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How a Foreigner Buy a Properties in the Philippines
using Special Resident Retiree’s Visa
- Philippine Retirement Authority
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WHAT IS THE
SRRVisa - Special Resident Retiree’s Visa?
The Special Resident Retiree’s Visa (SRRVisa) is a special
non-immigrant resident visa that provides its holders with
multiple-entry and indefinite stay status in the Philippines.
It also grants Tax-Free incentives and privileges as well as
value-added services and benefits that they can avail of from our
partner establishments such as hotels, resorts, retirement
facilities, and restaurants.
It is a “lifestyle” visa for those who enjoy perks and privileges, a
“hassle-free” visa for the frequent business traveler, and a
“retirement visa” for the elderly who need special care for their
special needs. |
Conversion of Deposits
Conversion of the Required Deposit into Active
Investment
Retirees who qualified to join the PRA
Retirement Program has the option to convert their time deposit into
active investments after a holding period of thirty (30) days from
the date of SRRV issuance.
Investment Areas for Retirees
A retiree can choose to invest their required deposit through the
following means:
a. Purchase, acquisition and ownership of a condominium unit
b. Long-term lease of house and lot, condominium or townhouse for a
period not shorter than twenty (20) years.
c. Purchase, acquisition and ownership of golf or country club
shares
NOTE: Former Filipinos can purchase a lot not exceeding 5,000 square
meters in urban areas or three (3) hectares in rural areas for
business use or other purposes.
Acquisition & Ownership of Condominium Unit Requirement Checklist &
Forms
Leasehold Rights Requirement Checklist & Forms
Proprietary Membership in Golf Clubs Requirement Checklist & Forms
Alternative Investments
A retiree who has converted his dollar deposit into an active
investment may opt to substitute the same with another form of
investment that is allowed under the PRA program.
In case of substitution, the value of the substituted one must at
least be equal to or higher than the amount of the retiree's
requisite deposit after conversion.
The Visitorial Fee must be continually paid yearly.
The allowable investments to be substituted are confined to only
those mentioned above.
Guidelines for Substituting
Investments:
a) The retiree must submit a letter of intent
to the PRA which must indicate as to what investment outlet he will
avail of and must also submit the following:
For Property/Condominium Unit:
1. Copy of the Transfer Certificate of Title (TCT) or Condominium
Certificate of Title (CCT) for leased/purchased property and
condominium unit, respectively.
2. Copy of the Deed of Absolute Sale or Contract of Lease.
For Golf/Proprietary
Membership Shares:
1. Certified true copy of the Stock
Certificate.
2. Certification duly notarized by the Corporate Secretary of the
Golf Club that the PRA Restriction annotated in the stock and
transfer book of the golf club.
b) PRA evaluates the said documents and informs the retiree of its
status.
c) PRA will give the retiree a letter addressed to the Registered of
Deeds or to the Corporation for the annotation of the PRA
Restirction on the TCT/CCT and/or Stock Certificate.
d) The Retiree wiil submit to PRA the annotated document. |
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SRRV Benefits and Features:
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
* 35 to 49 years old – US$50, 000.00 time deposit
* 50 years old and above – US$20, 000.00 time deposit
* Former Filipino Citizens (at least 35 years old, regardless of the
number of dependents – US$1,500.00
* Ambassadors of foreign countries who served and retired in the
Philippines, current and former staff members of international
organizations including ADB - 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.
Note: The PRA Accredited banks agree to accept any acceptable
foreign currency equivalent to the requisite amount for deposit in
the accounts, provided that it shall be credited to the account as
the United States Dollars or Philippine Pesos equivalent
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.
* This can also be secured in the Philippines at the PRA One-Stop
Shop
4. Police Clearance
* Police Clearance secured from the applicant's country of origin
(with English translation) duly authenticated by the Philippine
Embassy or Consular Office or
* National Bureau of Investigation (NBI) Clearance
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)
Note: If you prefer to enroll under the With Pension Scheme, below
are the following additional requirements.
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 Shop
4. Police Clearance
* Police Clearance secured from the applicant's country of origin
(with English translation) duly authenticated by the Philippine
Embassy or Consular Office or
* National Bureau of Investigation (NBI) Clearance.
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$300.00 application fee or equivalent Philippine Peso (one time)
DEPENDENT/S
1. Duly accomplished SRRV Application Form.
2. Original Passport with Valid Entry Visa
3. Medical Examination Clearance
* Can be secured abroad (with English translation) duly
authenticated by the Philippine Embassy/Consular Office. If the
applicant is in the Philippines, it can be secured at the PRA
One-Stop Shop
4. Police Clearance (applies only for 18yrs. old and above)
* Police Clearance secured from the applicant's country of origin
(with English translation) duly authenticated by the Philippine
Embassy or Consular Office. or
* National Bureau of Investigation (NBI) Clearance.
5. ID Pictures - twelve (12) pieces of 2"x2"
6. Birth Certificate or in its absence, any of the following:
* Family Register/Domicile (for Koreans & Japanese)
* Household Register (for Taiwanese)
* Certificate of Relationship (for P.R.O.C. Chinese)
* Koseki Tohon (for Japanese)
7. Fees:
* US$ 300.00 application fee or equivalent Philippine Peso(one time)
8. Additional Dollar Deposit
* For every additional dependent (in excess of two) an additional
US$15,000.00 deposit shall be required per head 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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Untitled Document
Contact: Roy Sunpayco
Email: cebuinfo@gmail.com
Cellphone: 0917 7250318
........International Phone: +63 917 7250318
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