Special Resident Retiree’s Visa (SRRV) in Philippines
The Special Resident Retiree’s Visa (SRRV) entitles the holder to reside during his lifetime in the Philippines, permitting multiple entry privileges, so long as the requirements of the visa remain in the Philippines. The SRRV is issued by the Bureau of Immigration upon endorsement of the Philippine Retirement Authority (PRA).
The SRRV program of the PRA requires the foreign national to have a certain amount of deposit in any PRA-accredited bank in the Philippines. The amount has to be deposited via inward remittance.
There are different SRRV Programs available. The amount of bank deposit requirement depends on the program being applied for. Any foreigner, who is at least Fifty (50) years of age, is eligible to apply for an SRRV provided they meet at least one of the SRRV programs’ requirements. The applicant may be joined by his dependents, who can be his/her spouse and/or his unmarried children under 21 years old. The number of dependents to be included in the application may vary from the amount of required deposit and may be subject to the conditions of the program.
The deposit may be converted into an active investment. The total amount of investment must be at least US$50,000 for conversion to be allowed. There are programs which only allow qualified retirees to convert their time deposit into active investments after a holding period of thirty (30) days from the date of SRRV issuance. He can choose to invest their deposit through the following means:
- Purchase, acquisition, and ownership of a condominium unit;
- Long-term lease of house and lot, condominium or townhouse for a period not shorter than twenty (20) years; or
- Purchase, acquisition, and ownership of golf or country club shares.
The SRRV holder will be exempted from securing an Alien Certificate Registration Identity Card (ACR I-Card). Such general requirement by the BI is replaced with a PRA Membership Identity Card.