Special Resident Retirement Visa
One type of Resident Visa is know as the SRRV or Special Resident Retiree Visa. You are required to leave the money in the bank. Recently 800 people were deported and blacklisted for withdrawing their funds.
The requirements are as follows:
• At least 35 years old
• Without criminal record
• Meeting medical standards
• Meeting the investment requirement
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
o35 to 49 years old – US$50, 000.00 time deposit
o50 years old and above – US$20, 000.00 time deposit
oFormer Filipino Citizens (at least 35 years old, regardless of the number of dependents – US$1,500.00)
oAmbassadors 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.
For additional details and to apply online visit: http://www.pra.gov.ph/
The benefits of the SRRV is you can have a business in the Philippines and you are a resident. You don’t have to leave every 16 months and no bi-monthly trip to the Bureau of Immigration to your visa extended.
Your funds can be invested in a home and some other qualifying investments.
I hope to obtain the Special Resident Retirement Visa.