SRRV (SPECIAL RESIDENT RETIREES’ VISA)
OUTLINE OF SRRV
SRRV can be obtained by any foreign nationalities above 35yrs. old (limited to above 50 years old at the moment). There will be no extension or re-entry permit, hassle-free permanent visa.
SRRV has 4 options such as SRRV Classic, SRRV Smile (pending at this moment), SRRV Courtesy/Expanded Courtesy and SRRV Human Touch. Mostly Classic and Smile will be applicable and Courtesy/Expanded Courtesy is for former Filipino/Diplomatic service/Military service/Significant achievers in various fields and Human Touch is for those in need of medical/clinical care services.
SRRV Classic may allow you to convert deposit into investment after a month such as purchasing Condominium or Long-term Lease of House and Lot which is ready for occupancy and total amount of investment must be at least USD50,000. Required deposit is USD50,000 for 35 -49 years old and USD20,000 for 50 years old and above or USD10,000 with monthly pension of USD800 for single applicant and USD1,000 for married couples.
SRRV Smile locks your deposit in the Bank but intended for end term needs and obligation of retiree. Required deposit is USD20,000 for 35 years old above.
SRRV Courtesy is for 35 years old above of former Filipino and for 50 years above of Diplomatic Service, allows retirees to have SRRV with USD1,500 deposit and USD 10 for annual fee.
Expanded Courtesy is for Ex military retirees for 50 years above with monthly pension of USD1,000 above, allows retiree to have SRRV with USD1,500 deposit and USD 10 for annual fee. Please refer to the files for detail qualification.
SRRV Human Touch for retirees, 35 years old above who need medical care with monthly pension of USD1500 and health insurance policy, allows USD 10,000 deposit
Retirees have to deposit required amount in PRA account in DBP (Development Bank of the Philippines) or own account in the PRA accredited bank in the Philippines .
If the Retiree wants to cancel the visa, repatriation of time deposit by foreign currency is guaranteed.
- 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).
- Accomplished PRA Application Form;
- Original copy of Valid Passport with Valid Entry visa;
- Medical Clearance;
- Police Clearance (from country of origin);
- Time Deposit Certification from any PRA Accredited Bank of the inward US $ remittance (not required if remittance is made to PRA account in DBP);
- 2″x2″ photographs with white background (12pcs)
- Certificate of Pension if applicable;
- Proof of background for Courtesy/Expanded Courtesy
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 with Apostille by Department of Foreign Affair of the origin country of Retiree.
Application Fee and Annual Fee
Application Fees are: US$1,400 for principal, US$300 for dependent
Annual Fee: USD360 upon application and every year, USD100 each in excess of 2 dependents. USD10 each for Courtesy program.
- US$50,000 – for 35-49 years old in SRRV Classic
- US$20,000 – for 35 years old above in SRRV Smile, for 50 years old above in SRRV Classic
- US$10,000 – for 50 years old and above with pension in SRRV Classic, for 35 years above in SRRV Human Touch
- US$1,500 – for 35 years old above of former Filipino in SRRV Courtesy, for 50 years above of Diplomatic Service in SRRV Courtesy and Ex-Military retirees in Expanded Courtesy.
- US$15,000 – each for 3 or more dependents
PREPARATION IN COUNTRY OF ORIGIN
I. Preparation of Necessary Documents for Application of SRRV
- Remittance of required Dollar for Time Deposit.
- Marriage Certificate and/or Birth Certificate if there is dependent (authenticated with Apostille).
- Police Clearance (18 above, authentication with Apostille).
- Certification of Pension (translated and authenticated with Apostille).
1. Passport and Entry Visa
Entry Visa maybe obtained upon entry, for 30 days stay for most of country, 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 PRA accredited banks in the Philippines such as Bank of Commerce, Banco De Oro (BDO), Philippine National Bank (PNB) & Union Bank, or PRA account in the Development Bank of the Philippines. Use of money obtained in the Philippines is not allowed.
3. Marriage Certificate and/or Birth Certificate
It shall be translated to English and authenticated with Apostille.
4. Police Clearance
It shall be translated to English and authenticated with Apostille, 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 is to be translated in English and authenticated with Apostille.
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 re-validation.
II. Preparation of Necessary Documents
- Application Form
- Medical Certificate
- Certificate of Time Deposit(if remitted other than PRA account in DBP)
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 in the Philippines.
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 if remitted to other than PRA account in DBP submitting Letter of Introduction provided by PRA. A copy of the certificate will be provided to the Retiree and submit to PRA. Two (2) pieces of 1″x1″ photo and original passport are necessary for opening account.
In the case where the Retiree remit the required USD to PRA account in DBP, PRA will provide certification to Retiree upon issuance of SRRV.
2″x2″ photographs with white background (12 pcs )
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 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) and Annual fee (US$360) will be paid cash in Dollar or in Peso. You can avail an ID effective 3 years if you pay 3 years annual fee (US$1,080) – (pending at this moment).
V. Issuance of SRRV/Identification Card
Approximately 20 working days after the application, SRRV (stamped on Passport), will be issued together with the ID. Identification Card is required to be shown from time to time as a proof of SRRV holder, and renewed every year (or 3 years) with payment of annual fee (US$360). Retirees are requested to attend the Oath taking Ceremony and sign the Affirmation upon issuance of SRRV.