INFORMATION ON THE SPECIAL RESIDENT RETIREES VISA (SRRV)

The SRRV allows a foreign national above 35 years of age and qualified dependents to enjoy permanent non-immigrant status in the Philippines with multiple-entry privileges and tax exemptions.

Contact Agency: Philippine Retirement Authority (PRA)
Address: 29th Floor, Citibank Tower, 8741 Paseo de Roxas
Makati City 1200 Philippines
Telephone No: (63 2) 848 1412 up to 20
Fax No : (63 2) 848 1411

A. Qualifications:

All foreign nationals (except those from countries with no diplomatic ties with the Philippines or are classified as RESTRICTED by the Department of Foreign Affairs), former Filipinos and all overseas-based Filipinos who are on immigrant status or under a visa category allowing legal stay abroad and have lived there continuously for a minimum of seven (7) years and who have not stayed a maximum total of 60 days in a year in the Philippines prior to application are eligible to join the Program, provided they are at least 35 years old.

B. Depository Requirements:
All applicants must open a US dollar time deposit for a term of six (6) months at any PRA-shortlisted bank. The amounts of deposits are as follows:
b.1. US $ 1, 500.00 for former/overseas Filipinos.
b.2. US $ 50, 000.00 for those 50 years old and above.
b.3. US $ 75, 000.00 for those 35 t0 49 years old. Except for any of the following who are required to open a deposit of
US $ 50, 000.00 only:

- Retired military personnel of governments recognized by the Philippines;
- Former members of foreign diplomatic corps who have served for at least three (3) years in their respective posts;
- Retired officers/employees of international organizations such as the United Nations and its affiliate agencies, the World Health Organization, World Bank, International Labor Organization and similar organizations.

C. Documentary and Procedural Requirements:

c.1 Process of SRRV Issuance to Aliens by Philippine Embassy/Consulate

Applicant/Marketer submits documents to Philippine Embassy/Consulate;

Applicant/Marketer notifies Philippine Retirement Authority (PRA) of application/documents submitted to Philippine Embassy/Consulate:

- PRA application
- Birth Certificate or Photocopy of passport page showing Date of Birth
- Medical and Police Clearance from place of origin valid for six (6) months
- Certification by bank of deposit
- Photographs- Marriage Certificate if spouse is joining
- Birth Certificate if a dependent child is joining
- Payment of application fee to PRA.

Philippine Embassy/Consulate endorses application/documents to Department of Foreign Affairs (DFA), Manila who in turn endorses the same to PRA for evaluation and processing.
PRA reviews documents. If complete, forwards recommendation to DFA, Manila for subsequent notification to Philippine Embassy/Consulate.
Philippine Embassy/Consulate abroad issues SRRV to applicant.
Applicant enters Philippines with single entry SRRV.
Upon arrival in Manila, applicant goes to PRA office. PRA evaluates the documentary requirements. If complete, PRA transmits the documents including the original of the applicants passport to the Bureau of Immigration for the stamping of the multiple/indefinite-entry SRRV.

c.2 Process of SRRV Issuance to Aliens by Bureau of Immigration (BI),Manila

Applicant/Marketer remits deposit requirement to a shortlisted bank in Manila Bank credits funds to Special Time Deposit account in the name of applicant.
Shortlisted bank sends Philippine Retirement Authority (PRA) certification under oath of inward remittance of applicants deposit.
Applicant/Marketer secures Medical and Police Clearance from place of origin to be authenticated by the Philippine Embassy/Consulate.
Applicant enters the Philippines as tourist.
Applicant/Marketer submits all documents to PRA in Manila

- PRA application
- Valid passport
- Medical and Police or National Bureau of Investigation (NBI) Clearance
- Certification by bank of deposit
- Photographs
- Marriage Certificate if spouse is joining
- Birth Certificate if a dependent child is joining
- Payment of application fee

(If Medical or Police Clearance is not secured from place of origin, PRA assists applicant to secure the same in Manila in three (3) workings days)
PRA evaluates and, if complete, endorses application to the Bureau of Immigration (BI) for issuance of SRRV
Applicant is issued SRRV by BI within five (5) working days upon completion/submission of all requirements.

c.3 Service and Processing Fees

• US $1, 300.00 for those 50 years old and above and former and overseas-based Filipinos. And US$ 1, 800.00 for those 35 to 49 years old.

• US $200.00 for service fee.

• P9, 070.00 conversion fee for each dependent and P500.00 per person, payable to the Bureau of Immigration.

• If the visa is issued by the Philippine Embassy/Consulate abroad, the applicant, his spouse and dependents shall pay the required visa free.

• Visitorial fee of one-half percent (0.5%) per annum of the Philippine Peso equivalent of the deposit converted to actual investment.

• P2,000.00 annual membership fee for PRAMA Foundation.

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