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Special Resident Retiree’s Visa (SRRV) Residencies Plan of Philippines (Asia)
Special Resident Retiree’s Visa (SRRV)
The SRRV is granted by the Philippines Retirement Authority (PRA), and allows for indefinite residence in the Philippines with free entry and exit. Once the permit is issued you will receive a PRA ID card, which must be renewed annually.
The program is comprised of three categories, under which you may receive your resident visa if you have a pension or you make a deposit at a local bank, or a combination of both.
Holding this visa, you may be able to work in the Philippines, as long as you obtain an Alien Employment Permit (AEP).
Under this program, you will also benefit from an income tax exemption on your pension and annuities, customs duties exemptions with regard to the importation of household goods and personal effects up to US$7,000, and a travel tax exemption if you stay in the Philippines for less than one year from the last entry date.
investment
SRRV Classic
This SRR Visa category is aimed at active and healthy retirees.If you are between 35 and 49 years old you must make a deposit of US$50,000 in a Philippine financial institution.
If you are 50 years or older and you have a pension of at least US$800 per month or US$1,000 for couples, you must make a deposit of US$10,000 at a Philippine financial institution.
If you are 50 years or older without a pension, you must make a deposit of US$20,000 at a Philippine financial institution.
The deposit must stay untouched for the totality of your stay in the Philippines, though it can be withdrawn after you leave, unless you use it to purchase a ready-for-use real estate property, and as long as the minimum investment is US$50,000. It can also be withdrawn in cases of extreme medical emergency.
Repatriation of the deposit including invested profits, capital gains and dividends accrued from investments are guaranteed, upon compliance with Bangko Sentral rules and regulations.
Deposits may be converted to Philippine Pesos (PHP) 30 days after the visa's issuance. Deposits should be made at one of the following financial institutions: Development Bank of the Philippines (DBP), Allied Bank, Philippine National Bank (PNB), Pacific Star Branch, Bank of China, Korea Exchange Bank, Tong Yang Bank and Unionbank.
The visa bank deposits are for the principal retiree and 2 dependents (spouse and unmarried children below 21 years old). An additional deposit of US$15,000 is required for each additional dependent, in excess of two.
To be eligible for Philippines naturalization, you must have resided in the country at least 10 years, not have been convicted of any crime during this period, own real estate worth no less than PHP5,000 or have a lucrative business, profession or lawful occupation, be able to speak Tagalog or English or Spanish or any official language, and have enrolled your minor children in any of the public or private schools recognized by the Bureau of Public Schools of the Philippines. Additional requirements may apply.
Requirements
- Be at least 35 years old.
- Certification by PRA shortlisted bank of the requisite deposit.
- DFA Medical Examination Form No. 11 accomplished by a licensed physician from the applicant's place of origin, including AIDS Test, duly authenticated by the Philippine Embassy/Consulate posted there or PRA Medical Certificate (RSSC Form No. 002) accomplished by a licensed physician in the Philippines.
- Police Clearance, duly authenticated by the Philippine Embassy/Consulate, issued abroad, or National Bureau of Investigation (NBI) Clearance, issued in the Philippines.
- Certificate of Retirement Benefits.
- Health Insurance Policy acceptable in the Philippines.
Restricted Nationalities
No nationality is officially restricted
dual citizenship
Dual citizenship is not recognized in Philippines. To become a citizen of Philippines, you must renounce your previous nationality.
Documents Required
- Original and photocopy of passport
- Medical Certificate
- Original Bank Reference Letter (Not older than 6 month)
- Bank Statement
- Original Police Clearance Certificate
- Six passport-size photos
- Original or Certified copy of Marriage Certificate (if applicable)
- Original or Certified copy of Birth Certificate (if applicable)
- Documents certifying pensioner status
- Proof of pension
- Evidence of Health Insurance
- dual citizenship No
- Family members included Yes
- land ownership No
- Physical residence required No
- Personal visit required Yes
- Language skills required No
- Interview required No
- Investment Single $10,000
- Investment Family 4 $25,000
- Minimum annual income $9,600
- Time to citizenship 120
- Time to permanent residency
- Visa-free countries 61
- Financing available No
Philippines
The Republic of the Philippines is a Southeast Asian country, located in the Pacific Ocean, and is a member of the ASEAN. It is formed by an archipelago made up of 7,107 islands, divided in three islands groups: Luzon, Visayas Islands and Mindanao. To the north the Philippines is separated from the island of Taiwan by the Strait of Luzon, to the west from the South China Sea and Vietnam, to the south, the island of Borneo and the sea of Celebes which separates it from other islands of Indonesia, and to the east stretches the Philippine sea. Its location in the Pacific’s 'Ring of Fire', making it prone to earthquakes and volcanic eruptions, while its tropical climate and island topography leaves it with some stunning beaches and landscapes, but also very susceptible to typhoons.It has a population of over 102 million inhabitants, making it the 12th most populated country worldwide. In addition, there are 11 million Filipinos that live abroad. Its capital is Manila, located in the island of Luzon. Metro Manila is the most populated metropolitan area in the Philippines and the tenth largest in the world, with a population estimated at 20.5 million, which includes Quezon, its most populated city. Its official languages are English and Filipino besides 8 regional languages. Its official currency is the Philippine Peso.
- National Flag of:Philippines
- Currency:PHP
- Area Code:63
- Capital:Manila
- Continent:Asia
- Native Languages:, English,
- Population:99,900,177
BENIFITS
With your new passport from Philippines you'll be able to access 61 countries visa free
citizenship benefits Visa-free or Visa on arrival to 61 countries including Southeast Asia Hong Kong Brazil Access to educational and healthcare benefits The right to live and work in Philippines at all times Able to buy landed properties permanent residency benefits Fast and easy process Low cost of living Low cost program English speaking country Warm climate The right to live and work in Philippines without any time limitFEES
| ITEM | AMOUNT |
|---|---|
| processing fees main applicant | $1 |
| 400 | |
| other fees | $360 (Annual fee |
| covers 3 family members) | |
| total fees main applicant | $1 |
| 760 | |
| processing fees spouse | $300 |
| other fees | $360 (Annual fee |
| covers 3 family members) | |
| total fees spouse | $300 |
| processing fees dependents -18 | $300 |
| other fees | $360 (Annual fee |
| covers 3 family members) | |
| total fees dependent -18 | $300 |
| processing fees dependents 18-25 | $300 |
| other fees | $360 (Annual fee |
| covers 3 family members) | |
| other fees | $360 (Annual fee |
| covers 3 family members) |
TAXES
An individual may be considered a tax-resident in the Philippines if he or she stays more than 180 days in the country during a calendar year.
Tax-residents are subject to personal income tax on their worldwide income, whereas non-residents are taxed on Filipino-source income.
SRR visa holders are exempted from taxation on their pension and/or annuities earned abroad, whether they are remitted or not.
Tax-residents’ personal income is taxed at progressive rates up to 32% on income exceeding PHP500,000. Non-residents are subject to a flat rate of 25% on their income accrued in the Philippines. Expatriates employed by certain entities or industries may be taxed at a reduced rate of 15%.
Investment income earned by tax-residents is usually taxed at 20%. However, this excludes interest on residents’ deposits under the expanded foreign currency deposit system (FCDU) accounts, which are taxed at 7.5% and dividends received from resident entities, which are subject to a 10% final tax.
Capital gains from the sales of shares listed and traded in the stock exchange are taxed at 0.5% on the gross amount. Net gains derived from unlisted shares are subject to a 5% tax on the first PHP100,000 and 10% on the excess. Immovable property gains are taxed at a 6% of the higher of its gross sales price or fair market value.
The Philippines has not enacted controlled foreign company (CFC) rules, therefore passive income earned and retained in foreign entities own by tax residents may not be attributable.
Real property tax is levied up to 3% of the assessed value. Transfers of immovable properties are subject to local taxes up to 0.3%. Other transfer taxes may apply for certain transactions.
Inheritance is subject to a progressive tax rate that ranges from 5% to 20%. There are no taxes on net wealth.
The sale of certain goods and services are subject to V.A.T. at a 12% rate.
Regarding corporate taxation, resident entities are subject to a 30% tax on their worldwide income. Regional operating headquarters (ROHQ) are subject to a reduced 10% tax rate. To learn more about Filipino corporate taxation, legal framework and tax treaties, check out incorporatios.io/philippines.
| TAX ITEM | DESCRIPTION |
|---|---|
| Property tax | Yes |
| Transfer tax | Yes |
| Inheritance tax | Yes |
| Net worth tax | No |
| CFC law | No |
| Tax residency days | 180 |
| Personal income tax rate | 32% |
| Capital Gains tax rate | 10% |
| Investment income tax rate | 20% |
| Territorial taxation | No |
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