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Retirement Visa Special Resident Retirement Visa (SRRV)

Discussion in 'Passports and Visas' started by Rye83, May 18, 2015.

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  1. Rye83

    Rye83 with pastrami Admin Secured Account Highly Rated Poster SC Connoisseur Veteran Army

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    Special Resident Retirement Visa (SRRV)

    The SRRV is a retirement visa for foreign nationals.

    Benefits:
    Option to Retire Permanently
    • You may live, work and study in the Philippines

    Multiple Entry Privileges
    • You may travel outside the Philippines and re-enter anytime

    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
    • 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


    There are 4 options for the SRRV:
    1. SRRV Smile
    2. SRRV Classic
    3. SRRV Courtesy/Expanded Courtesy
    4. SRRV Human Touch

    1. SRRV Smile:
    For active and healthy retirees.
    • Age requirements - 35 years old and above.
    • Visa Bank Deposit - $20,000 (USD)
    • Convertibility of Visa Deposit: Must be maintained with the PRA Designated/Accredited Bank and may only be withdrawn upon cancellation of the SRRV or to satisfy end of terms needs or catastrophic obligations.

    2. SRRV Classic:
    For active and healthy retirees.
    • Age requirements - 35 years old and above.
    • Visa Bank Deposit:
      • Ages 35 - 49 years old: $50,000 (USD)
      • Ages 50 and above:
        • With Pension: $10,000 (USD)
        • Without Pension: $20,000 (USD)
    • Convertibility of Visa Deposit:
      • May be used for investment/s in RFO Real Estate Properties.
      • Investment value must be at least US$50,000.00
    • Additional Documentary Requirements:
      • Certficate of Retirement Benefits, equivalent to at least US$800/month (single applicant) or US$1,000/month (couple).
      • Documents obtained / issued outside of the Philippines must be translated into English, if necessary, and authenticated by the Philippine Embassy / Consulate.
    3. SRRV Courtesy / Expanded Courtesy:
    This Visa is for Former Filipinos and Diplomats. You can read more about this one at the PRA website if it applies to you.

    4. SRRV Human Touch:
    For ailing retirees.
    • Age requirements: 35 years old and above.
    • Visa Bank Deposit: $10,000 (USD)
    • Convertibility of Visa Deposit: Must be maintained with the PRA Designated/Accredited Bank and may only be withdrawn upon cancellation of the SRRV or to satisfy end of terms needs or catastrophic obligations.
    • Additional Documentary Requirements:
      • Medical Certificate showing pre-existing medical condition;
      • Certificate of Retirement Benefits, equivalent to at least US$1,500; and
      • Health Insurance Policy acceptable in the Philippines.
      • Documents obtained / issued outside of the Philippines must be translated into English, if necessary, and authenticated by the Philippine Embassy / Consulate.
    Cost: Application fee of $1,400 (USD) with the PRA. (This is not part of the Bank deposits/investments that need to be made to qualify.)

    To Apply: PRA Online Application.

    For more information please visit PFA Website .
     
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    Rye83, May 18, 2015
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    Rye83

    Rye83 with pastrami Admin Secured Account Highly Rated Poster SC Connoisseur Veteran Army

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    Forgot one. There is an SSRV for military folks as well. This falls under the "Courtesy SRRV" above and is NOT covered on the PFA Website (at least none of the pages that I linked).

    For this visa you must be 50 years old, served in the Military, have a DD 214 / retired military ID and have a pension (or disability check) greater than $1,000 (USD). Note: You do NOT have to be retired from the military to get this visa. You just need to have served honorably and meet the financial requirements.

    The Visa Bank Deposit is $1,500 and the application fee is $1,400.

    To learn more about this program you can contact the PRA at cebu_pra@yahoo.com (isn't it reassuring when government agencies have yahoo and gmail accounts :wink: ).

    You can find the PRA contact information for their other field offices here.

    There is no mention on their website that I can find about this program for some reason but I did personally go to a PRA meeting up in Subic a year or so ago to learn about this visa when I was up there for a visit. (I walked out half way in when I heard the age requirement was 50.)
     
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    Rye83, May 18, 2015
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  3. BobBski

    BobBski DI Member Showcase Reviewer

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    This is the one I'll be applying for....was very glad to learn about it. :smile:
     
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    BobBski, Sep 11, 2015
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    Rye83

    Rye83 with pastrami Admin Secured Account Highly Rated Poster SC Connoisseur Veteran Army

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    You should take a look at this thread for first hand experience. The OP hasn't arrived yet but there is still a lot of good information on there. Not sure if you are retired military or not but most of the process will be the same.
    COURTESY SRRV FOR VETERANS (US VETS AND OTHERS) | Dumaguete Info
     
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    Rye83, Sep 11, 2015
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  5. BobBski

    BobBski DI Member Showcase Reviewer

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    Thank ya sir...yes, retired military :smile:.
     
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    BobBski, Sep 11, 2015
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  6. nwlivewire

    nwlivewire DI Senior Member Showcase Reviewer Blood Donor Veteran Army Navy

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    I might also add that there are several colleges and universities in the Philippines that qualify for usage of your Education benefits under the Veteran Affairs (VA) GI Bill program.

    If you, your spouse, or your children have eligibility under the Post 9/11 GI Bill, you (or they) can utilize their Post 9/11 GI Bill in the Philippines.

    See the following websites for further information:

    Request Rejected

    (click on your country of choice and a list of VA approved schools will come up) Not every "major" in the schools listed are approved - you must continue to dig deeper to find out if that major is approved.

    Request Rejected

    These are the listed schools eligible for GI Bill usage. Again, not all majors are already pre-approved, so you have to do a little homework to make sure your major is approved.

    Request Rejected

    Here is the example of GI Bill usage for Silliman University in Dumaguete.

    Under the Post 9/11 GI Bill, if you were to attend an approved FULL-TIME course of study in an approved major at this school, then you (or your eligible Post 9/11 GI Bill Dependents) would receive an educational "stipend" pay of 1,566 USD per month (TAX FREE) for each month of the school year (usually 8 months duration per school year as the GI Bill DOES NOT pay during Christmas/Spring breaks, or if you take Summers off).

    If you attend as a 3/4 time student rate of attendance, then you would receive 80% of the full time rate stipend rate for 8 school months per year (roughly 1,253 USD per month for 8 months traditional school per year).

    Of course, you could attend school year-round and get about 10 1/2 - 11 months TAX FREE stipend pay per GI Bill "fiscal year". The GI Bill "Fiscal Year" begins on 01 AUG and ends 31 JUL.

    Request Rejected

    This is the list of approved course work for Silliman University. If you need further clarification, contact the following:

    Can I receive VA Education Benefits while attending school in a foreign country?

    How do I find out if my program at a foreign school is approved for VA benefits

    If the program I chose is not approved, how can my school officials apply for approval?


    GI Bill Comparison Tool

    This is the GI Bill site that can give you an "ESTIMATE" on your benefit.

    **********

    Don't know if you're interested in college - just putting this possible option out there for you. You can use your GI Bill in the Philippines and receive your GI Bill "stipend" as additional US tax free income while you are here, US Dollars that can become additional dollars in your pocket which can supplement your current retirement dollars during your transition.

    Thank-you for serving! You have earned every penny coming to you!

    V/R,
    nwlivewire
     
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    nwlivewire, Sep 11, 2015
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    Rye83

    Rye83 with pastrami Admin Secured Account Highly Rated Poster SC Connoisseur Veteran Army

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    FYI: Don't worry about the "Request Rejected" links. They still work. Sometimes government agency websites do that nonsense.
     
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    Rye83, Sep 11, 2015
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  8. BobBski

    BobBski DI Member Showcase Reviewer

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    Great information, thanks.
     
    BobBski, Sep 12, 2015
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  9. Kym

    Kym DI Member

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    I could not see any benefit in any of the other SRV. I was required to deposit 20k USD into an account here - I had heard of one bank here crashing and the depositors losing their cash - furthermore that 20k in the account accrued virtually zero interest - and there were still a few fees on top of that every year that i was expected to pay. 20kUSD would earn me anywhere between 4% and 7% in my own countries bank deposit or bluechip stocks - maybe I could expect about 1.2k per annum 0r 40k peso which easily covers the tourist visa and alien ID and I could grab my 20kusd whenever I needed. I saw no real upside with any SRV apart from that offered to US military vets here
     
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    Kym, Sep 16, 2015
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  10. hawk263

    hawk263 DI Forum Adept Blood Donor Veteran Army

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    That 20k USD can be withdrawn and used to fund a 25 + 25 year lease on a house and lot. The details are then entered on the TCF of the property so that, if the property is subsequently sold, the PRA is notified and would cancel the SRRV (or you could re-deposit the 20k USD).
     
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    hawk263, Sep 17, 2015
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