Many of those who leave for greener pastures often do it to ensure that they will retire somewhere good and valued when they retire. Some people who aspire to retire somewhere good often look for places ideal for retirement. And that’s where the SRRV comes in.
The question needs to be asked though: Who is eligible for SRRV? And what is it?
What It Is
The SRRV Philippines is a special visa. It is issued to people who apply for it. After getting your SRRV, you can live indefinitely in the Philippines with free entry and exit.
The SRRV stands for Special Resident Retiree’s Visa (SRRV). It is also defined as a “special non-immigrant visa separate and distinct from the existing visa categories defined by the Philippine Immigration Act of 1940, as amended, and allied laws. (Sec. 1, Rule II of LOI 1470).”
After you have been issued your SRRV, you can stay indefinitely within the Philippines. It also means that once you have your SRRV, you have multiple-entry privileges as long as the required minimum deposit investment subsists.
Eligibility
To be eligible for the Special Resident Retiree’s Visa (SRRV), you must be at least thirty-five years of age (35) and have a certification by the PRA-shortlisted bank of the requisite deposit. You will also need a DFA Medical Examination Form No. 11. a licensed physician from your home country needs to complete the form. The tests include an AIDS Test. The Philippine Embassy/Consulate must duly authenticate them.
You will also need an authenticated police clearance, a certificate of Retirement Benefits, and a Health Insurance Policy acceptable in the Philippines.
If you have dual citizenship, however, it may not apply in the Philippines as the country does not recognize it. You will need to renounce your citizenship to become a Filipino citizen.
Benefits
The benefits of having an SRRV include the following:
- Exemption from Exit Clearance, Re-Entry and Annual Registration requirements of the Bureau of Immigration, Travel Tax (provided the retiree has not stayed in the Philippines for more than a year from the date of last entry), Special Study Permit, importation of household goods/personal effects worth US$7,000 for family use and other value-added services. You have many exemptions regarding documents handled by the Bureau of Immigration.
- Option to residing permanently. You can choose to live out your life in the Philippines permanently. You can also build a life here in the Philippines if you want to.
- Multiple Entry Privileges. You can travel outside of the country. In addition, you can re-enter anytime you want. This can be very convenient if you have a lot of business to handle outside the country.
- Special Study permit. If you aim to study something in the Philippines and you have a Special Resident Retiree’s Visa (SRRV), getting the Special Study permit will be easier. That means less headache and less paperwork from your end.
Wrapping Up
SRRV eligibility is a great opportunity for those who want to build a life in the Philippines. It offers plenty of perks. However, you must first and thoroughly submit the application requirements and check your eligibility before sending it in!
