SPECIAL RESIDENT RETIREE’S
VISA or SRRV
Are you a foreign citizen or
national who desires or plans to retire in the Philippines? Or are you a former
Filipino citizen who is now a naturalized citizen in a foreign country and who
desires to retire in the Philippines without re-acquiring your Philippine
citizenship? In short, you simply want to avoid the possible complication of
having a dual citizenship but still you are looking forward to spending more
time in the Philippines or even the rest of your life in the Philippines. Perhaps, the SRRV or the Special Resident
Retiree’s Visa is the right one for you!
What is the SRRV?
The Special Resident Retiree’s
Visa (SRRV) is a special non-immigrant visa that entitles the holder to reside
in the Philippines indefinitely with multiple entry and exit privileges. It is separate and distinct from the existing
visa categories defined by the Philippine Immigration Act of 1940, as amended,
and its allied laws. This visa is for
foreign nationals, including former Filipinos who lost their Philippine citizenship by naturalization in a foreign country, who would like to make the Philippines their second home or
investment destination.
SRRV is still issued by the
Bureau of Immigration, but this one is being implemented through the Philippine
Retirement Authority or PRA. You might wonder why the PRA? And what is the PRA?
PRA or the Philippine
Retirement Authority is a government-owned-and-controlled corporation attached
to the Department of Tourism. It was
created way back in 1985 through Executive Order No. 1037 issued by the late
President Marcos. Its is mandated to
attract foreign nationals and former Filipino citizens to make Philippines as
their retirement destination. It was subsequently attached to the Board of
Investments and now, it is attached to the Department of Tourism.
So please take note: PRA is the only agency that accepts and
processes SRRV applications. Although
there are accredited marketers whom you may approach to help you in your
application. The list of these accredited marketers is found in the official
website of the PRA.
Now, what are the benefits
that you can get from having the SRR Visa?
No. 1:
Indefinite stay with multiple-entry and exit privileges.
·
As an SRRV holder, you
may stay in the Philippines for as long as you want. You may stay in the Philippines for good and
embrace the local life of Filipinos. You
are free to come in and out of the Philippines anytime that you desire.
No. 2: Entitlement to PHILHEALTH benefits
& privileges.
·
As an SRRV holder, you
may enrol under the Informal Economy member category of PhilHealth to gain
access to medical care services in the country.
No. 3: Discount privileges from PRA
accredited Merchant Partners.
·
PRA has accredited
certain entities that render medical services, retirement facilities, resorts,
and others. SRRV holders are given discount privileges by these merchants.
No. 4: Free assistance in transacting
with other government agencies.
·
PRA provides
assistance to its member-retirees in transacting with other government
agencies, such as the Land Transportation Office for obtaining a driver’s
license, NBI Clearance, obtaining an Alien Employment Permit from the
Department of Labor and Employment, and
obtaining a Taxpayer’s Identification Number from the Bureau of Internal
Revenue.
No. 5: Exemption from the Philippine
Bureau of Immigration ACR-I Card and from Annual Reporting to the Bureau of
Immigration.
·
If you are a foreigner
and you are a permanent resident visa holder in the Philippines, you are issued
an Alien Certificate of Registration or ACR-I Card. However, if you are a holder of an SRR Visa,
you are exempt from this. That means,
you are saved from the hassle of reporting to the Bureau of Immigration
annually and of renewing your ACR-I Card.
No.
6: Exemption from Customs duties &
taxes for one time importation of household goods & personal effects worth
up to US$7,000.00
·
Since you are moving
to the Philippines as a permanent resident, you are entitled to bring in your
household items and personal belongings without having to pay customs duties
and taxes as long as you do not exceed the $7,000 limit.
No.
7: Exemption from Tax from pensions
& annuities.
·
What an excellent way
to enjoy the proceeds from your pensions and annuities, right! As an SRR Visa
holder, you can enjoy them tax-free!
No. 8: Exemption
from Travel Tax, if retiree has not stayed in the Philippines for more than 1
year from last date of entry.
·
If you are an SRRV
holder and you stay in the Philippines for less than a year from your last
arrival in the Philippines, you are entitled to the travel tax exemption when
you depart from the Philippines, say, when you go for a vacation in your home
country to visit your family or friends. Travel tax is assessed whenever a
person leaves the Philippines and the amount depends on whether the ticket is
for a business class or for economy class. There are certain individuals who
are exempt from payment of this tax and fortunately, SRR Visa holders are among
them.
No. 9: Exemption from Student Visa or Study
Permit. If you apply for an SSR Visa,
you are allowed to include your dependents.
And your dependents can enrol in Philippine schools without need for a
student visa or study permit.
No. 10: As an SSR Visa holder, you will
have an access to the Greet & Assist Program of the PRA at selected
Philippine airports.
·
Isn’t it a pleasant
experience when someone is there to give you a warm welcome on your arrival?
No. 11: Guaranteed Repatriation of the
required time deposit or visa deposit.
As I will discuss later, there a visa deposit requirement for SRRV.
No. 12: You are entitled to a Free subscription to the
PRA Newsletter. This will keep you
posted on what’s happening around and on information that is relevant to your
visa.
Do you know that there are
actually different types of SRR Visa?
They are: the SRRV Smile; the
SRRV Classic, the SRRV Courtesy; the SRRV Expanded Courtesy; and the SRRV Human
Touch.
Do you know that in the past, foreign
citizens or nationals aged 35 to 49 years old could qualify for SRRV but the
application for SRRV was suspended in 2020 by the PRA’s Board of Trustees in
order to give way for a review and amendment of the policies on age and visa
deposit requirements. When the PRA
resumed in accepting applications in 2021, all SRRV applications were
restricted to applicants who are 50 years and older only.
From what I have gathered,
there were talks about the visa being taken advantage of by some foreign nationals
who come to the Philippines to engage in some illegal activities such as
running an online gambling operation.
These definitely defeated the purpose of the SRRV. So, you now have to
wait until you’re 50 years old before you can avail of this privilege.
So now, allow me to discuss
each type of the SRR Visa.
The SRRV Smile
The SRRV Smile is for foreigners who are 50 years old and above and
they would like to maintain their visa deposit of US$20,000 in any of the PRA
designated banks as long as they are SRRV holders.
Yes. You heard it right. For
this type of visa, you will need to make a visa deposit of US$20,000 and that
amount shall stay in the bank. It will
be returned to you, with interest, when you decide to surrender or cancel your
visa.
The SRRV Classic
The SRRV Classic is for healthy retirees 50 Years old and above. This type of SRR Visa requires a foreign currency
deposit, depending on whether you are receiving a monthly pension or not.
o
The
required foreign currency visa deposit is $10,000 if you collect a monthly
pension or social security of $800+ per month or more.
o
$20,000
is the requisite deposit if you DON'T have a monthly pension or social security
worth at least $800 per month.
o
This
is the type of visa is the more flexible one because it allows allows you to convert
your SRR Visa deposit into active investment such as the purchase of
condominium unit which must be at least $50,000 in value or long term lease of
house & lot. Meaning, your deposit
must be at least $50,000 in order to be convertible.
The SRRV Courtesy
The SRRV Courtesy is for:
· former Filipinos, who are 50 years old
& above; and
· foreign nationals, who are 50 years old
& above, and who are retired officers of International Organizations
recognized by the Department of Foreign Affairs (DFA).
· These include those foreign nationals who
have served in the Philippines as diplomats, ambassadors, officers or staff of
the international Organizations recognized by the DFA, such as the United
Nations and the Asian Development Bank.
o
This
type of SRR Visa requires a visa deposit of US$1,500.00.
The SRRV Expanded Courtesy
The SRRV Expanded Courtesy is for foreign nationals, 50 years old
& above, who are retired Armed Force officers of foreign countries with
existing military ties and/or agreement with the Philippine Government.
o
A
monthly pension of at least US$1,000.00 and an SRR Visa deposit of US$1,500.00
are required.
o
The
SRR Visa deposit includes the principal applicant and 2 dependents.
o
Additional
dependent, entails additional SRR Visa deposit of US$15,000 each (except for
former Filipinos).
o
CHILDREN
must be legitimate or legally adopted by the Principal Retiree, unmarried and
below 21 years old upon joining the program.
The SRRV Human Touch
The SRRV Human Touch is for ailing retirees, 50 years old & above,
who need or require medical or clinical care.
· A monthly pension of at least
US$1,500.00, a health insurance policy accepted in the Philippines, and an SRR
Visa deposit of US$10,000.00 are required.
· So if you have a pre-existing medical
condition, and you want to experience Philippines as the growing medical
tourism destination for expats, this visa may just be right for you.
These are the QUALIFICATIONS:
For PRINCIPAL APPLICANTS, they
must be foreign nationals or former Fiiipino citizens who are at least 50 years
old.
For DEPENDENTS, the SPOUSE
must be legally married to the Principal Retiree and the CHILDREN must be
legitimate or legally adopted by the Principal Retiree, unmarried and below 21
years old upon joining the program.
Now, what are the
requirements? Based on the official
website of the PRA, here are basic requirements:
· Original valid Passport with valid or updated Temporary Visitor’s Visa; Yes, you will need to apply first for a
temporary visitor’s visa, which will just be upgraded when your SRRV is
approved.
· Accomplished PRA Application Form; This form can be downloaded from the PRA’s
official website.
· Original valid Medical Clearance;
The medical examination clearance can be completed by a licensed
physician abroad and must be apostilled or authenticated by the Philippine
embassy or consulate, whichever is applicable.
It can also be completed by a licensed physician in the Philippines.
· Original valid Police Clearance from country of origin, and an
additional NBI Clearance, if applicant has stayed in the Philippines for over
30 days from last date of entry.
Meaning, if you have stayed in the Philippines for more than 30 days
prior to your SRRV application, you will need to obtain a Clearance from the
National Bureau Investigation.
· Photos (8 pieces, 2″x2″);
· SRR Visa deposit that is inwardly remitted; These are amounts that I mentioned
earlier. These are to be deposited in
the banks accredited by the PRA. I will put the link in the description box of
this video.
· Marriage Certificate for joining dependent-spouse and Birth Certificate
for joining dependent-child.
· Fees
Processing/Service (one-time)
US$1,400.00 Principal applicant
US$ 300.00 Dependent applicant
Annual Fee of US$360.00 (for the Principal & 2 dependents)
Additional
requirements may be requested depending on the SRR Visa Option to be chosen by
the SRRV applicant. The Medical and Police Clearances are valid up to 6 months
from date of issuance. All documents issued outside of the Philippines must be
translated in English, if necessary, and must be apostilled or authenticated by
the Philippine Embassy/Consular Office nearest the applicant’s residence,
whichever is applicable.
I hope that I have
given you an overview of what SRRV is all about. I know that this is not going to be the only
instance that I will be talking about SRRV as I am expecting questions about
this topic. But still, I hope that you
have learned something from this article.
Always remember, ignorance of the law excuses no one from compliance
therewith. Ingat po kayo.