The Special Resident Retiree’s Visa (SRRV) Program in the Philippines is a special resident visa program offered by the Philippine Retirement Authority (PRA) for foreign retirees who wish to make the Philippines their second home. It provides numerous benefits and privileges, such as permanent residency status, tax exemptions, and multiple-entry privileges for hassle-free travel in and out of the country. The cost to get the SRRV visa is USD 1,500 (processing fee) plus the annual PRA ID card renewal of USD 10 per year.
The SRRV also offers various options to suit different budgets and preferences, allowing retirees (both expats and former Filipinos) to choose the best option that fits their needs. Overall, the SRRV program aims to attract foreign retirees to invest and retire in the Philippines, contributing to its economic growth while providing them with a comfortable retirement lifestyle
What is the SRRV?
The SRRV is a special non-immigrant visa that allows for indefinite stay in the Philippines with multiple-entry/exit privileges.
This visa is particularly designed for those who wish to live in the Philippines on a long-term or permanent basis.
It caters to different types of retirees, whether they are looking for a lifestyle full of perks, a hassle-free option for frequent travelers, or a comfortable environment for elderly individuals needing special care.
Benefits of the SRRV
The SRRV offers a multitude of benefits that make it an appealing choice for retirees:
- Indefinite Stay: Retirees can reside permanently in the Philippines.
- Multiple Entry/Exit Privileges: Enjoy the freedom to travel in and out of the country without restrictions.
- Exemptions: SRRV holders are exempt from the Bureau of Immigration ACR-I Card (Annual Report), customs duties and taxes for one-time importation of household goods and personal effects up to USD 7,000, travel tax if not stayed in the Philippines for more than a year from last entry, and the need for a Student Visa/Study Permit.
- Work and Investment: SRRV holders can work, study, or invest in the Philippines, providing flexibility for retirees to pursue new ventures or educational opportunities.
- Property Ownership: They have the right to own a condominium unit or townhouse with a Condominium Certificate of Title (CCT) and lease land for 50 years, renewable once for another 25 years.
- Guaranteed Repatriation: Retirees are assured of the repatriation of their dollar time deposits and/or investments.
Different SRRV Options
The SRRV program offers several options tailored to meet the needs of different retirees. Here are the main types:
- SRRV SMILE: Requires a USD 20,000 bank deposit.
- SRRV CLASSIC: Requires either a USD 10,000 investment in property (with pension) or a USD 20,000 investment (without pension).
- SRRV HUMAN TOUCH: Requires a USD 10,000 bank deposit, USD 1,500 monthly pension, and health insurance.
- SRRV COURTESY: Requires a USD 1,500 bank deposit for former Filipinos or retired foreign diplomats.
- SRRV EXPANDED COURTESY: Requires a USD 1,500 bank deposit for retired foreign military officers.
The PRA ID Card
The PRA ID Card is an essential identification card issued by the Philippine Retirement Authority to holders of the SRRV.
As per PRA Circular No. 002 issued in May 2023, the PRA ID Card for SRRV holders is now valid for two years from the date of issuance, which is an improvement from the previous annual renewal requirement.
Requirements
To apply for the SRRV, the following requirements must be met:
- Age: Applicants must be at least 50 years old.
- Medical and Police Clearances: These clearances ascertain that the retiree is in good health and has no criminal record.
- Deposit/Investment: Applicants must make the required deposit or investment as specified in the SRRV options.
All required documents must be submitted to the Philippine Retirement Authority office.
Step-by-Step Guide to SRRV Visa Application
Applying for the Special Resident Retiree’s Visa (SRRV) in the Philippines is a straightforward process designed to be as smooth and efficient as possible. Follow these steps to secure your SRRV and enjoy the benefits of retiring in the Philippines.
Step 1: Determine Eligibility
See to it that you meet the basic eligibility criteria:
- Age: You must be at least 50 years old.
- Health: Obtain a medical clearance to prove you are in good health.
- Criminal Record: Secure a police clearance to show you have no criminal history.
Step 2: Choose Your SRRV Option
Select the SRRV option that best suits your needs and circumstances:
- SRRV SMILE: Requires a USD 20,000 bank deposit.
- SRRV CLASSIC: Requires either a USD 10,000 investment in property (with pension) or a USD 20,000 investment (without pension).
- SRRV HUMAN TOUCH: Requires a USD 10,000 bank deposit, USD 1,500 monthly pension, and health insurance.
- SRRV COURTESY: Requires a USD 1,500 bank deposit for former Filipinos or retired foreign diplomats.
- SRRV EXPANDED COURTESY: Requires a USD 1,500 bank deposit for retired foreign military officers.
Step 3: Gather Required Documents
Collect all necessary documents to support your application:
- Completed SRRV Application Form: Available from PRA offices or the PRA website.
- Original Passport: With valid entry status.
- Medical Examination Clearance: Obtainable from a PRA-accredited clinic.
- Police Clearance: From the National Bureau of Investigation (NBI) in the Philippines or your local police authorities.
- Bank Certification of Deposit: Proof of inward remittance to a PRA-accredited bank.
- Photographs: Six pieces of 1×1 and six pieces of 2×2 photos.
Step 4: Make the Required Deposit/Investment
Transfer the necessary funds to a PRA-accredited bank in the Philippines:
- For deposits, make sure the bank credits the funds to a Special Time Deposit account in your name.
- Obtain a bank certification under oath of the inward remittance.
Step 5: Submit Your Application
Submit all required documents to the PRA office:
- Visit the PRA head office or satellite offices in Baguio, Clark, Subic, Cebu, and Davao.
- Alternatively, submit documents via mail or through a PRA-accredited marketer.
Step 6: Secure Medical and Police Clearances
If not obtained from your home country, PRA will assist you in securing these clearances in Manila:
- Medical clearance from a PRA-accredited clinic.
- NBI clearance if you did not bring police clearance from your home country.
Step 7: Pay the Application Fees / Cost
Pay the required fees:
- Processing and Service Fee: USD 1,500.
- Annual PRA ID Card Fee: USD 10 (waived for the first year).
Step 8: PRA Evaluation
PRA will evaluate your application and documents:
- If everything is complete and in order, PRA will endorse your application to the Bureau of Immigration (BI) for the issuance of the SRRV.
Step 9: Issuance of SRRV
Once the Bureau of Immigration approves your application, you will be issued the SRRV:
- This process typically takes about five working days upon submission of all requirements.
Step 10: Receive Your PRA ID Card
Upon approval, you will receive your PRA ID Card:
- This card is valid for two years from the date of issuance.
- Make sure you comply with renewal requirements to maintain its validity.
Video: Why retire in the Philippines?
Paolo Grazzini shares his experience as an SRRV holder, highlighting why he selected the Philippines as his second home. Join him in discovering the beauty of Coron, Palawan, and secure your Special Resident Retiree’s Visa today for a fulfilling retirement lifestyle.
Conclusion
The SRRV application process is designed to be user-friendly and efficient.
By following these steps and making sure that all requirements are met, you can secure your SRRV and enjoy the many benefits of retiring in the Philippines.
For more detailed information or assistance, you can contact the PRA directly or visit their website.
Embrace a fulfilling retirement in the Philippines with the SRRV program.