Special Resident Retiree's Visa (SRRV)

[BJRuth]

There are several ways of legally staying in the Philippines.  I chose to get a Special Resident Retiree's Visa, or better known as a SRRV.  Full information can be found on the website of the Philippine Retirement Authority (http://www.pra.gov.ph).

Basic 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

In order to process your SRRV Visa application, you must personally appear at the PRA office located at the 29th Floor Citibank Tower, Paseo de Roxas, Makati City.

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

[coyote]

Your SRRV info is 100% correct! from what I have read.
This sort of thing is Priceless info.

Barry a bit off topic but I would teach you all the Tagalog I know for help with my
ACR-1 card..... when I get back walk me through.... I buy the lunch!
I do not understand the process and it reads a confusing mess, I am definitely here to learn.
and I probably already need a TIN tax identification number, Philippine bank account is great but complicating my life too.

ALIEN CERTIFICATE OF REGISTRATION  for those that ask.... in Americano speak a "green card"

See:
http://www.immigration.gov.ph//index.php?option=com_content&task=view&id=107&Itemid=61



I have a lot to learn in this area but I have time too.

[BJRuth]

Coyote, I will be happy to help, but as a SRRV holder I don't need an ACR-1 card, so have never had to do it myself.  I do have other expat friends that can guide us through the process.

The TIN (Taxpayer Identification Number) is easy, and you may qualify to get one online through the BIR website:  https://ereg.bir.gov.ph/ereg/welcome.do
You only need one, however, if you actually generate income in the Philippines, U.S. income is the concern of the U.S. IRS.

You can open a Philippine bank account easily, although many branches will ask for an ACR-1 card (or in my case my SRRV card) to prove you are a resident.  If you have Filipino friends, ask one to go into their bank with you and talk to the manager.  That will speed up the process.  Many expats do not open an account here, choosing only to take money from a home country bank account with their ATM card.  As for me, I have several Philippine bank accounts, both with and without my wife on the account.  I find that easier for my needs.

[coyote]

I would dearly appreciate any and all assistance regarding a ACR-1 when the time comes earliest now would be march 2010...
Now I see a need for yet another thread, regarding banking and dreaded taxes!
Must try to keep this organized, and on topic.
I will quote part of above for reference.
As for the B.I. Bureau of Immigration I am still reading and considering, my situation.
Clearly though anyone who has been there done that would be a significant help.

[BJRuth]

Coyote, it would help if we had more information about your situation (age, amount of pension, if any, if you would be willing to put US$10,000 in a bank account for SRRV which is required for the "with pension" scheme).  There are a number of visa options, some requiring more work to obtain than others.

I have opened another board category, "Banking and Tax issues."  Thanks for the suggestion.

[robbo462003]

Whilest I am aware of the SVVR requirements you detail in your post,I have read the $10000 investment requirement can be met  as part of the applicants condo purchase. Is this correct?

[BJRuth]

While the PRA program provides that the required deposit can be substituted by an investment in a condo after 1 month from the issuance of the SRRV, here's the problem:

1.  You must already own the condo and have all of the title papers.
2.  You will then be required to pay an annual  "Visitorial Fee" (also referred to as an Investment Management Fee) of US$500.

Keep in mind this is different than most applicants are told during the application process.  When it came time for me to investigate this option, I decided the US$500 was too much to pay each year.  I bought my condo with cash (although there was a small unsecured loan maintained in the U.S.) and kept my deposit in the bank earning interest.

[robbo462003]

  Well I am surprised its even an option as the cost/ benefit to applicants appears zero,thanks for your clear reply I will not be considering that anymore. The SRRV seems to be the best option for retirees.