SRRV (SPECIAL RESIDENT'S RETIREES VISA)
OUTLINE OF SRRV
SRRV can be obtained by any foreign nationalities above 35yrs. old. There will be no extension or re-entry permit, hassle-free permanent visa.
Retirees have to deposit US$10,000 (with Pension 50yrs. old above), US$20,000 (50yrs. old above) or US$50,000 (49yrs. old below) Time Deposit to the accredited bank in the Philippines . Those can be used for investments such as purchasing of Condominium, Golf share or Long-term Lease of House & Lot. After a month, if the retiree wants to cancel the visa, repatriation of time deposit by foreign currency is guaranteed.
Benefits
• Option of Permanent Residency, Multiple-entry and Indefinite Stay in the Philippines .
• Exemption from the Exit Clearance & Re-entry Permits.
• Exemption from Custom Duties and Taxes for the Importation of Personal Effects up to US$7,000.
• Exemption from Travel Tax if stay in the Philippines is less than a year from the last entry date.
• Option of including Dependents to the program.
• Exemption from obtaining Special Study Permit.
• Tax-free remittance of Annuities and Pensions.
• Exemption from the Bureau of Immigration's Annual Registration Requirement (ACR – Alien Certificate of Registration).
Documentary Requirements
• Accomplished PRA Application Form;
• Original copy of Valid Passport with Valid Entry;
• Medical Clearance;
• Police Clearance (from country of origin;
• Time Deposit Certification from any PRA Accredited Bank of the inward US $ remittance;
• 1"x1" & 2"x2" photographs (6pcs. each)
For the Dependents:
• Original Marriage Certificate for Spouse
• Original Birth Certificate for Children
Documents obtained abroad must be translated to English (if applicable), and must be authenticated by the Philippine Embassy/Consulate Office.
Required Time Deposit
(Application Fees are: US$1,400 for principal, US$300 for dependent & US$10 for ID renewal.)
• US$50,000 – for 35-49 years old and below
• US$20,000 – for 35 years old and above
• US$10,000 – for 50 years old and above with pension
• US$1,500 – for former Filipino Citizens
• US$15,000 – each for 3 or more dependants
PREPARATION IN COUNTRY OF ORIGIN
I. Preparation of Necessary Documents for Application of SRRV
• Passport/Visa
• Remittance of required Dollar for Time Deposit.
• Marriage Certificate and/or Birth Certificate if there is dependent (authenticated by Philippine Embassy).
• Police Clearance (authentication is required by Philippine Embassy).
• Certification of Pension
1. Passport and Entry Visa
Entry Visa maybe obtained upon entry, the Passport must be valid at least 6 months from the date of expiration and must have a return ticket. If you have long term visa other than a 9a Visa (Temporary Visitor's Visa), it has to be downgraded to 9a Visa at Bureau of Immigration before the application of SRRV.
2. Remittance of Required Dollar for Time Deposit
Remittance shall be made to your own Dollar Account in the accredited banks in the Philippines such as Bank of Commerce, Banco De Oro (BDO), Rizal Commercial Banking Corporation (RCBC), Philippine Savings Bank (PS Bank) & Union Bank. Use of money obtained in the Philippines is not allowed. We will help you to open a bank account only with your copy of passport.
3. Marriage Certificate and/or Birth Certificate
It shall be translated to English and authenticated by Philippine Embassy in country of origin.
4. Police Clearance
NBI (National Bureau of Investigation) Clearance is no longer applicable, however, if Retiree has no Police Clearance upon application of SRRV, NBI Clearance may suffice but Police Clearance is required to be submitted within a year.
5. Certification of Pension
Certificate of Retirement Benefit and Remittance is advised to be translated in English.
PROCESSING IN THE PHILIPPINES
I. Entry to Philippines
Retiree has to enter and stay in the Philippines during application of SRRV. He/she may travel anywhere inside the Philippines but cannot travel out of the country. If retiree has to go out of the Philippines because of emergency reasons, the Passport can be withdrawn and resume the processing after he/she comes back to the Philippines . In that case, PhP5,520 shall be paid to PRA for revalidation.
II. Preparation of Necessary Documents
• Application Form
• Medical Certificate
• Certificate of Time Deposit
• Pictures
• NBI (National Bureau of Investigation) Clearance
1. Application Form
This is a Special Resident Retiree's Visa application form.
2. Medical Certificate
This is a Medical Form from PRA. You can go to any clinic for examination. (Form PRA-RSC-2007-002)
3. Certificate of Time Deposit
Retirees are required to go a bank where he/she remitted the required Dollar and open a Time Deposit account. Certification will be sent to PRA directly from the Bank, a copy of the certificate will be provided to the retiree. Two (2) pieces of 1"x1" photo and original passport are necessary.
4. Pictures
1"x1" & 2"x2" photographs (6 pcs . each)
5. NBI Clearance
If the retiree has stayed more than 1 month in the Philippines before the application of SRRV, NBI Clearance is required in addition to Police Clearance from country of origin.
III. Open Bank Account
SRRV holder or applicants are allowed to open a Peso or Dollar Account for remittance of Money/Pension from his/her country of origin or for interest of Time Deposit. It can be done when retirees open a Dollar Time Deposit for SRRV application.
IV. Application of Visa
Upon completion of all the documents, applications will be made at PRA. (The Bureau of Immigration will not accept any application of SRRV). Application fees (US$1,400 for Principal and US$300 for Dependent) will be paid cash in Dollar or in Peso.
V. Issuance of SRRV/Identification Card
Approximately 10 working days after the application, SRRV (stamped on Passport), will be issued together with the ID. ID card is required to be shown from time to time as a proof of SRRV holder. Retirees are requested to attend the Oath taking Ceremony and sign the Affirmation upon issuance of SRRV.
