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Philippines Visa Alternatives
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
- 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.
- To give the Authority a written sixty (60) days notice of termination
of his participation in the program.
- 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.
- To notify the Authority in writing prior to his foreign travel by
filling up and submitting a Retiree's Departure Form.
- Upon expiry of the one (1) year validity period, surrender the I.D.
Card for a replacement of a new one.
- 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:
- PRA Application form duly accomplished
- Photocopy of Passport page showing Date of Birth
- Medical and Police clearance from place of origin valid for six (6)
months, duly authenticated by the Philippine Embassy.
- Certification of the Dollar Time Deposit by any of PRA's short
listed bank.
- Photographs
- Marriage Certificate if the spouse is joining
- Birth Certificate if a dependent child is joining.
- 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
- Applicant/Marketer
remits deposit requirement to a shortlisted bank in Manila.
- Bank credits funds
to special time deposit account in the name of the applicant.
- Shortlisted bank
sends PRA certification under oath of inward remittance of applicant's
deposit.
- 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.
- Applicant enters
the Philippines as tourist.
- Applicant/Marketer
submits all documents to PRA in Manila:
- PRA
Application
- Medical
Clearance
- Police or
National Bureau of Investigation (NBI) Clearance
- Certification
by bank of the deposit
- Photographs
- Marriage
Certificate if the spouse is joining
- Birth
Certificate if a dependent/child is joining
- 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.
- 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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