Foreigner Retirement in the Philippines..
How to retire in the Philippines through the Special Resident Retiree’s Visa (SRRV)
As from 5th May 2011, the two main options, and financial implications, for a foreigner to retire in the Philippines are:
SRRV SMILE
Age: 35 Years plus
Deposit: US$20,000 which is locked into the bank and can only be withdrawn upon cancellation of SRR Visa, or used for funeral costs etc
Application Fee: US$1,400.00 for the Principal plus US$300.00 for each Spouse/Dependent
Annual Fees: US$360.00 for the Annual PRA Fee that covers the Principal, Spouse and one Child
SRRV CLASSIC
Age: 35 – 49 Years Old
Deposit: US$50,000 which is locked into the bank and can only be withdrawn upon cancellation of SRR Visa, or used for funeral costs etc.
Age: 50 Years Old & Above with a pension:
Deposit: US$10,000
Monthly pension remitted to the Philippines must be at least US$800.00 for single applicant and US$1,000.00 for married couples.
Age: 50 Years Old & Above without a pension:
Deposit: US$20,000
The Classic deposit can be converted into investments, but only when part of a total of at least US$50,000.
When used for investment in condominium or long-term lease of House and Lot, the units must be “Ready For Occupancy”.
Application Fee: US$1,400.00 for the Principal plus US$300.00 for each Spouse/Dependent
Annual Fees: US$360.00 for the Annual PRA Fee that covers the Principal, Spouse and one Child
More options include:
SRRV HUMAN TOUCH
SRRV COURTESY
These can be seen at: http://www.pra.gov.ph/main/srrv_program?page=1
The Benefits of this retirement visa include:
1. You may live, work and study in the Philippines
2. You may travel outside the Philippines and re-enter anytime
3. Exemptions from:
Income tax over your pension and annuities (but not Philippine Earned Income);
Exit and re-entry permits of the Bureau of Immigration;
Annual registration requirement of the Bureau of Immigration;
Customs Duties and Taxes with regard to the importation of household goods and personal effects up to US$7,000.00;
Travel tax, if you stay in the Philippines is less than one year from the last entry date; and
I-Card
69.1 - 813,819