00 for each Spouse/Dependent

NOTE: One-time payment only.

1.     US$1,400.00 for the Principal

2.     US$300.00 for each Spouse/Dependent

NOTE: One-time payment only.

1.     US$1,400.00 for the Principal

2.     US$300.00 for each Spouse or Dependent

NOTE: One-time payment only.

1.     US$1,400.00 for the Principal

2.     US$300.00 for each Spouse/Dependent

NOTE: One-time payment only.

 

 

 

 

 

4. Monetary Obligation/s

1.     US$360.00 Annual PRA Fee (APF) for Principal, Spouse, and (1) Childupon enrollment and every year thereafter.

2.     US$100.00 for each dependent in excess of two (2).

1.     US$360.00 Annual PRA Fee (APF) for Principal, Spouse, and (1) Childupon enrollment and every year thereafter.

2.     US$100.00 for each dependent in excess of two (2).

NOTE: Previous fees, i.e. Visitorial Fee, Harmonization Fee & Management Fee are deemed waived.

1.     US$360.00 Annual PRA Fee (APF) upon enrollment and every year thereafter.

NOTE: To cover one (1) dependent only.

1. US$10.00 Annual PRA Fee (APF).

 

 

 

 

 

5. Depository Bank

1.     PRA Designated Banks

1.     PRA Designated Banks

1.     PRA Designated Banks

1.     PRA Designated Banks

 

 

 

 

 

6. Bank Account Name

1. PRA 

1. PRA 

1. PRA 

1. PRA 

 

 

 

 

 

7. Documentary Requirements

1.     Duly accomplished SRRV Application Form.

2.     Original Passport with Valid Entry Visa

3.     Medical Examination Clearance

4.     Police Clearance and National Bureau of Investigation (NBI) Clearance

5.     ID Pictures - twelve (12) pieces of 2"x2"

6.     Additional Proof of Relationship for joining SPOUSE / CHILD.

NOTE: All documents obtained / issued abroad must have an English translation and duly authenticated by the Philippine Embassy / Consular Office.

1.     Duly accomplished SRRV Application Form.

2.     Original Passport with Valid Entry Visa

3.     Medical Examination Clearance

4.     Police Clearance and National Bureau of Investigation (NBI) Clearance

5.     ID Pictures - twelve (12) pieces of 2"x2"

6.     Additional Proof of Relationship for joining SPOUSE / CHILD.

7.     Pension Documents*

NOTE: All documents obtained / issued abroad must have an English translation and duly authenticated by the Philippine Embassy / Consular Office.

1.     Duly accomplished SRRV Application Form.

2.     Original Passport with Valid Entry Visa

3.     Medical Examination Clearance

4.     Police Clearance and National Bureau of Investigation (NBI) Clearance

5.     ID Pictures - twelve (12) pieces of 2"x2"

6.     Health Insurance Policy

7.     Pension Documents

8.     Additional Proof of Relationship for joining SPOUSE / CHILD.

NOTE: All documents obtained / issued abroad must have an English translation and duly authenticated by the Philippine Embassy / Consular Office.

1.     Duly accomplished SRRV Application Form.

2.     Original Passport with Valid Entry Visa

3.     Medical Examination Clearance

4.     Police Clearance and National Bureau of Investigation (NBI) Clearance

5.     ID Pictures - twelve (12) pieces of 2"x2"

6.     Additional Proof of Relationship for joining SPOUSE / CHILD.

NOTE: All documents obtained / issued abroad must have an English translation and duly authenticated by the Philippine Embassy / Consular Office.

 

 

 

 

 

8. Payor

1. Principal Retiree or his Authorized Representative.

1. Principal Retiree or his Authorized Representative.

1. Principal Retiree or his Authorized Representative.

 

 

 

 

 

 


The Special Resident Retiree's Visa (SRRV) is a Philippine Visa issued by the Bureau of Immigration (BI) under the Retirement Program of the Philippine Retirement Authorit(PRA) to foreigners and overseas Filipinos. It entitles the holder to multiple-entry privileges with the right to stay permanently/indefinitely in the Philippines subject to the conditions laid down therein.

 

Who may apply for SRRV?

  1. Any foreign national, except those nationals of countries with which the Philippines does not have diplomatic relations and those nationals considered restricted by the Department of Department of Foreign Affairs (DFA); and
  2. Overseas Filipinos who are immigrants or under a visa category allowing them legal stay abroad and have resided therein continuously for at least seven (7) years, prior to their application for enrolment in the Program and should not have stayed a maximum total of sixty (60) days in a year in the Philippines.
  3. All foreign nationals below 50 and at least 35 years of age are required to deposit the amount of US75,000.00 dollars with any PRA short-listed bank. Those aged 50 and above are required to deposit the amount of US 50,000 dollars. Former Filipinos who are now holders of foreign passports are required to deposit US 1,500.00 dollars; the deposit amount of US50,000.00 shall be required from an applicant who is at least 35 years of age and belongs to any of the following:
  • Retired military personnel of governments recognized by the Philippines; or
  • Former members of foreign diplomatic corps who have served for at least three (3) years in their respective posts, or
  • Retired officer and employees of international organizations such as the United Nations and its affiliate agencies, the World Health Organization, World Bank, International Labor Organization and other similar organizations.

 

Starting May 05, 2011, more SRRV options will be made available for you to choose from on how to Retire in the Philippines through theSRRV Products. You can choose from the SRRV SMILE, the SRRV CLASSIC, SRRV HUMAN TOUCH, and the SRRV COURTESY. Please refer to the table below for the requirements and the qualifications for each program.

 

 

 

 

 

REQUIREMENTS

SRRV SMILE

SRRV CLASSIC

SRRV HUMAN TOUCH

SRRV COURTESY

 

 

 

 

 

1. Age and Visa Deposit

1.     35 Years Old & Above - US$20,000.00

NOTE: Additional Visa deposit - US$15,000.00 per dependent in excess of two (2).

1.     35 - 49 Years Old - US$50,000.00

2.     50 Years Old & Above:

·         Without Pension - US$20,000.00

·         With Pension - US$10,000.00

NOTE: Additional Visa deposit - US$15,000.00 per dependent in excess of two (2).

Show proof of monthly pension remitted to the Philippines (US$800.00 for single applicant and US$1,000.00 for married couples)*

1.     35 years old & above = US$10,000.00

NOTE: 
Retiree must:

  Be shown to have a pre-existing condition (except contagious diseases) and in need of medical care and services.

  Show proof of monthly pension remitted to the Philippines equal to at least US$1,500.00.

1.     35 Years Old and above for Former Filipino citizens = US$1,500.00

2.     50 Years Old and above for Ambassadors / Retired Diplomats who served in the Philippines = US$1,500.00

NOTE: Additional Visa deposit - US$15,000.00 per dependent in excess of two (2) except for Former Filipinos.

 

 

 

 

 

2. Convertibility of Deposits

1.     LOCKED-IN in the bank.

·         Inconvertible into investment.

·         Intended for end of term needs and obligations of retiree.

·         Withdrawable upon cancellation of SRR Visa.

1.     May be converted into investments.

2.     Total amount of Investment must be at least US$50,000.00 for conversion to be allowed.

NOTE: For investment in condominium or long-term lease of House and Lot, units must be Ready For Occupancy.

1.     Same conditions prescribed under SMILE enrolment program.

1.     May be converted into investments.

NOTE: For investment in condominium or long-term lease of House and Lot, units must be Ready For Occupancy.

 

 

 

 

 

3. Application Fees

1.     US$1,400.00 for the Principal

2.     US$300.00 for each Spouse/Dependent

NOTE: One-time payment only.

1.     US$1,400.00 for the Principal

2.     US$300.00 for each Spouse/Dependent

NOTE: One-time payment only.

1.     US$1,400.00 for the Principal

2.     US$300.00 for each Spouse or Dependent

NOTE: One-time payment only.

1.     US$1,400.00 for the Principal

2.     US$300.00 for each Spouse/Dependent

NOTE: One-time payment only.

 

 

 

 

 

4. Monetary Obligation/s

1.     US$360.00 Annual PRA Fee (APF) for Principal, Spouse, and (1) Childupon enrollment and every year thereafter.

2.     US$100.00 for each dependent in excess of two (2).

1.     US$360.00 Annual PRA Fee (APF) for Principal, Spouse, and (1) Childupon enrollment and every year thereafter.

2.     US$100.00 for each dependent in excess of two (2).

NOTE: Previous fees, i.e. Visitorial Fee, Harmonization Fee & Management Fee are deemed waived.

1.     US$360.00 Annual PRA Fee (APF) upon enrollment and every year thereafter.

NOTE: To cover one (1) dependent only.

1. US$10.00 Annual PRA Fee (APF).

 

 

 

 

 

5. Depository Bank

1.     PRA Designated Banks

1.     PRA Designated Banks

1.     PRA Designated Banks

1.     PRA Designated Banks

 

 

 

 

 

6. Bank Account Name

1. PRA 

1. PRA 

1. PRA 

1. PRA 

 

 

 

 

 

7. Documentary Requirements

1.     Duly accomplished SRRV Application Form.

2.     Original Passport with Valid Entry Visa

3.     Medical Examination Clearance

4.     Police Clearance and National Bureau of Investigation (NBI) Clearance

5.     ID Pictures - twelve (12) pieces of 2"x2"

6.     Additional Proof of Relationship for joining SPOUSE / CHILD.

NOTE: All documents obtained / issued abroad must have an English translation and duly authenticated by the Philippine Embassy / Consular Office.

1.     Duly accomplished SRRV Application Form.

2.     Original Passport with Valid Entry Visa

3.     Medical Examination Clearance

4.     Police Clearance and National Bureau of Investigation (NBI) Clearance

5.     ID Pictures - twelve (12) pieces of 2"x2"

6.     Additional Proof of Relationship for joining SPOUSE / CHILD.

7.     Pension Documents*

NOTE: All documents obtained / issued abroad must have an English translation and duly authenticated by the Philippine Embassy / Consular Office.

1.     Duly accomplished SRRV Application Form.

2.     Original Passport with Valid Entry Visa

3.     Medical Examination Clearance

4.     Police Clearance and National Bureau of Investigation (NBI) Clearance

5.     ID Pictures - twelve (12) pieces of 2"x2"

6.     Health Insurance Policy

7.     Pension Documents

8.     Additional Proof of Relationship for joining SPOUSE / CHILD.

NOTE: All documents obtained / issued abroad must have an English translation and duly authenticated by the Philippine Embassy / Consular Office.

1.     Duly accomplished SRRV Application Form.

2.     Original Passport with Valid Entry Visa

3.     Medical Examination Clearance

4.     Police Clearance and National Bureau of Investigation (NBI) Clearance

5.     ID Pictures - twelve (12) pieces of 2"x2"

6.     Additional Proof of Relationship for joining SPOUSE / CHILD.

NOTE: All documents obtained / issued abroad must have an English translation and duly authenticated by the Philippine Embassy / Consular Office.

 

 

 

 

 

8. Payor

1. Principal Retiree or his Authorized Representative.

1. Principal Retiree or his Authorized Representative.

1. Principal Retiree or his Authorized Representative.

 

 

 

 

 

 

* With Pension Scheme

 

What are the benefits with SSRV?

  1. Permanent non-immigrant status with multiple-entry privileges through the Special Resident Retiree's Visa;
  2. Exemption from customs duties and taxes for the importation of personal effects;
  3. Exemption from Exit Clearance and Re-entry Permits;
  4. 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;
  5. Conversion of the requisite deposit into active investments, including purchase of condominium unit;
  6. Interest on the foreign currency deposit is tax-free and payable to retiree in Philippine Pesos;
  7. Foreign currency time deposit can be converted into Philippine Pesos deposit, but interest is subject to withholding tax;
  8. Pension, annuities remitted to the Philippines are tax-free; and
  9. Guaranteed repatriation of the requisites deposit including invested profits, capital gains and dividends accrued from investments, upon compliance with Bangko Sentral rules and regulations.

 

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