AboutBill and Lorna Collings Expertise Feel FREE to ask us about traveling, living, relocating, retiring and investing in the Philippines. Guests from 83 countries make our place in Manila an incredible meeting place for world travelers who exchange travel stories and information. We understand both the joys and the hardships of living and traveling in the Philippines.
Experience I arrived in the Philippines in January 1980 to travel for 2 months; I stayed 4 months before reluctantly leaving. I met my Filipina wife, Lorna. an incredible stellar, "one in a million" individual in 1983 in Seoul and we moved to the Philippines in 1986 and opened our 3BR house to world travelers on a budget. After welcoming thousands of guests from 83 nations our place has grown to 30 bedrooms but will never lose its "Home away from Home" atmosphere. Almost everyday at The Townhouse Hotel there's a party-like social scene with vibrant, almost magical energetic conversations between our guests who have the pleasure to meet each other and share their life's many experiences. Sometimes. three groups with conversations in different langauges are going on at the same time.
So we've been exposed to every kind of person from all over the world and shared their experiences.
Publications Suite101.com, eDreams.com, expertcentral.com ( who asked me to apply with allexperts.com since About.com has bought both companies and are in the process of integrating them)
Education/Credentials some college 2-1/2 years - no degree - I've been traveling since I was 18, almost 30 years.
Awards and Honors Luckily, my wife and I have been semi-retired since we were 30 years old, more than 15 years.
Expert: Bill and Lorna Collings Date: 5/26/2008 Subject: Special Resident Retirement Visa SRRA
Question QUESTION: Hello Bill,
I am interested in purchasing an apartment on Boracay. I'm 37 right now, can I purchase the apt on a tourist visa or do i need to apply for the retirement visa and deposit the required $ amount?
ANSWER: Hi Dave, Yes you can purchase a condominium unit as a foreign tourist but yes you also apply for the NEW all around retirement/investment/investment U$1400 visa with the refundable U$10,000 deposit and a list of misc small fees attached. You might want to research the ownership paperwork regarding the many condo units being marketed all over Boracay recently as well as the prices. We have just purchased a highly elevated 2000sqm lot on Boracay and as you might know already own 2000sqm beach front Boracay resort. So I'm in the middle of researching each and every resort, house and lot, condo apartment and land for sale on Boracay as we plan to resell this 2000sqm perfect for one or more private residential /holiday houses. So email me so I can forward the list of choices to you for your reference. ciao for now, Bill
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QUESTION: I know the PRA is slow to update their info on the web. I have been looking for the new all around retirement/investment VISA for 1400 USD but i can not find anything on the web. Do you have a web site for this? The only info i can find is that i have to deposit at least 50,000 USD for my age range.
Thanks,
Dave
Answer yes and I have already posted it on this website of http://www.allexperts.com answering a previous question such as yours and on my yahoogroup, "lifeinthephilippines" Okay just found it there again after 3 searches so if you lose it join my yahoogroup and type in "RETIREMENT VISA".
WHAT IS THE SPECIAL RESIDENT RETIREE'S VISA (SRRV)?
The Special Resident Retiree's Visa (SRRV) hereinafter referred to as
the "Retiree's Visa", is 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)
LOI 1470, as a supplemental statute to E.O. 1037 was passed on July 4,
1985 aimed at:
1) Developing and promoting the Philippines as a preferred retirement
haven for former Filipinos and foreign nationals;
2) Attracting foreign exchange; and
3) Directing the issuance of the Special Resident Retiree Visa (SRRV).
The issuance of the SRRV to qualified PRA applicants, entitles the
holder to reside in the Philippines for an indefinite period with
multiple-entry privileges as long as the required minimum deposit
investment subsists. (Sec. 2, Rule II of LOI 1470)
Moreover, the SRRV offers benefits which includes the exemption from
the 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 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.
The SRRV, characterized by its being indefinite with multiple-entry
privileges, partakes the nature of a permanent and/or "lifetime" visa.
Thus, guaranteeing the principal retiree and family members the
privilege to settle permanently in the Philippines and enjoy the best
quality of life in the most attractive package. This is the
Authority's international commitment and is the true meaning of
"Smiling at Life" in the Philippines.
WHO MAY APPLY?
All foreign nationals provided they are issued an entry visa by the
Philippine Embassy/Consulate and former Filipino citizens who are now
holders of foreign passports both of whom are at least 35 years old.
Register in the SSRV Program now!
HOW CAN ONE JOIN THE PRA PROGRAM?
1. If you are based in the Philippines, you may secure an application
form and file the same with the following:
Philippine Retirement Authority
29/F Citibank Tower
8741 Paseo de Roxas
Makati City 1227
Tel. No.: (632) 848-1412 to 16
Fax No.: (632) 848-1411
Direct Line: (632) 848-7104
Website: http//www.pra.gov.ph
E-mail: inquiry @pra.gov.ph
2. If you are based abroad: Through the Philippine Embassy/Consulate
WHAT ARE THE FEES FOR JOINING THE PRA PROGRAM/APPLYING FOR SRRV?
a. Processing Fee
A one-time payment of US$1,400.00 for the principal and US$300.00
for each dependent (spouse/children).
Note: These fees are inclusive of the Bureau of Immigration fees
and the fee for the issuance of the PRA I.D. Card.
b. Annual Renewal/replacement of PRA ID Card
US$10.00 per member/card/year
HOW LONG IS THE VISA VALID?
The SRRV is valid for so long as one remains a member of good standing
of the Program and provided his time deposit and/or investment exists
in the Philippines.
CAN A RESIDENT RETIREE BRING HIS/HER FAMILY MEMBERS WITH HIM/HER INTO
THE COUNTRY TO JOIN THE PROGRAM?
Yes. A resident retiree can bring with him/her, without additional
deposit, his spouse and a child who is unmarried and below 21 years
old or if the spouse is not joining, two (2) children (provided they
are unmarried and under 21 years of age). Additional children with the
same qualifications may also be allowed to join the principal retiree
provided there is an additional deposit of US$15,000.00 or equivalent
foreign currency per child. The deposit is subject to the same terms
and conditions with that of the principal deposit. This does not apply
to former Filipinos citizens.
WILL DEPENDENTS CONTINUE TO BE SRRV HOLDERS OR RETAIN THEIR SRRV EVEN
AFTER REACHING 21 YEARS OLD?
Yes. For so long as the principal retiree remains a member of the
Program, his dependents retain their SRRV even if they reach 21 years
of age and above.
WHAT HAPPENS IF THE PRINCIPAL RETIREE DIES?
The surviving spouse, provided he/she is a SRRV holder, has the option
to assume the status of a principal retiree using the original account
as his/her qualifying deposit. Should he/she not choose to become the
principal retiree, then the law on Succession prevails.
As far as the beneficiary is concerned, the withdrawal of the time
deposit should be made in accordance with the Philippine banking rules
and regulations. The beneficiary will have to pay estate tax as the
retiree is treated as a resident alien and therefore covered by the
National internal Revenue Code.
REQUIREMENTS
Retirement Option and their Required Time Deposit
1. With Pension – 50 years. Old and above – the required time deposit
is US$10, 000.00 plus a monthly pension of US$800.00 for a single
applicant and US$1,000.00 for couple
2. Without Pension
* 35 to 49 years old – US$50, 000.00 time deposit
* 50 years old and above – US$20, 000.00 time deposit
* Former Filipino Citizens (at least 35 years old, regardless of
the number of dependents – US$1,500.00
* Ambassadors of foreign countries who served and retired in the
Philippines- US$1,500.00
Note: The PRA Accredited banks agree to accept any acceptable foreign
currency for deposit in the accounts, provided that it shall be
credited to the account as the United States Dollars or Philippine
Pesos equivalent
WHAT ARE THE DOCUMENTS REQUIRED FROM A RETIREE BEFORE HE CAN JOIN THE
PROGRAM?
A prospective retiree-participant shall submit to PRA the following:
1. PRA application form;
2. Original passport with valid entry status;
3. Medical Examination Clearance -can be secured abroad (with
English translation) duly authenticated by the Philippine
Embassy/Consular Office. If the applicant is in the Philippines, this
can aslo be secured at the PRA One-Stop Shop
4. Bank Certificate of Dollar Time Deposit inwardly remitted to any
PRA accredited banks;
5. Police Clearance issued abroad translated into English and duly
authenticated by the Philippine/Consulate or National Bureau of
Investigation (NBI) Clearance issued in the Philippines. This also
applies to spouse and dependents 18 years of age and above (Age
requirement of 18 is for purpose of NBI Clearance only);
6. Photographs, 6 pieces 1"x1" and 6 pieces 2"x2";
7. If the spouse is also applying for SRRV, Marriage Certificate or
Marriage Contract translated into English (if necessary) and duly
authenticated by the Philippine Embassy/Consulate nearest the
applicant's residence if the marriage was contracted abroad. If the
marriage was solemnized in the Philippines, original Marriage
Certificate; and
8. If dependent/s is/are also applying for the SRRV, original Birth
Certificate/s of dependent/s born in the Philippines or Birth
Certificate/s or Household Register translated into English (if
necessary) and duly authenticated by the Philippine Embassy/Consulate
nearest the applicant's residence abroad.
WHAT ARE THE BENEFITS UNDER THE PROGRAM?
1. Multiple/Indefinite entry privileges with the option to reside
permanently in the Philippines.
2. Exemption from exit Clearance & Re-Entry Permits.
3. Exemption from Customs Duties and Taxes for the Importation of
Personal Effects up to US$7,000.00.
4. Exemption from Travel Tax, if stay in the Philippines is less
than a year from the last entry date.
5. Exemption from the Bureau of Immigration's Annual registration
requirement.
6. Assistance in Obtaining an Alien Employment Permit.
7. Tax-free remittance of Annuities and Pensions.
8. Guaranteed repatriation of the deposit/investment.
WHAT ARE THE OBLIGATIONS OF A SRRV HOLDER?
1. To give a written notice of any change of information supplied
in the Application Form (e.g. status, name or address) within (60)
days from such change;
2. To give a written sixty (60) day notice of termination of his
participation
DOES PRA ACCEPT CURRENCIES OTHER THAN US DOLLARS AS REQUIRED FOREIGN
CURRENCY DEPOSIT?
No. Nonetheless, the PRA Accredited Banks agree to accept any
acceptable foreign currency for deposit in the accounts, provided that
it shall be credited to the account as United States Dollars or
Philippine Peso equivalent.
after the issuance of SRRV the retiree may convert the Dollar time
deposit to Philippine Peso or Euro money.
CAN THE REQUIRED DEPOSIT BE DIVIDED INTO ANY OF PRA's ACCREDITED BANKS?
Yes, for a minimum deposit of US$10,000.00
UNDER WHOSE NAME IS THE REQUIRED FOREIGN CURRENCY DEPOSIT BE CREDITED?
The required foreign currency deposit maybe opened in the name of the
principal retiree or under an "and/or" account with the spouse
provided the latter is also a member of the PRA Program. This applies
also to an applicant/retiree who is legally married to a Filipino
Citizen even if not a PRA member.
WHEN CAN THE REQUIRED FOREIGN CURRENCY DEPOSIT BE CONVERTED INTO
INVESTMENT?
After one (1) month from the time it was opened in any of the PRA
accredited banks as a retiree account.
INVESTMENTS
WHAT AREAS OF INVESTMENTS ARE AVAILABLE TO A RESIDENT RETIREE?
The areas of investment are the following:
1. Purchase of a condominium unit;
2. Lease of a parcel of land or house and lot;
3. Construction of a residential unit on a leased parcel of land;
4. Propriety shares in golf clubs;
5. For former Filipinos, purchase of a lot not exceeding 5,000
square meters in urban areas or three (3) hectares rural areas to be
used for business or other purposes.
CAN RESIDENT RETIREE APPLY FOR PHILIPPINE CITIZENSHIP?
Yes, in accordance with the Naturalization Law of the Philippines. One
of the basic requirements for naturalization is the continuous
residency in the Philippines for a period of ten (10) years.
The period may be reduced to five (5) years if the applicant has any
of the following qualifications:
1. Has honorably held office under the Government of the
Philippines or under that of any of the provinces, cities,
municipalities, or political subdivision thereof;
2. Has established a new industry or introduced a useful invention
in the Philippines;
3. Being married to a Filipino citizen;
4. Has been engaged as a teacher in the Philippines for a period of
at least two (2) years;
5. Has been born in the Philippines.
Note: For former Filipino citizens, the Citizenship Retention and
Reacquisition Act of 2003 applies.
