Does the Philippine Government want you to come to their country to retire? That’s a resounding yes, they even created a government entity just for that purpose, it’s the Philippine Retirement Authority (PRA).
The Philippine Retirement Authority (PRA) is a government owned and controlled corporation which was created by virtue of Executive Order No. 1037, which was signed by then President Ferdinand E. Marcos, on 04 July 1985. On 31 August 2001, through Executive Order No. 26, the control and supervision of PRA was transferred to the Board of Investments (BOI) from the Office of the President.
PRA is mandated to attract foreign nationals and former Filipino citizens to invest, reside and retire in the Philippines with the end-view of accelerating the socio-economic development of the country, contributing to the foreign currency reserve of the economy and by providing them the best quality of life in the most attractive package. More Info on their Page here.
SRRV – Special Resident Retiree’s Visa – Benefits for this visa are, being able to live, work and study in the Philippines, with the ability to travel outside and reenter the Philippines any time you like.
- 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
As an SRR Visa holder, the PRA (Philippine Retirement Authority) 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
A retiree who applies for a Special Resident Retiree Visa (SRRV) has the option to enroll to the program based from his retirement status.
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, current and former staff members of international organizations including ADB (at least 50 years old) – US$1,500.00
3. A resident retiree can bring with him, 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 per child. The said time deposit however, is subject the same and conditions with that of the principal deposit. This does not apply to former Filipino Citizens.
Note: The PRA Accredited banks agree to accept any acceptable foreign currency equivalent to the requisite amount for deposit in the accounts, provided that it shall be credited to the account as the United States Dollars or Philippine Pesos equivalent.
This is not the only way to retire here. I came here with my Filipina Wife and received a Balikbayan Visa stamped on my passport when I arrived here with my wife. You must travel with your wife and she must be a Filipino citizen to qualify for this visa. When your year is up, you can leave the country and take a short 5 day trip to Hong Kong, Thailand or any of the Asian countries, remember you are already in Asia so the trip is only 3 or 4 hours out to most Asian locations including Japan and China.
If you arrive here by yourself and wish to remain here you will end up with the standard 21 day visa, of which you show up at Immigrations on or before your 21th day and get a 59 day visa. If late you will face a small fine. This visa is updated every 59 days and that will run you around P 6,000 each time, it used to be 1,500. This equates to P36,000 or $130 per year. This can get expensive, especially if you have a limited budget but not really too bad and you can do this year after year. When I arrived here in April of 2004 I did this for 2 years before moving to the US. If you want to leave the country and you have been here for more than 6 months you must get a “Exit Permit” This can be filled out at the local Municipality in your town and needs a photo attached.
More information on this can be found at the links below.
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