With its low cost of living, beautiful beaches, and straightforward visa process, retiring in the Philippines through the SRRV visa program has become a top choice in Asia.
The Philippines Special Resident Retiree’s Visa (SRRV) is a popular long-term residency option that allows foreigners to live in the Philippines permanently.
SRRV allows foreigners to obtain residency in the country with minimal age and financial requirements. This visa offers incredible benefits and privileges for retirees looking to spend their golden years in the Philippines.
We’ll provide a full overview of getting a SRRV visa including the requirements, visa cost, and how to apply in order to retire in the Philippines.
Overview of the SRRV Visa
The SRRV is issued under the retirement program managed by the Philippine Retirement Authority (PRA). It grants multiple entry privileges and indefinite residency rights in the Philippines.
The SRRV visa previously had a low age requirement of just 35 years old. Yet s
Back in 2020, the minimum age requirement SRRV changed to 50. The program has seen a relative decline in popularity since then.
From the beaches of Boracay to the modernity of BGC in Manila, the Philippines truly has something for every type of retiree.
So far, over 27,000 SRRVs have already been issued to citizens from 107 countries, with the majority going to Chinese, Koreans, Japanese and North Americans.
SRRV holders receive a PRA ID card and a special PRA visa in their passport. It allows them to stay in the Philippines indefinitely with minimal reporting requirements.
There are four main types of SRRV visas:
- SRRV Smile – For retirees aged 50+ who deposit $20,000 in a Philippine bank account.
- SRRV Classic – The most popular. Requires $10,000 deposit and pension for those 50+, or $20,000 deposit without pension. Allows investment of funds.
- SRRV Courtesy – For former Philippine citizens and foreign diplomats aged 50 or older. Only $1,500 deposit required.
- SRRV Human Touch – For retirees above age 50 needing medical care. $10,000 deposit.
Each of these four options has different eligibility criteria, but all of them enjoy the same privileges and benefits.
Philippines Retirement Visa Requirements
Getting the SRRV visa is much easier compared to other long-term visa options in Asia. That’s true both in terms of the cost and application process.
Here’s a list of requirements to ensure your SRRV visa application is successful:
- Meeting the minimum age criteria of 50 years old
- Either foreign bank statements proving regular income of $1,500, OR having a fixed deposit of $10,000 in a Philippine bank.
- Passport valid for at least 6 months.
- Clear criminal record from your home country.
- Medical clearance certificate.
You’ll probably need to open a bank account in the Philippines and make a deposit before getting an SRRV visa. Here are the country’s top banks according to Forbes.
Benefits of the SRRV Visa Program
The SRRV program offers many advantages for retirees wanting to live in the Philippines permanently.
In particular, the government makes it as easy as possible to bring your family, personal items, and money into the Philippines.
A complete list of benefits that the SRRV visa offers is:
- Permanent residence in the Philippines with multiple entries
- No immigration reporting requirements
- Tax-free import of household goods up to $7,000
- No travel tax for stays under 1 year
- No student visa required for dependents
- Guaranteed repatriation of bank deposits
- Access to national healthcare system
Last but not least, applicants can include their foreign spouse and dependent children under 21 in their SRRV application without any added cost.
You can truly bring your entire family on a Philippines retirement visa! By comparison, most other countries charge a hefty sum in order to add dependents.
How to Apply for the SRRV Visa
The process to obtain your SRRV visa is relatively straightforward. For the most part, it’s able to be done by yourself and getting a lawyer isn’t necessary.
Here’s a full outline of what you can expect with your application:
- Book an appointment online with the PRA.
- Choose your preferred SRRV retirement option.
- Prepare documents like passport, police check, medical certificate.
- Make the required deposit through an authorized Filipino bank.
- Submit application and documents to the PRA office.
- Pay the visa processing fees.
- Receive SRRV within 10 business days if approved.
The whole application takes place at PRA offices without you needing to visit immigration. PRA staff are friendly and help make the process straightforward for applicants.
Live Permanently in the Philippines with SRRV
Once you obtain your SRRV visa, an exciting retirement awaits in the tropical paradise of the Philippines.
As an SRRV holder, you can live in the Philippines indefinitely and maintain a comfortable lifestyle. The low cost of living allows foreign retirees to stretch their pensions significantly further when compared to western countries.
Healthy and active retirees can take advantage of the Philippines’ stunning beaches, lush nature and wealth of outdoor activities. More relaxed retirement is also possible in the provinces for those looking to escape the busy city life.
The Philippines offers high quality healthcare, especially in major cities like Manila and Cebu. SRRV holders can access healthcare through the national insurance system, PhilHealth. Private insurance provides added options.
Overall, the SRRV offers the easiest path to retire in the Philippines for anyone aged 50 and above – and their entire family too. It’s not just a retirement visa for the elderly.
With its flexibility, privileges, and minimal requirements, the SRRV visa is an attractive option for foreign retirees – whether you’re old or relatively young.
