http://www.gov.ph/faqs/retirement.asp
WHAT IS THE SPECIAL RESIDENT RETIREES VISA (SRRV)?
The Special Resident Retirees Visa (SRRV) hereinafter referred to as the Retirees Visa, is a special non-immigrant visa separate and distinct from the existing visa categories defined by the Philippine Immigration Act of 1940, as amended, and allied laws. (Sec. 1, Rule II of LOI 1470)
LOI 1470, as a supplemental statute to E.O. 1037 was passed on July 4, 1985 aimed at:
1) Developing and promoting the Philippines as a preferred retirement haven for former Filipinos and foreign nationals;
2) Attracting foreign exchange; and
3) Directing the issuance of the Special Resident Retiree Visa (SRRV).
The issuance of the SRRV to qualified PRA applicants, entitles the holder to reside in the Philippines for an indefinite period with multiple-entry privileges as long as the required minimum deposit investment subsists. (Sec. 2, Rule II of LOI 1470)
Moreover, the SRRV offers benefits which includes the exemption from the Exit Clearance, Re-Entry and Annual Registration requirements of the Bureau of Immigration, Travel Tax (provided the retiree has not stayed in the Philippines for more than a year from date of last entry) Special Study Permit, importation of household goods/personal effects worth US$7,000 for family use and other value added services.
The SRRV, characterized by its being indefinite with multiple-entry privileges, partakes the nature of a permanent and/or lifetime visa. Thus, guaranteeing the principal retiree and family members the privilege to settle permanently in the Philippines and enjoy the best quality of life in the most attractive package. This is the Authoritys international commitment and is the true meaning of Smiling at Life in the Philippines.
WHO MAY APPLY?
All foreign nationals provided they are issued an entry visa by the Philippine Embassy/Consulate and former Filipino citizens who are now holders of foreign passports both of whom are at least 35 years old.
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REQUIREMENTS
Retirement Option and their Required Time Deposit
1. With Pension 50 years. Old and above the required time deposit is US$10, 000.00 plus a monthly pension of US$800.00 for a single applicant and US$1,000.00 for couple
2. Without Pension
* 35 to 49 years old US$50, 000.00 time deposit
* 50 years old and above US$20, 000.00 time deposit
* Former Filipino Citizens (at least 35 years old, regardless of the number of dependents US$1,500.00
* Ambassadors of foreign countries who served and retired in the Philippines- US$1,500.00
Note: The PRA Accredited banks agree to accept any acceptable foreign currency for deposit in the accounts, provided that it shall be credited to the account as the United States Dollars or Philippine Pesos equivalent
WHAT ARE THE DOCUMENTS REQUIRED FROM A RETIREE BEFORE HE CAN JOIN THE PROGRAM?
A prospective retiree-participant shall submit to PRA the following:
1. PRA application form;
2. Original passport with valid entry status;
3. Medical Examination Clearance -can be secured abroad (with English translation) duly authenticated by the Philippine Embassy/Consular Office. If the applicant is in the Philippines, this can aslo be secured at the PRA One-Stop Shop
4. Bank Certificate of Dollar Time Deposit inwardly remitted to any PRA accredited banks;
5. Police Clearance issued abroad translated into English and duly authenticated by the Philippine/Consulate or National Bureau of Investigation (NBI) Clearance issued in the Philippines. This also applies to spouse and dependents 18 years of age and above (Age requirement of 18 is for purpose of NBI Clearance only);
6. Photographs, 6 pieces 1x1 and 6 pieces 2x2;
7. If the spouse is also applying for SRRV, Marriage Certificate or Marriage Contract translated into English (if necessary) and duly authenticated by the Philippine Embassy/Consulate nearest the applicants residence if the marriage was contracted abroad. If the marriage was solemnized in the Philippines, original Marriage Certificate; and
8. If dependent/s is/are also applying for the SRRV, original Birth Certificate/s of dependent/s born in the Philippines or Birth Certificate/s or Household Register translated into English (if necessary) and duly authenticated by the Philippine Embassy/Consulate nearest the applicants residence abroad.
WHAT ARE THE BENEFITS UNDER THE PROGRAM?
1. Multiple/Indefinite entry privileges with the option to reside permanently in the Philippines.
2. Exemption from exit Clearance & Re-Entry Permits.
3. Exemption from Customs Duties and Taxes for the Importation of Personal Effects up to US$7,000.00.
4. Exemption from Travel Tax, if stay in the Philippines is less than a year from the last entry date.
5. Exemption from the Bureau of Immigrations Annual registration requirement.
6. Assistance in Obtaining an Alien Employment Permit.
7. Tax-free remittance of Annuities and Pensions.
8. Guaranteed repatriation of the deposit/investment.