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Visitor Visa:
Upon entry into the Philippines, you receive a free 21 day visitor visa. You
can renew it [upon payment of renewal fees] for up to one year at the
Dumaguete City branch of the Immigration bureau.
Permanent Resident Card: Upon
application and payment of about $300.00 U.S., you can obtain a permanent
resident card.
Balikbayan Visa: Your best visa is free, simple, and automatic!
Each time you enter the Philippines with your Filipina wife from Hong Kong,
Singapore, Thailand, the USA, or any other foreign nation, at the airport at
the immigration entry desk, you simply ask for a FREE "Balikbayan" [return
to the nation] visa to be stamped onto your passport, and it will be. Your
free balikbayan visa enables you to stay in the Philippines for one full
year without any fee whatsoever. After 1 years, you would need to do one of
the following: (1) pay the necessary fees to Philippines Immigration to
extend the balikbayan visa; or (2) re-enter the Philippines with your wife
and ask for another FREE balikbayan visa; or (3) get a Resident Alien card;
or (4) get a retirement visa from the Philippine Retirement Authority
[explained below]; or (5) get a Special Investor's Visa from the Board of
Investments.
If you are entering the Philippines without your wife but you are
entering to join your wife who is already in the Philippines, you should
ask for a "Non-Quota Immigration Visa" based on your marriage to a Filipina
citizens who is currently living in the Philippines. Of course, you would
need to submit to the immigration officer your Philippines marriage
contract, as previously certified by the National Statistics Office [NSO].
Retirement visa from the Philippine
Retirement Authority:
Executive Order No. 1037 dated July 4, 1985 created the Philippine
Retirement Authority (PRA). PRA is a government owned and controlled
corporation under the Office of the President and governed by a five-man
Board of Trustees. PRA is mandated primarily to promote and develop the
Philippines as a retirement haven for foreign nationals, overseas and former
Filipinos thereby generating foreign exchange.
For complete information on how you can obtain your own Philippines
Retirement Visa, please visit the Philippine Retirement Authority website:
http://www.pra-visa.com.
SPECIAL
RESIDENT RETIREE
The Special Resident Retiree's Visa (SRRV) entitles the holder to
multiple-entry privileges with the right to permanent residence in the
Philippines. The SRRV is issued by the Bureau of Immigration of the Republic
of the Philippines in connection with the Philippine Retirement Authority's
Retirement Program for the foreigners and former Filipinos.
APPLICANT
ELIGIBILITY
All foreign nationals except those classified as RESTRICTED by the
Department of Foreign Affairs (DFA) who are physically healthy and with no
derogatory record and who are at least 35 years old and over, may join the
Program.
AGE
/ DEPOSIT REQUIREMENTS
All foreign nationals below 50 and at least 35 years of age are required to
deposit the amount of US$75,000.00 with any PRA shortlisted bank. Those aged
50 and above are required to deposit US$50,000.00. Former Filipinos are
required to deposit US$1,500.00. The deposit amount of US$50,000.00 shall be
required from an applicant who is at least 35 years of age and belongs to
any of the following:
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Retired military personnel of
governments recognized by the Philippines; or
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Former members of foreign
diplomatic corps who have served for at least three (3) years in their
respective posts; or
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Retired officers and employees
of international organizations such as the United Nations and its
affiliate agencies, the World Health Organization, World Bank,
International Labor Organization and other similar organizations.
FAMILY
ELIGIBILITY
A retiree can bring with
him, without any 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 legitimate or legally adopted. Additional children with
the same qualifications may also be allowed to join the principal retiree
under the program provided there is an additional deposit of US$15,000.00
per child. The US$15,000.00 deposit is, however, subject to the same terms
as the principal deposit.
Dependents/children will continue to be members of the program and retain
their SRRV even after reaching the age of 21 for so long as the
required/additional deposit of the principal retiree is maintained in the
bank under the PRA account or the investment has not been transferred to
other countries and still subsists in the Philippines.
THE
DOLLAR DEPOSIT
The requisite dollar
deposit can be opened in the name of the principal retiree under an "and/or"
account with the spouse who is also a bonafide member of the PRA Program.
This also applies to an applicant/retiree who is legally married to a
Filipino citizen.
The deposit earns interest in the same currency at minimum LIBOR/SIBOR rate
payable in Philippine pesos only. The interest is withdrawable even without
PRA clearance. After six (6) months from the time it was opened in any of
the PRA short listed banks as a retiree account, the deposit can be
converted into active investments subject to prior clearance from PRA.
If the resident retiree decides to terminate his membership in the program,
the deposit (including interest) can be withdrawn provided that the resident
retiree has notified the PRA in writing, accomplished the EXIT Interview
Form, submitted the Original Passport for the cancellation of the SRRV and
his PRA I.D. Card and has paid all taxes and duties due on his importations
(if any), through the Program.
Under PRA rules, should the resident retiree suffer an untimely demise, the
surviving spouse who is a holder of SRRV has the option to become the
principal retiree using the original principal dollar deposit as his/her
qualifying deposit. If he/she chooses not to, the law on succession shall
apply.
DOCUMENTARY
REQUIREMENT
A prospective member should submit the following documentation to the PRA:
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Accomplished
Philippine Retirement Authority (PRA) Application form.
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Valid passport
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Department of
Foreign Affairs (DFA) Medical Examination Form #11 accomplished by a
licensed physician from the applicant place of origin, duly authenticated
by the Philippine Embassy Consulate or PRA Medical Certificate (RSSC Form
#002) accomplished by a licensed physician in the Philippines.
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Certification
by a PRA shortlisted bank of the requisite deposit amount of US$1,500.00,
US$50,000 or US$75,000.00 whichever is applicable.
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Police
Clearance issued abroad and duly authenticated by the Philippine
Embassy/Consulate, or National Bureau of Investigation (NBI) in the
Philippines.
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Photographs,
1x1 and 2x2, six (6) pieces each.
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If the spouse
is joining the applicant, original copy of Marriage Contract if the
applicant's marriage was solemnized in the Philippines or original copy of
Marriage Certificate duly authenticated by the Philippine
Embassy/Consulate nearest to the applicant's residence abroad if the
marriage was contracted abroad.
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If dependent/s
is/are joining the applicant, original copy of Birth Certificate/s of
dependent/s born in the Philippines or Birth Certificate/s or Household
Register duly authenticated by the Philippine Embassy/Consulate nearest
the applicant's residence abroad.
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Payment of a
total of US$2,000.00 (for 35 to 49 years of age) of US$1,500.00 (for 50
years and above) as service and processing fees and US$1,500.00 for former
and overseas Filipinos.
ADDITIONAL
FEES
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The amount of Php 7,600 charged by the Bureau of Immigration for
change-of-admission status of the principal applicant into a special
resident retiree is included in the US$1,500.00 or US$2,000.00
service/processing fee but the additional fee of 7,600.00 for the spouse
and for each dependent shall be for the account of the applicant.
Likewise, the amount of Php 500.00 is charged as express lane fee for
every endorsement to the Bureau of Immigration. US$15.00 per year is
charged for every PRA ID card of each applicant, spouse and dependent
effective August 16, 2001.
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Service fee of US $100.00 for each dependent (spouse and children)
effective April 1, 2001.
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If the visa is
issued by the Philippine Embassy/Consulate abroad, the applicant and his
spouse and dependents shall pay the corresponding visa fees.
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The Retiree
pays the visitorial fee of one percent (1.0%) per annum of the Philippine
Peso equivalent of the requisite dollar deposit converted into actual
investment effective September 15, 2001.
BENEFITS
A resident
retiree or holder of the SRRV is accorded the following benefits:
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Permanent,
non-immigrant status with multiple entry privileges through the SRRV.
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Exemption from
customs duties and taxes for one time importation of personal effects,
appliances, and household furniture worth US$7,000.00 which should
not be of commercial quantity and must be availed of within 90 days upon
issuance of SRR Visa.
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Exemption from
exit clearance and re-entry permits.
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Exemption from
payment of travel tax provided the retiree has not stayed in the
Philippines for more than one (1) year from date of his last entry
into the country.
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Conversion of
the requisite dollar deposit into active investments, including purchase
of condominium units.
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Interest on the
foreign currency deposit is withdrawable anytime and payable to retirees
in Philippine pesos.
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Foreign
currency time deposit can be converted into Philippine peso deposit after
the issuance of SRRVisa with interest subject to 20% withholding tax.
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Pensions and
annuities remitted to the Philippines are tax-free.
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Guaranteed
repatriation of the requisite deposit including invested profits, capital
gains and dividends accrued from investments upon compliance with rules
and regulations of Bangko Sentral.
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Exemption from
securing the Student's Visa/Special Study Permit.
INVESTMENT
OPTIONS AND TERMS
Resident retirees may avail of the following investment opportunities:
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Purchase of a
condominium unit.
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Formation of a
new corporation and registration with the Securities and Exchange
Commission.
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Purchase of
share of stocks in existing corporations registered with the Securities
and Exchange Commission, but not those traded in the Stock Exchange.
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Lease of a
parcel of land or house and lot.
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Construction of
a residential unit on leased parcel of land.
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For former
natural born Filipinos, purchase of a lot not exceeding 5,000 square
meters in urban areas or three (3) hectares in agricultural areas, for
business and other purposes.
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Purchase of
proprietary/membership shares in golf clubs.
The above
investments cannot be sold, transferred or encumbered without clearance from
PRA.
BENEFITS
AND OBLIGATIONS
Foreign nationals are not allowed by the Constitution of the Republic of the
Philippines to acquire land except through hereditary succession. However,
under existing investment policies and subject to foreign equity
restrictions foreigners are allowed to invest in corporations registered
with the Securities and Exchange Commission and which may own real property.
In case of sale or liquidation of the retiree's investment, he has the
option to (1) re-deposit in his name and or his spouse under the PRA
account, the proceeds of the sale either in Peso or in foreign currency, or
(2) re-invest the same in another allowable investment outlet.
A retiree is
given ninety (90) days from the issuance of his SRRV to avail of tax-free
importation of US $7,000.00 worth of personal effects/household goods. The
period may be extended for another sixty (60) days upon the request of the
retiree through the PRA or The Department of Finance. He may dispose of his
personal effects/household goods within three (3) years from the
importation. The taxes due must be paid if he decides to dispose of his
personal effects/household goods within three (3) years.
Should he decide
to terminate his PRA membership within three (3) years following the entry
of his personal effects/household goods, he is also required to pay the
necessary taxes and duties. However, he may opt to ship back the items to
his country of origin to be exempted from paying the taxes and duties.
OTHER
OBLIGATIONS OF THE RETIREE
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To give the Authority a written
notice of any change of information supplied in the application form (e.g.
status, name and/or address) within sixty (60) days from such change.
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To give the Authority a written
sixty (60) days notice of termination of his participation in the program.
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To pay the Authority, by way of
visitorial fee, the amount equivalent to one percent (1.0%) of the total
amount in Philippine peso equivalent of the foreign currency deposit
converted into investment, to be paid in advance for 3 years on the date
of withdrawal/conversion of deposit into investment.
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To notify the Authority in
writing prior to his foreign travel by filling up and submitting a
Retiree's Departure Form.
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Upon expiry of the one (1) year
validity period, surrender the I.D. Card for a replacement of a new one.
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To comply with the rules and
regulations of the Authority.
APPLICATION
/ ENROLLMENT
A retiree may apply for
enrollment at:
PHILIPPINE RETIREMENT AUTHORITY
29/F Citibank Tower, 8741 Paseo de Roxas
Makati City, 1200 Philippines
PROCESS OF SRRV ISSUANCE BY
PHILIPPINE EMBASSY/CONSULATE
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Applicant/Marketer submits documents to Philippine Embassy/Consulate.
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Applicant/Marketer notifies PRA of application/documents submitted to
Embassy/Consulate:
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Photocopy of Passport page
showing Date of Birth
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Medical and Police clearance
from place of origin valid for six (6) months, duly authenticated by the
Philippine Embassy.
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Certification of the Dollar
Time Deposit by any of PRA's short listed bank.
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Photographs
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Marriage Certificate if the
spouse is joining
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Birth Certificate if a
dependent child is joining.
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Payment of service/processing
fee to PRA
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Embassy/Consulate endorses application/documents to the Depratment of
Foreign Affairs (Manila) who in turn endorses the same to PRA for
evaluation and processing.
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PRA reviews
documents. If complete, forwards recommendation to DFA Manila for
subsequent transmittal to Embassy/Consulate.
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Embassy/Consulate abroad issues a single-entry SRRV to applicant.
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Applicant
enters Philippines with a single-entry SRRV.
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Upon arrival in
Manila, applicant goes to PRA office for the stamping of the
multiple-entry SRRV on the passport by the Bureau of Immigration.
PROCESS OF SRRV ISSUANCE BY THE
BUREAU OF
IMMIGRATION - MANILA
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Applicant/Marketer remits deposit requirement to a shortlisted bank in
Manila.
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Bank credits funds to special time deposit account in the name of the
applicant.
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Shortlisted bank sends PRA certification under oath of inward remittance
of applicant's deposit.
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Applicant/Marketer secures Medical and Police Clearance from place of
origin duly authenticated by the Philippine Embassy/Consulate. If Medical
or Police Clearance are not secured from place of origin, PRA assists
applicant to secure the same in Manila in three (3) working days.
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Applicant enters the Philippines as tourist.
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Applicant/Marketer submits all documents to PRA in Manila:
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PRA Application
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Medical Clearance
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Police or National Bureau of Investigation (NBI) Clearance
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Certification by bank of the deposit
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Photographs
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Marriage Certificate if the spouse is joining
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Birth Certificate if a dependent/child is joining
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Payment of application fee
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PRA
evaluates and, if complete, endorses the application to the Bureau of
Immigration (BI) for the issuance of SRRV.
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Applicant is issued SRRV by BI within five (5) working days upon
completion/submission of all requirements.
REMITTANCE
OF DEPOSIT
The procedure in remitting your US$1,500.00, US$50,000.00 or US$75,000.00
deposit to any of our short listed banks is as follows:
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Go to the
nearest major international or commercial bank within your locality.
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Inquire if that
bank handles "Telegraphic Fund Transfer" to banks in the Philippines.
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Give the
following instructions to that bank (normally a form is provided for this
purpose):
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To ________________________________________________________
(Name of Remitting International Bank)
Pay To ____________________________________________________
(Name of Depository Bank in the Philippines)
the amount of US 50,000.00/US 75,000.00 to set up an FCDU time deposit
account in the name of
Mr. /Mrs.____________________________________________________
(Name of Retiree)
under the (PRA) retirement program. Upon receipt of the remittances,
please telephone/advise PRA immediately.
_____________________________
(Signature of
Retiree) |
SAMPLE
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Retain a copy
of the above Telegraphic Transfer instructions.
SHORTLISTED
BANKS
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BANK OF
COMMERCE
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CHINATRUST (PHILS.)
COMMERCIAL BANK
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EQUITABLE PCI
BANK
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METROPOLITAN
BANK AND TRUST COMPANY
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