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Special Resident Retiree's Visa
2010-08-18
SRR VISA

Under the Presidential Executive Order No. 1037 (also known as PRA Charter), the Philippine Retirement Authority is mandated to make available a comprehensive and attractive retirement package for potential foreign retirees who seek an easy and comfortable lifestyle. With this in mind, the PRA is committed to provide its retirees a wholistic retirement environment.

The SRRV Application Process

In order to apply for the SRR Visa, you may visit the PRA One Stop Shop center at the 29th Floor, Citibank Tower, Paseo de Roxas, Makati City, Philippines. You may secure an SRR Visa application form and also apply for the National Bureau of Investigation (NBI) clearance. You may likewise obtain a schedule for your medical exam. Our staff will then evaluate and process your application when these documents are submitted. For SRR Visa Enrollment Options.

Once these documentary requirements are met, and the necessary fees settled, the endorsement of the SRR Visa application is prepared and sent to the Bureau of Immigration for approval. The approval of the SSR Visa normally takes 5 to 7 working days. Once the SRR Visa is approved, then the PRA ID card is issued. This card will serve as the Alien Certificate of Registration (ACR) which exempts the bearer from the Annual Registration requirement, Exit Clearance and Re-entry Permit, and from the application of the I-card as otherwise required by the Bureau of Immigration

Benefits

Once you are an SRRV Visa holder, it opens the door to vast opportunities and benefits. These include:

1.   Option to Retire Permanently

      •   You may live, work and study in the Philippines

2.   Multiple Entry Privileges

      •   You may travel outside the Philippines and re-enter anytime

3.   Exemptions from:

      •   Income tax over your pension and annuities;
      •   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

As an SRR Visa holder, the PRA can assist you in obtaining basic documents from other government agencies. These include, but are not limited to:

      •   Alien Employment Permit
      •   Driver's License
      •   Tax Exemption/Extension Certificate
      •   Tax Identification Number
      •   National Bureau of Investigation (NBI) Clearance

Enrollment Options

A retiree who applies for a Special Resident Retiree Visa (SRRV) has the option to enroll to the program based from his retirement status.

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

o        35 to 49 years old – US$50, 000.00 time deposit

o        50 years old and above – US$20, 000.00 time deposit

o        Former Filipino Citizens (at least 35 years old, regardless of the number of dependents – US$1,500.00)

o        Ambassadors of foreign countries who served and retired in the Philippines, current and former staff members of international organizations including ADB (at least 50 years old) - US$1,500.00

3.       A resident retiree can bring with him, without additional deposit, his spouse and a child who is unmarried and below 21 years old or if the spouse is not joining, two (2) children (provided they are unmarried and under 21 years of age.) Additional children with the same qualifications may also be allowed to join the principal retiree provided there is an additional deposit of US$15,000.00 per child. The said time deposit however, is subject the same and conditions with that of the principal deposit. This does not apply to former Filipino Citizens.

Eligibility

Former Filipino citizens and foreign national except those classified as restricted by the Philippine Department of Foreign Affairs and the Bureau of Immigration are eligible to apply for the SRR Visa. Also, he or she should be:

      •   At least 35 years old
      •   Without criminal record
      •   Meeting medical standards
      •   Meeting the investment requirement

Documentary Requirements

PRINCIPAL RETIREE APPLICANT

   1. Duly accomplished SRRV Application Form.
   2. Original Passport with Valid Entry Visa
   3. Medical Examination Clearance
          * Can be secured abroad (with English translation) duly authenticated by the Philippine Embassy/Consular Office.
          * Can also be secured in the Philippines at the PRA One-Stop Service Center or at any clinic/hospital.
   4. Police Clearance and National Bureau of Investigation (NBI) Clearance
          * Police Clearance only, for retiree-applicants whose stay in the Philippines is thirty (30) days or less from date of last entry, which must be secured from the applicant’s country of origin (with English translation) duly authenticated by the Philippine Embassy or Consular Office.
          * Police Clearance (from the applicant’s country of origin) and National Bureau of Investigation (NBI) Clearance for retiree applicants whose stay in the Philippines is more than 30 days from date of last entry.
   5. ID Pictures - twelve (12) pieces of 2"x2"
   6. Bank Certificate of Time Deposit Inwardly Remitted to any PRA Accredited Banks
          * A retiree applicant is required to remit deposit through telegraphic transfer to any PRA Accredited Banks (download telegraphic transfer form)
          * Non-Withdrawability of Retiree’s Deposit – The Retiree’s deposit or account shall not be withdrawn by the retiree for the duration of his participation in the Program and the depository bank shall not allow such withdrawal except upon proper notice or approval by the PRA.
          * However, the interest earning of the Time Deposit is withdrawable without PRA clearance.
   7. Fees:
          * US$1,400.00 application fee or equivalent Philippine Peso. (one time)
          * The Application Fee is non-refundable

ADDITIONAL REQUIREMENTS FOR PRINCIPAL RETIREE APPLICANTS UNDER THE WITH PENSION PROGRAM:

      a. Certification of Retirement Benefits issued by the concerned government and/or private entity which clearly states your identity, date of effectivity of the payment of pension and the amount of monthly pension; and
       b.  Proof of your monthly pension remitted to the Philippines.

NOTE:
ALL DOCUMENTS OBTAINED / ISSUED ABROAD MUST HAVE AN ENGLISH TRANSLATION DULY AUTHENTICATED BY THE PHILIPPINE EMBASSY / CONSULAR OFFICE.

SPOUSE

   1. Duly accomplished SRRV Application Form.
   2. Original Passport with Valid Entry Visa
   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, it can be secured at the PRA One-Stop Service Center or at any clinic/hospital
   4. Police Clearance and National Bureau of Investigation (NBI) Clearance
          * Police Clearance only, for retiree-applicants whose stay in the Philippines is thirty (30) days or less from date of last entry, which must be secured from the applicant’s country of origin (with English translation) duly authenticated by the Philippine Embassy or Consular Office.
          * Police Clearance (from the applicant’s country of origin) and National Bureau of Investigation (NBI) Clearance for retiree applicants whose stay in the Philippines is more than 30 days from date of last entry.
   5. ID Pictures - twelve (12) pieces of 2"x2"
   6. Marriage Certificate or in its absence, any of the following:
          * For Koreans & Japanese - Family Register/Domicile
          * For Taiwanese - Household Register
          * For P.R.O.C. Chinese - Certificate of Relationship
          * For Japanese - Koseki Tohon
   7. Fees:
          * US$300.00 application fee or equivalent Philippine Peso (one time)
          * The Application Fee is non-refundable

NOTE:
ALL DOCUMENTS OBTAINED / ISSUED ABROAD MUST HAVE AN ENGLISH TRANSLATION DULY AUTHENTICATED BY THE PHILIPPINE EMBASSY / CONSULAR OFFICE.

DEPENDENT/S

   1. Duly accomplished SRRV Application Form.
   2. Original Passport with Valid Entry Visa
   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, it can be secured at the PRA One-Stop Service Center or at any clinic/hospital
   4. Police Clearance and National Bureau of Investigation (NBI) Clearance(applies only for 18yrs. old and above)
          * Police Clearance only, for retiree-applicants whose stay in the Philippines is thirty (30) days or less from date of last entry, which must be secured from the applicant’s country of origin (with English translation) duly authenticated by the Philippine Embassy or Consular Office.
          * Police Clearance (from the applicant’s country of origin) and National Bureau of Investigation (NBI) Clearance for retiree applicants whose stay in the Philippines is more than 30 days from date of last entry.
   5. ID Pictures - twelve (12) pieces of 2"x2"
   6. Birth Certificate or in its absence, any of the following:
          * Family Register/Domicile (for Koreans & Japanese)
          * Household Register (for Taiwanese)
          * Certificate of Relationship (for P.R.O.C. Chinese)
          * Koseki Tohon (for Japanese)
   7. Fees:
          * US$ 300.00 application fee or equivalent Philippine Peso(one time)
          * The Application Fee is non-refundable
   8. Additional Dollar Deposit
          * For every additional dependent (in excess of two) an additional US$15,000.00 deposit under the name of the Principal, shall be required per dependent except for former Filipino citizens.

NOTE:
ALL DOCUMENTS OBTAINED / ISSUED ABROAD MUST HAVE AN ENGLISH TRANSLATION DULY AUTHENTICATED BY THE PHILIPPINE EMBASSY / CONSULAR OFFICE.

Members Obligations

1.   Yearly renewal of the PRA ID Card

      •   Retirees may request for a 3-year validity of the ID card upon the accomplishment of a Deed of Undertaking that the required deposit will remain in the bank for another 3 years.

2.   Payment of Annual Visitorial Fee

      •   Retirees are obliged to pay the annual visitorial fee and submit specific documents if the required deposit has been converted into active investment.

3.   Notification of Changes in Personal Information

      •   These changes may include change in address, phone numbers and email address.

4.   Cancellation of the SRR Visa

      •   Retirees should provide a written notice to the PRA within 30 days prior to his/her cancellation of the SRR Visa.

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