Let’s be real—retirement can be a bittersweet moment. After years of grinding away, you finally get to step back and enjoy a slower pace. But it is not all smooth sailing. You might feel a mix of emotions—losing that sense of purpose and routine, getting excited about the newfound freedom, and battling uncertainty about how to fill all the extra time. Of course, it is a big transition, but also a liberating one.
Thinking about retiring in Southeast Asia? Look no further—the Philippines offers everything you need: an affordable cost of living, breathtaking natural beauty, and friendly people—three irresistible reasons that speak for themselves.
If you’re ready to make the big move, this blog provides a comprehensive guide on how you can apply for a retirement visa. Plus, it highlights why working with us, the leading and trusted visa processing service provider in the Philippines, can make the whole application process a lot smoother.
What is SRRV?
A Special Resident Retiree’s Visa (SRRV) is a special non-immigrant, multiple-entry, and indefinite-stay visa issued by the Bureau of Immigration (BI) upon endorsement by the Philippine Retirement Authority (PRA) to foreign nationals and former Filipino citizens who want to make the Philippines their second home, retirement haven, and investment destination.
While the Bureau of Immigration (BI) administers and enforces immigration and alien registration laws and, thus issues the visa, the Philippine Retirement Authority (PRA), an agency under the Department of Tourism, promotes the country as a retirement destination, provides retirees with a high quality of life, and further supports economic growth.
Who May Apply for SRRV?
The SRRV is available to foreign nationals and former Filipino citizens (principal applicants) who are at least 50 years old (i.e., minimum age based on PRA Advisory dated May 12, 2021).
As an SRRV holder, you and your qualified dependents can live in the Philippines without renouncing your citizenships and for as long as you maintain the required minimum deposit investment, e.g., a dollar-denominated time deposit in a PRA-accredited bank. Your dependent spouse must be legally married to you, and your children must be legitimate or legally adopted, unmarried, and under 21 upon joining the visa program.
SRRV Benefits and Privileges
If you’ve made your decision, the Special Resident Retiree Visa (SRRV) offers a wide range of benefits and privileges to make your stay in the country comfortable, convenient, and cost-effective:
Permanent Residency
As an SRRV holder, you get the benefit of permanent residency in the Philippines. Yes, you don’t have to worry about your visa renewals or overstaying. You can have the freedom to live long-term and travel around the country without any hassle.
Multiple Country Entries and Exits
With your SRRV visa, you travel in and out of the Philippines freely, i.e., without needing exit clearances and reentry permits. You can then visit your family and friends abroad or explore other destinations while calling the Philippines your home.
Tax Exemptions
As an SRRV holder, you’ll benefit from tax exemptions on customs duties, certain pension taxes, and travel taxes provided that you have not stayed in the country for more than one year from the date of last entry.
Business Opportunities
You can even explore modest business opportunities in the Philippines, provided that you adhere to the restrictions on foreign ownership set forth by the local laws. You can invest in various ventures and generate income while enjoying your retirement.
Employment Opportunities
Although most retirees aren’t looking to work, as an SRRV holder, you can still seek gainful employment if you want to stay active and productive. You just need to secure an Alien Employment Permit (AEP) from the Department of Labor and Employment (DOLE) and pay the required income taxes.
Property Ownership
Although you are not allowed under Philippine laws to own land in the country, you can purchase condominium units or enter into long-term lease agreements with local landowners, subject to some conditions.
Other Privileges
Other privileges include discounts provided by PRA-accredited partners, free PRA newsletter subscription, free assistance with government agency transactions, access to PhilHealth benefits, importation of household and personal goods worth US$ 7,000 for family use, and many other value-added services.
SRRV Visa Options
The Philippine government, through the Philippine Retirement Authority (PRA), offers different SRRV options to suit your needs and preferences as a foreign retiree in the country. You may choose from:
SRRV Smile
If you are an active and healthy foreign retiree who prefers to just maintain an SRRV visa deposit of US$ 20,000 in any of the PRA-accredited banks, then this simplest visa program is perfect for you.
SRRV Classic
If you are active and healthy, and you want to use your SRRV deposit in active investments, such as the purchase of condominium units or a long-term lease of a house and lot, then this program is ideal for you. You just need an SRRV deposit of US$ 10,000 (with pension) or US$ 20,000 (without pension).
SRRV Human Touch
If you are an ailing retiree who requires medical and clinical care, then that’s not a big deal. You can still retire in the Philippines, provided that you have a pension of at least US$ 1,500, a health insurance policy accepted in the country, and an SRRV deposit of US$ 10,000.
SRRV Courtesy
If you are a former Filipino or foreign national who has served in the Philippines as an ambassador, diplomat, or retired officer of an international organization recognized by the Department of Foreign Affairs (DFA), then you just need an SRRV deposit of US$ 1,500 to join this visa program.
SRRV Expanded Courtesy
If you’re a retired Armed Forces officer of a foreign country with existing military ties or agreements with the Philippine government, you can easily join this program. You just need to have a monthly pension of at least US$ 1,000 and an SRRV deposit of US$ 1,500.
Requirements for SRRV Application
You’re almost there! Let’s go over the documents you’ll need for your SRRV application. You can actually start preparing them while abroad. Just remember, any documents issued in another language must be translated into English and authenticated or apostilled by your issuing country’s authority. We, at FilePino, can also assist you in securing these documents.
Primary Requirements (for both principal and dependents):
- Philippine Retirement Authority (PRA) Application Form (duly accomplished)
- Original passport with valid entry status (i.e., must downgrade if not a Tourist Visa holder) and a copy of the biopage
- Medical Examination Clearance (DOH or PRA-accredited medical facilities)
- Police Clearance (issued abroad, must be translated into English, if necessary)
- National Bureau of Investigation (NBI) Clearance (i.e., if you have stayed in the country for more than 30 days prior to your application)
- Affidavit of Undertaking (no criminal record pending in the home country and the Philippines)
- Photos (2×2 and 1×1)
- Bank Certificate of Dollar Time Deposit (inward remittance to PRA-accredited bank)
- Bureau of Immigration (BI) Clearance/NTSP, if applicable)
- Proof of Relationship to Dependents (e.g., birth certificate, marriage certificate, household register, etc.)
Additional Requirements (depending on the SRRV):
- Proof of Lifetime Pension of at least US$ 800 (for single) or US$1,000 (with dependents) (for SRRV Classic with Pension)
- PSA Birth Certificate or Old Philippine Passport (for SRRV Courtesy-Former Filipino)
- Certificate of Employment (for SRRV Courtesy-Retired Diplomat, 50+ years old)
- Certificate from Concerned Agency and Proof of pension (at least US$ 1,000) (for SRRV Expanded Courtesy)
- Medical Certificate of Pre-Existing Medical Condition, Proof of Pension (at least US$ 1,500), and Health Insurance Coverage accepted in the Philippines (for SRRV Human Touch)
How to Apply for SRRV in the Philippines
To apply for a Special Resident Retiree’s Visa (SRRV) in the Philippines, there are several steps that you need to follow to ensure a smooth process. Alternatively, you can contact us now, and we can process the application on your behalf.
1. Prepare the Documentary Requirements.
Before applying for an SRRV, you’ll need to gather and complete all necessary documents, which also entails going through medical examinations, identity verifications, and opening a USD bank account in the Philippines.
2. File the Application with the PRA for Pre-Evaluation.
Once you have your documents ready, submit your application to the Philippine Retirement Authority (PRA) for pre-evaluation. You should do this first via email as the agency needs to initially verify your general qualifications before moving to the next stage.
3. Schedule an Onsite Appointment with the PRA.
After your application has been pre-approved, you can already schedule an onsite appointment with the PRA to submit the hard copies of your documents. You also need to pay the required application fees: a one-time fee of US$ 1,400 (principal applicant) and an annual fee of US$ 360. Additional fees for dependents also apply.
4. Wait for the PRA Endorsement to the BI.
After the PRA approval of your application, it will be forwarded and endorsed to the Bureau of Immigration (BI) for another two to three months of processing. It is recommended to contact PRA through their hotline and make follow-ups on the status of the application from time to time.
5. Attend the Oath of Affirmation and Receive Your Documents.
Once the order is released, you will then be scheduled for an oath-taking ceremony. You will also receive your Special Resident Retiree’s Visa (SRRV) Certification, Affirmation of Membership, ID, and stamped passport.
In summary, a Special Resident Retiree’s Visa (SRRV) is a great opportunity for you as a foreign national or former Filipino citizen to retire and live indefinitely in the Philippines while enjoying numerous services, privileges, and benefits. However, you’ll need to meet certain requirements, particularly the dollar-denominated time deposit. There are also multiple SRRV options to choose from, based on your needs, preferences, and qualifications.
The filing process usually goes smoothly, with requirements that you can secure on your own or with the assistance of FilePino. However, keep in mind that the review and evaluation by the Philippine Retirement Authority (PRA) and the Bureau of Immigration (BI) may take a few months.
Why Choose FilePino’s SRRV Application Assistance
FilePino is a trusted leader in visa processing services in the Philippines, headquartered in Bonifacio Global City (BGC), Taguig, Metro Manila. We provide a full range of visa and work permit processing services tailored to meet your immigration and employment needs.
Extensive Experience in Philippine Immigration
With our in-depth knowledge of Philippine immigration laws and extensive experience in visa processing, we can guarantee you a seamless application. We handle various immigration transactions with precision and offer reliable solutions.
Comprehensive Legal Assistance
With our sister law firm, Duran & Duran-Schulze Law, you can count on our expert legal guidance throughout your SRRV application process. Our dedicated legal team can ensure that all aspects are handled efficiently and address all concerns along the way.
Streamlined Documentation and Filing
We are strategically located in a major business district with access to all concerned government agencies, including the Philippine Retirement Authority (PRA) and Bureau of Immigration (BI), and we employ time-saving approaches to expedite application processes.
Tailored Solutions and Dedicated Support
We have developed a range of effective strategies and approaches in handling various immigration transactions, each can be tailored to meet your specific needs and resolve all sorts of challenges that may arise during the application process.
Ready to apply for a Special Resident Retiree’s Visa (SRRV) in the Philippines? Set up a consultation with FilePino today! Call us at (02) 8478-5826 (landline) and 0917 892 2337 (mobile) or send an email to info@filepino.com.
