The SRRV is a type of Visa that encourages people from outside the Philippines to retire and invest in the Philippines. The SRRV allows a Expat to gain permanent residence in the Philippines WITHOUT having to marry a Filipina girl. If you are already married to a non Filipina citizen, or if you are not married, but don’t want to get married, and you want to live permanently in the Philippines, this kind of Visa is probably your best option.
Invest money in the Philippines, get an SRRV visa – it’s that simple
The minimum investment to obtain an SRRV depends on your age and circumstances. The PRA lists three cases, each case having a different minimum investment.
Case 1: Applicant is under 50 years old Minimum investment: $50,000
Case 2: Applicant is at least 50 years old, but has no qualifying pension. Minimum investment: $20,000 dollars
Case 3: Applicant is at least 50 years of age and has a pension of at least $800 per month (single) or $1000 per month couple.
Minimum investment: $10,000 dollars
Types of PRA Investments
Purchase of condominium unit
Long term Lease of a house and lot, condominium or townhouse
Construction of a residential unit on a leased parcel of land;
Purchase of Proprietary Membership/Golf shares in golf clubs;
Deposit into a PRA approved bank
Living in a PRA Approved Residential Community
You pick out a residential community/facility approved by the PRA and you buy a share or lease a condo, which allows you to live and play in this community. Different communities have different arrangements.
What are these communities like?
Typically they are very upscale gated and guarded communities on the outskirts of a major city. They usually contain a golf course, tennis courts, a swimming pool and other facilities such as work out room, a restaurant and a bar.
Suppose you want to avail of the SRRV without committing yourself to living in a PRA approved community. What if you want to play at the golf clubs and tennis courts of such a community without actually living there? Many of the communities allow you to buy a “use of facilities” share. What this means is that for a certain amount of money you buy a share in the community which allows you to use all the facilities without having to live there. A typical share at a decent community with golf, tennis and swimming might cost in the neighborhood of $10,000 Dollars.
That $10,000 investment may not be enough money to qualify you for the SRRV.
Bank Deposit SRRV
Simply open up a special PRA bank account in a PRA partner bank and deposit the appropriate amount of money.
Extremely easy and quick to obtain and the problem with the SRRV is that you have to put money aside and that money is basically untouchable so long as you want to keep your SRRV.
Special Resident Retirement Visa (SRRV)
What happens if you really need that money? You have to go to a PRA office and file an application for release of the funds. Once the release is approved you lose your SRRV. So basically, in the case of a bank account, if you want to live in the Philippines the rest of your life, it’s the equivalent of buying an SRRV for ten or twenty thousand dollars
PRA Contact Information
For more information see the PRA website at www.pra.gov.ph