How to Prepare For Retiring in the Philippines

Retiring in the Philippines is getting increasingly popular due to many factors such as weather, cost of living and increasingly better life quality. This is a popular type of visa for permanent stay in the Philippines as it is already available to people at least 35 years old. From this article you will find the […]

Retiring in the Philippines is getting increasingly popular due to many factors such as weather, cost of living and increasingly better life quality. This is a popular type of visa for permanent stay in the Philippines as it is already available to people at least 35 years old.

From this article you will find the type of visa you need when retiring in the Philippines and how to start the process.

Table of contents

    Choosing Visa When Retiring in the Philippines

    Foreign national or overseas Filipino needs a Special Resident Retiree’s Visa (SRRV) for the retirement days in the Philippines. Furthermore, a successful candidate must meet the criteria as per local Retirement Program of the Philippines Retirement Authority (PRA).

    A person with a SRRV, also known as the Retirement Visa, is giving the holder multiple-entry permission and privilege to exit and enter as you like. Be it to travel, to move to another island or visit long-time friends at other countries. Also, this visa grants a permanent stay in the Philippines.

    Requirements for Retirement Visa Applicants

    The retirement visa has minimal requirements and therefore it is popular amongst expatriates in the Philippines. While in theory you are retiring in the Philippines, many expats plan their businesses after receiving the SRRV. The visa is issued by the Bureau of Immigration, thus retiring in the Philippines comes with several government regulations.

    The Principal Retiree applicant must be at least 35 years old. For instance, when compared to Indonesia, Retirement Visa in Indonesia is issued to those at least 55 years old.

    When retiring in the Philippines, you should also know about the time deposit – it has an agreed term as well as an interest rate of return. It will render the funds illiquid for the agreed period of time.

    Different type of retirement visas

    The Philippine Retirement Authority allows foreign retirees to apply for several SRRV options to have Philippines as their international retirement home:

    SRRV Classic

    SRRV Smile

    SRRV Courtesy and Expanded Courtesy

    SRRV Human Touch

    Applicant 35 years and above

    • Foreign Nationals 50 years and above
    • Former Filipinos 35 years old and above
    • Applicants who previously rendered diplomatic services in the Philippines or International organizations

    Foreign Nationals 35 years and above

    Required Visa Deposit

     

    • 35 to 49 years old: $US 50, 000
    • 50 years and above:

    With pension: $US 10,000

    Without pension: $US 20,000

    *Plus Application fee

    35 years old and above: $US 20,000

     

     

     

     

     

    *Plus Application fee

     

    • 35 years old and above (former Filipino): $US 1,50
    • 50 years old and above (foreign national): $US 1,500

     

     

    *Plus Application fee

    35 years old and above: $US 10000

     

     

     

     

     

    *Plus Application fee

    Convertibility of Visa Deposit

    The visa deposit may be used for investments in real estates properties (purchase/lease) which is valued min. of $US 50,000

    The visa deposit is required to be maintained in a PRA designated/accredited bank and may only be withdrawn:

    • Upon cancellation of the SRRV.
    • To satisfy end of term need of catastrophic obligations e.g. extreme medical condition, death.

    The visa deposit may be used for investments in real estates properties (purchase/lease).

    The visa deposit is required to be maintained in a PRA designated/accredited bank and may only be withdrawn:

    • Upon cancellation of the SRRV.
    • To satisfy end of term need of catastrophic obligations e.g.

    Benefits of Retirement visa in the Philippines

    Demand for Philippines remains and not only due to the excellent positioning and low housing costs. There are several reasons why the archipelago is found increasingly popular amongst the foreign retiree communities. Therefore, below are the benefits and privileges as per the Expat Focus listing.

    Retiree privileges

    • Multiple entry privileges giving retiree a non-immigrant status
    • Exemption from customs duties and taxes for the importation of personal items, appliances and household furniture worth US$7,000 (PHP ~363,100.67)
    • Both re-entry permit as well as exit clearance exemption
    • Also exempt from travel tax in case you have not stayed in the Philippines for over than a year from date of the last entry
    • Pension and annuities remitted to the Philippines are both tax-free
    • Guaranteed repatriation of the requisite deposit (including invested profits, capital gains and dividends) accrued from investments, as per compliance with central bank regulations
    • Exemption from Alien Certificate registration, which is required annually
    • Exemption from students VISA/Study permit

    Retirement visa benefits

    • Ability to convert foreign currency time deposit into Philippine peso deposit (however the interest is subject to withholding tax)
    • Conversion of the requisite deposit into active investment, which includes a purchase of a condominium unit in the Philippines
    • May own a condominium unit or townhouse with Condominium Certificate of Title (CCT)
    • May lease a parcel of land for 50 years; it is renewable once for another 25 years

    Applying for the Visa

    Furthermore about applying for your visa, note that you must submit all documents together. There is a set of necessary paperwork to collect and possibly translate before presenting it together to the Immigration officials. Furthermore, using an agent based in the Philippines is a common practice for a smoother processing. Thus, ask help if needed and make sure your paperwork is final for there to be no mishaps and chances of declining your visa.

    List of required documents:

    • Original of your valid Passport including a valid Tourist Visa in the Philippines (except for a Tourist Visa with Travel Agency/Tour Operator sponsorship)
    • Complete PRA Application Form
    • Original Medical Clearance
    • Original Police Clearance from country of origin
    • NBI Clearance – if you have stayed in the country over 30 days from the last date of entry prior to application of SRRV)
    • Photos (12 pieces of 2″x2″)
    • Proof of relationship for joining dependents

    Translate the documents you either issue or obtain outside of the Philippines into English. Also, in such cases you will need the authentication of the Philippine Embassy/ Consulate.

    Also, for some retirees the list is longer and more documents required, which we gladly help prepare. Reach out to Emerhub to further discuss retiring in the Philippines and start preparing documents right away.

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