In part 1 of this 2-part series, we introduced the Special Retirees’ Resident Visa, a Philippine program for retirees, whether they be foreigners or former Filipino citizens, and detailed out the various benefits that the program offers. Here in part 2 we detail out the different programs being offered under this scheme.
The Special Retirees’ Resident Visa (SRRV) program has evolved over the years that it now offers four (4) retirement programs:
Under this program, those 35 years and above can retire in the Philippines and will be required to deposit US$20,000.00 in an approved PRA Philippine bank. In this program one is not required to be receiving a retirement pension. An additional deposit of US$15,000.00 per dependent in excess of two (2) is required. Bank deposits are interest earning, cannot be converted into investment and can be withdrawn upon cancellation of the SRRV.
As in the SRRV Smile, retirees under this scheme must be at least 35 years of age. However, bank deposit requirements are higher at US$50,000.00 for those in the 35 to 49-year bracket; for the 50 years old and above group, bank deposit requirement is US$20,000.00 for those without pension and US$10,000.00 for those receiving pension. An additional deposit of US$15,000.00 per dependent in excess of two (2) is required.Under this program, the visa deposit may be converted into investment as long as the investment is at least US$50,000.00. Investment can be in the form of buying condominium units as allowed by laws on property ownership by foreigners. Please see post on http://yourhomeinthephilippines.com/philippine-property-buying-guide-for-foreigners .
SRRV Human Touch
This program was created specially for those who have a pre-existing non-contagious medical condition and are in need of medical care and services. Enrolless to this program are required be at least 35 years of age and to have a monthly pension of at least US$1,500.oo to be remitted to the Philippines. A bank deposit of US$10,000.00 is required which is not convertible to investment.
The SRRV Courtesy program was made for former Filipino citizens who are at least 35 years old and former ambassadors and retired diplomats who have served in the Philippines who are at least 50 years old. Required visa deposit is US$1,500.00 plus US$15,000.00 per dependent in excess of two (2) except for former Filipino citizens. Visa deposit may be converted to investment, provided that, if the investment is the purchase of a condominium unit or long-term lease of a house and lot, the unit must be ready for occupancy.
The Philippines is the perfect haven for retirees from all over the world. The country’s weather coupled with the retirement infrastructure that the Philippine government has created makes for an environment that is conducive to an enjoyable stay for retirees.
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