The National Retirement Program involves the construction of retirement villages as housing facilities for foreigners who would like to retire and get medical treatment in the Philippines. These include condominiums, hotels, apartments, townhouses, and residential houses and lots. Medical facilities, transportation amenities, security measures, educational provisions, as well as cultural and recreational services will be established in the National Retirement Program.
If you are seriously considering retirement in the Philippines, one of the options that you can take is to avail yourself of the Philippines's retirement visa or what is officially called the Special Resident Retiree's Visa.
Special Resident Retiree's Visa (SRRV)
According to PLRA website, the Special Resident Retiree's Visa (SRRV), is a "special resident, non-immigrant visa with multiple entry/indefinite stay privileges. the SRRV is especially designed for those who wish to live in the Philippines on an extended or permanent basis. It is a "lifestyle" visa for those who enjoy perks and privileges, a "hassle-free" visa for the frequent business traveler, and a "retirement visa" for the elderly who need special care for their special needs".
Getting the SRRV comes with great bonuses, extra advantages, special privileges, and additional benefits. If you obtain the SRRV, you will be able to reside permanently in the Philippines and will be given a non-immigrant status. You will also be given the privilege of multiple entries into the Philippines. The SRRV also lets you do away with the Exit Clearance and Re-entry Permits of the Bureau of Immigration. You don't have to fulfill the Bureau of Immigration's annual registration requirements if you have the SRRV.
There are even more benefits of getting the SRRV. Another is you will be able to import household goods and other personal effects tax free into the Philippines. You will be able to bring in up to US$7,000 worth of your own equipment, electronics, furniture, and et cetera into the Philippines. You will also be exempted from having to pay the travel tax given that you have not stayed in the Philippines for more than a year since your last date of entry. SRRV holders who also wish to study in the Philippines are exempted from having to go through the hassle of getting the Special Study Permit or the Student Visa.
Furthermore, if you become an SRRV holder, you will have the privilege to work in the Philippines. With the issuance of the Alien Employment Permit from the Department of Labor and Employment, you can legally find employment anywhere in the country. You may also put up a business in the Philippines. There will be a dollar deposit required of you when getting the SRRV, but you will be given full control of this deposit after a short six months.
You can put the money into more profitable and lucrative investments of your liking. The deposit may also be converted to Philippine Peso and is subject to withholding tax. Your pension and other annuities that you remit to the Philippines will be tax free. You will also be given the right to own a housing unit such as a condominium, and the right to rent a piece of land of your choice on which you can build your own house. The SRRV also guarantees the repatriation of your required dollar time deposit, including the interest, and profits and gains from your other investments, as long as they comply with the rules and regulations of the Bangko Sentral. Special Visa Retirement Program Requirements.
