ON REQUIRED DEPOSITS FOR SPECIAL RESIDENT RETIREE’S VISA

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Published — March 19, 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 required deposits, read also: MAY FOREIGN NATIONALS WHO HAVE NOT SERVED IN THE PHILIPPINES BE ELIGIBLE TO APPLY FOR SPECIAL RESIDENT RETIREE’S VISA?

• The required visa deposit for Special Resident Retiree’s Visa depends on the option availed of by the applicant

• There are options in availing Special Resident Retiree’s Visa

• The visa deposit may be used for investment purpose

May the required visa deposit be used for some other purpose?

In our previous articles, we wrote about Special Resident Retiree’s Visa (SRRV) and the eligibility of foreign nationals who have not served in the Philippines to apply for SRRV.

Among the requirements in applying for SRRV is the payment of the deposit. However, the amount of the required visa depends on the SRRV Option. On May 05, the Philippine Retirement Authority (PRA) introduced different 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, namely:

1. SRRV Classic
2. SRRV Smile
3. SRRV Courtesy; SRRV Expanded Courtesy
4. SRRV Human Touch

Please know that the SRRV Classic, SRRV Smile, SRRV Courtesy/Expanded Courtesy are SRRV Options for those active foreign retirees who want to bring their children to the Philippines for education, to bring their family for business and investment purposes, for medical reasons or just simply for retirement and relaxation. For the SRRV Human Touch, it is an SRRV Option that allows foreign nationals with medical needs/assistance to retire in the Philippines.

In availing the SRRV, the foreign applicant must be willing to deposit the required amount. As to how much should be deposited, it depends on the SRRV Option.

For SRRV Smile, the applicant must deposit the amount of US$20,000.00 in a PRA designated bank. The applicant must be willing to maintain their required visa deposit for so long as they are SRRV holders. The visa deposit is required to be maintained in a PRA designated or accredited bank and may only be withdrawn upon cancellation of the SRRV, or to satisfy end of term needs or catastrophic obligations such as extreme medical condition or repatriation among others.

For SRRV Classic, the required amount of visa deposit depends on the age of the applicant. For fifty (50) years old and above, the required visa deposit is US$10,000.00 if receiving a monthly pension, or US$20,000.00. For thirty-five (35) to forty-nine (49) years, the required visa deposit is US$50,000.00. The visa deposit may be used for investment in real estate properties such as the purchase or lease of ready for occupancy condominium units.

Under SRRV Human Touch, the applicant or retiree needs to have a visa deposit of US$10,000. Like in SRRV Smile, the visa deposit is required to be maintained in a PRA designated bank and may be withdrawn upon cancellation of the SRRV, or to satisfy end of term needs or catastrophic obligations.

Finally, for SRRV Courtesy and SRRV Expanded Courtesy, the retiree must have a visa deposit of US$1,500.00. The visa deposit may be used for investment purpose as in the case of SRRV Classic.

Do note that the visa deposits are for the principal retiree and two (2) dependents. In excess of 2 dependents, an additional visa deposit of US$15,000.00 is needed for each additional dependent. However, this rule does not apply to SRRV Human Touch since only one (1) dependent is allowed, and to former Filipino citizens since the additional deposit is waived. 

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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.

All rights reserved.

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