PRA is handling various processing for the Retirees other than issuing of SRRV, such as:
- Tax Free Importation.
- Renewal of Identification Card.
- Re-stamping of SRRV on new Passport.
- Change of Bank for required Time Deposit.
- Cancellation of SRRV.
Those can be processed without the personal appearance of the Retiree through our assistance using Special Power of Attorney.
1. AEP (Alien Employment Permit)
SRRV holders are allowed to work or do business in the Philippines . However, he/she should obtain an AEP (Alien Employment Permit) from DOLE (Department of Labor and Employment). It is illegal for Retirees to work without AEP and considered as Criminal offense.
The following documents are required:
- Letter to DOLE issued by the Employer.
- Application Form
- TIN (Tax Identification Number)
- 1″x1″ & 2″x2″ photo (2pcs. each)
- SEC registration paper of company.
- Contract of Employment (Board Resolution of Directors)
- Application Fee (PhP8,000)
2. Tax Free Importation
SRRV holder is allowed of a Tax Free Importation of various goods/products (except for Car) up to a value of US$7,000 within 90 days after obtaining an SRRV.
The following documents shall be submitted one week before the arrival of the shipment:
- Bill of Lading
- Packing List
- Invoice (for new items).
- Original and valid Passport.
- Affidavit of Ownership
- Application fee (PhP200)
PRA will apply to DOF (Department of Finance), the DOF will issue TEC (Tax Exemption Certificate), PRA will pass the TEC to a Shipping Agent and the Agent will process to Bureau of Custom. If the Retiree cancels his/her SRRV within 3 years, the Retiree has to pay import or export tax of those shipments.
3. Renewal of Identification Card
The ID card shall be renewed every year for a fee of US$10 or equivalent Peso. However, if the Retiree kept the Time Deposit in the Bank, 3 years ID card will be issued for a fee of US$30 or equivalent Peso. ID card will be renewed within 1 day, however, if the Retiree does not submit the required documents and Visitorial Fee for Investment of Time Deposit, renewal will not be granted.
Retiree who obtained SRRV Classic or Smile after May 2011, must pay annual fee (US$360) upon renewal of ID instead of US$10.
4. Re-stamping of SRRV on New Passport
When the Retiree renew the Passport, he/she should carry the new and old Passports, however, he/she can stamp the SRRV to his/her new Passport with a service fee of US$10 and Immigration re-stamping fee of PhP1,010. It takes 3 weeks for re-stamping, new and old Passports shall be submitted to PRA. ID card shall also be renewed with a fee of US$10 to avoid different Passport number on the ID card.
5. Change of Bank for Required Time Deposit
The Bank of Time Deposit can be changed to other accredited Bank (one or more Banks but with a minimum deposit of US$10,000 for each bank). It takes 3-4 weeks for approval to be issued by PRA.
6. Cancellation of SRRV
SRRV can be cancelled anytime and the Retiree can withdraw the Time Deposit in Dollar and send back to his/her country of origin. Required documents are as follows:
- Exit Interview Form
- Letter of Intent
- ID Card
- Original Passport
- Cancellation Fee amounting to US$10 (PRA) & PhP510.00 (Immigration)
- Issuance of Temporary Visa fee amounting to US$10 (PRA) & PhP2,520 (Immigration)
It takes 2-3 months for the cancellation and withdrawal clearance to be issued. In case of death, Certificate of Death and proof of relation of representative and other inheritance are required for application. Additional documents for withdrawal of Time Deposit will be required by the Bank.