Published — January 2, 2021
The following post does not create a lawyer-client relationship between Alburo Alburo and Associates Law Offices (or any of its lawyers) and the reader. It is still best for you to engage the services of your own lawyer to address your legal concerns, if any.
Also, the matters contained in the following were written in accordance with the law, rules, and jurisprudence prevailing at the time of writing and posting, and do not include any future developments on the subject matter under discussion.
ASIDE FROM SPECIAL RESIDENT RETIREE’S VISA, READ ALSO: CAN FOREIGNERS BECOME CITIZENS OF THE PHILIPPINES?
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The Special Resident Retiree’s Visa (SRRV) is a special non-immigrant visa for foreign nationals
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It entitles the holder to reside in the Philippines for an indefinite period
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Also, the holder is exempted from the Exit Clearance, Re-Entry and Annual Registration requirements of the Bureau of Immigration
Most people would simply love to retire in a place where they feel connected and secure.
The good news is that, foreign nationals including former Filipino citizens who wish to retire in the Philippines are welcome. However, they must first secure a Special Resident Retiree’ Visa.
Special Resident Retiree’s Visa (SRRV) is a special non-immigrant visa separate and distinct from the existing visa categories defined by the Philippine Immigration Act of 1940, as amended. Said visa is issued by the Bureau of Immigration under the Retirement Program of the Philippine Retirement Authority (PRA). The PRA assists in securing some government documents, like National Bureau of Investigation (NBI) Clearance.
On 05 May 2011, the PRA introduced SRRV Options for foreign retirees and former Filipinos who would like to make the Philippines their retirement destination. There are four (4) types of SRRV Options, namely:
- SRRV Classic;
- SRRV Smile;
- SRRV Courtesy
- SRRV Expanded Courtesy
- SRRV Human Touch
For the first three (3) above, they are options for those active foreign retirees who want to bring their family in the Philippines for education, for business and investment purposes, for medical reasons or just simply for retirement and relaxation. The SRRV Human Touch, on the other hand, is an option that allowing foreign nationals with medical needs/assistance to retire in the Philippines.
What are the benefits of SRRV?
Among the benefits are the following:
- Permanent non-immigrant status with multiple-entry privileges;
- Exemption from customs duties and taxes for the importation of personal effects;
- Exemption from Exit Clearance and Re-entry Permits;
- Exemption from payment of travel tax. However, this is on the condition that the retiree has not stayed in the Philippines for more than one year from the date of his last entry into the country;
- Conversion of the requisite deposit into active investments;
- Interest on the foreign currency deposit is tax-free;
- Pension, annuities remitted to the Philippines is tax-free;
- Guaranteed repatriation of the requisites deposit including invested profits.
One of the most interesting question when a foreign retires in the Philippines is that, “Can SRRV holder own real property in the Philippines?”
The law says:
No.
Ownership of land in the Philippines is highly-regulated and reserved for Filipino nationals. Foreigners are prohibited from owning land in the Philippines, but can legally own a residence or purchase condominium units.
Alburo Alburo and Associates Law Offices specializes in business law and labor law consulting. For inquiries, you may reach us at info@alburolaw.com, or dial us at (02)7745-4391/0917-5772207.
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