Philippines Retirement Visa – Benefits, Fees, and Application

The Philippines has become a popular retirement destination for foreigners in recent years. The country offers retirees a low cost of living, beautiful beaches, and friendly locals. To enjoy these offers and other benefits, you need a Philippine Retirement Visa.

However, there are eligibility criteria, required documents, and application fees you must pay to enjoy any visa retirement package in the Philippines. But don’t worry because our guide to the Philippines Retirement visa has all of your questions answered.

Meanwhile, let us take through the facts about the Philippines.

Facts about the Philippines 

• The Philippines is a Southeast Asian country. 
• The Philippines is the world’s second-largest archipelago, with over 7,000 islands. 
• In addition, it has a population of over 100 million people, making it the world’s 12th most populous country. 
• The official languages of the Philippines are Filipino and English.
• The Philippine peso is the currency of the country. The Roman Catholic belief is practiced by the majority of the population, with Muslims constituting a significant minority. 
• The Philippines’ culture is a synthesis of Eastern and Western influences.
• The people are welcoming and friendly, and the scenery is breathtaking. 
• The country has a tropical climate with sunshine all year and warm sea temperatures. The meals are delicious, and there is a huge variety of things to see and do. So if you’re interested in exploring the jungle, relaxing on the beach, or learning about the local culture, the Philippines is the perfect place for you as a retiree.

What is a Philippines Retirement Visa?

It is a legal document issued by Philippine Retirement Authority (PRA) to foreigners who seek to retire in the Philippines. Unlike other Philippines visas, you must apply for a Philippines Retirement Visa through the Special Residence Retiree’s Visa (SRRV).

Special Residence Retiree’s Visa (SRRV) Plans 

The SRRV program offers foreign retirees different retirement plans to select from, although conditions are attached. The plans include:

SRRV Smile Plan 

You can subscribe to this plan if you are a healthy and active retired applicant. You must also be ready to deposit at least $20,000 of your SRR visa in any of the PRA Banks.

SRRV Classic Plan 

This plan is available to foreign retirees that are healthy and active. This plan required subscribers to invest their SRR Visa deposit into active investments like buying condominium units.

SRRV Human Touch Plan 

You should subscribe to this plan If you are retired and above fifty years but need medical attention due to your bad health status.

SRRV Courtesy Plan 

If you are above fifty years of age and a retired officer from International Organizations recognized by the Department of Foreign Affairs (DFA). This Philippines Retirement Visa plan is the best choice for you.

SRRV Expanded Courtesy Plan 

This plan is strictly for retired military officers from foreign countries that

are above fifty years. Note that such nations must have active bilateral relations with the Philippines government.

Eligibility Criteria for a Philippines Retirement Visa application 

The retirement visa in the Philippines is not open to all foreign nationals but to those that meet any of the criteria listed below:

• You are on a pension plan or have attained the age of fifty years
• You deposit $50,000 above to a PRA bank, and your age is at least thirty-five years
• You have the financial strength to take care of your expenses and that of your dependents
• You have a clean criminal record and are free to depart your home or country of residence.

Required Deposit amount for a Philippines Retirement Visa application

If you are a retirement visa applicant and you are fifty years and above, receiving a pension. You need to make the following deposits:

• You must deposit 10,000 USD to any PRA bank.
• Your monthly pension should be 800 USD monthly as a single applicant
• If you are a couple, your monthly pension must be 1000 USD or more every month
• You will deposit extra.15,000 USD per child, if you intend to bring any child as a dependent

But if you’re not receiving a pension and are between the age of thirty-five years and above, you should meet any of the following deposit requirements.

• 50,000 US dollars for applicants between the age of thirty-five to forty-nine years.
• 20,000 US dollars for applicants above fifty years of age
• 1500 US dollars for former Filipino citizens that are not less than thirty-five years.
• 15000 US dollars on each child you plan to bring as a dependent.

Benefits attached to Philippines Retirement Visa 

If you are fortunate to secure a Philippines Retirement Visa, you will enjoy the following benefits listed below:

• You will enjoy free medical care and other privileges in the Philippines health care system.
• Free access to PRA Newsletter
• You can leave and enter the country multiple times without any other visa type.
• Your children do not need to apply for a study visa to study in Philippine academic institutions.
• You won’t pay customs duties or taxes on goods you buy for domestic uses for up to seven thousand US dollars.
• You will enjoy discounts whenever you transact with Merchant partners of PRA.
• You won’t be subjected to the Philippine Bureau of Immigration ACR-I Card (Annual Report).
• You will be entitled to Greet & Assist Program at some Philippine airports.

Documents required to apply for a Philippines Retirement visa 

You should get the documents listed below before you begin the application process for a retirement visa in the Philippines.

• A Philippines temporary visitors visa because you need to travel to the Philippines to submit your Retirement visa application
• Your traveling passport that has not expired
• A genuine criminal clearance from the relevant security agency in your home country
• A valid medical certificate of fitness from government accredited health facility in your country.
• A completed Philippines Retirement visa application form.
• Eight copies of passport photographs with a dimension of two by two inches
• A birth certificate should be attached if you plan to relocate with your child.
• Receipt for retirement visa application fee
• Proof of Special Residence Retiree deposit or a reservation
• Evidence of accommodation such as proof of your own house in the Philippines or a rented apartment
• Marriage certificate if you plan to retire to the Philippines with your dependent spouse

Nevertheless, other documents you feel will boost the chances of being issued the Philippines Retirement visa should be attached. Also, documents that are not obtained from the Philippine authority should be translated into the English language. In addition, it would help if you authenticated them at the Philippine Embassy/Consular Office in your country.

Steps to apply for a Philippines Retirement visa 

Here are the steps you should follow to apply for a retirement visa in the Philippines.

Firstly, you should book an appointment with the Philippines retirement authority. You can do this via the authority’s official website or Facebook page. However, you shouldn’t schedule your appointment on days booked by another applicant because PRA accepts one applicant per schedule.

Secondly, choose from the available Special Residence Retiree’s Visa (SRRV) Plans. You must also take note of the conditions attached to each plan before you select any.

Thirdly, arrange all the required documents and the additional ones in a self-addressed envelope.

The next is to travel to the Philippines to submit your retirement visa application in person. There are numerous Philippines Retirement authority Satellite offices in the country’s city capital for easy submission of your application.

Lastly, you need to wait up to two weeks for the Philippines retirement authority to take the final decision on your retirement visa application.

Also Read: Philippines Spouse Visa – Application, Fees, and Requirements

Frequently Asked Questions (FAQs)

What are the top cities to Retire to in the Philippines?

It depends on the kind of retirement lifestyle you plan to live in the Philippines. Makati City will be the best for you if you wish to stay in an expensive environment to enjoy all the luxuries. But if you desire a quiet lifestyle and a low cost of living city, you should consider Iloilo City. You can have a blend of luxury, low-cost life, and a climate-friendly atmosphere in cities like Lipa, Tagaytay, Baguio, etc.

What is the cost of applying for a Philippines retirement visa?

The Philippines retirement authority must see a receipt of $1400 as your retirement visa application fee before processing your visa application. This amount is meant for you as the principal applicant, but if you plan to retire with dependents like a spouse or children. You will pay $300 for each dependent applicant and a $360 annual fee for a principal and two dependents.

What is the official currency of the Philippines?     

The Philippine peso is the official currency of the Philippines; 100 Philippine pesos is equivalent to 1.76 USD.

Can a foreigner own a vehicle in the Philippines?                                                         

Yes, you can own a vehicle in the country, but owning land in the Philippines is impossible.

Conclusion 

In conclusion, the Philippines Retirement Visa is an option for those looking to retire abroad. Its benefits and fees are reasonable, and the application process is relatively straightforward. We wish you the best of luck as you retire to the Philippines.