How to Retire in the Philippines
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the Philippines? Then here is "some" basic idea of how to.
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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
Avoid very expensive What you need to know
issued by the Bureau of Immigration of the Republic of the Philippines in
to operate a SMALL
mistakes. Find out
connection with the Philippine Retirement Authority's Retirement Program for
BUSINESS, GET A
which
is
best
for
you
the foreigners and former Filipinos.
JOB, or INVEST in the
from our ultimate
Guide to Buying,
PHILIPPINES
[ top ]
Investing, Renting
and managing
property in the
Philippines
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.
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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
short-listed 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:
1.
Retired military personnel of governments recognized by the Philippines; or
2.
Former members of foreign diplomatic corps who have served for at least three (3) years in their respective
posts; or
3.
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.
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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.
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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.
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DOCUMENTARY REQUIREMENT
A prospective member should submit the following documentation to the PRA:
1. Accomplished Philippine Retirement Authority (PRA) Application form.
2. Valid passport
3. 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.
4. 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.
5. Police Clearance issued abroad and duly authenticated by the Philippine Embassy/Consulate, or National Bureau of
Investigation (NBI) in the Philippines.
6. Photographs, 1x1 and 2x2, six (6) pieces each.
7. 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.
8. 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.
9. 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.
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ADDITIONAL FEES
1. 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.
2.
Service fee of US $100.00 for each dependent (spouse and children) effective April 1, 2001.
3.
If the visa is issued by the Philippine Embassy/Consulate abroad, the applicant and his spouse and dependents shall
pay the corresponding visa fees.
4.
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.
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BENEFITS
A resident retiree or holder of the SRRV is accorded the following benefits:
1. Permanent, non-immigrant status with multiple entry privileges through the SRRV.
2. 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.
3. Exemption from exit clearance and re-entry permits.
4. 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.
5. Conversion of the requisite dollar deposit into active investments, including purchase of condominium units.
6. Interest on the foreign currency deposit is withdraw able anytime and payable to retirees in Philippine pesos.
7. Foreign currency time deposit can be converted into Philippine peso deposit after the issuance of SRRVisa with interest
subject to 20% withholding tax.
8. Pensions and annuities remitted to the Philippines are tax-free.
9. 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.
10. Exemption from securing the Student's Visa/Special Study Permit.
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INVESTMENT OPTIONS AND TERMS
Resident retirees may avail of the following investment opportunities:
1.
Purchase of a condominium unit.
2.
Formation of a new corporation and registration with the Securities and Exchange Commission.
3.
Purchase of share of stocks in existing corporations registered with the Securities and Exchange Commission, but not
those traded in the Stock Exchange.
4.
Lease of a parcel of land or house and lot.
5.
Construction of a residential unit on leased parcel of land.
6.
7.
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.
Purchase of proprietary/membership shares in golf clubs.
The above investments cannot be sold, transferred or encumbered without clearance from PRA.
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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.
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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.
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.
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APPLICATION / ENROLLMENT
A retiree may apply for enrollment at:
PHILIPPINE RETIREMENT AUTHORITY
29/F Citibank Tower, 8741 Paseo de Roxas
Makati City, 1200 Philippines
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PROCESS OF SRRV ISSUANCE BY PHILIPPINE EMBASSY/CONSULATE
1. Applicant/Marketer submits documents to Philippine Embassy/Consulate.
2. Applicant/Marketer notifies PRA of application/documents submitted to Embassy/Consulate:

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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
3. Embassy/Consulate endorses application/documents to the Department of Foreign Affairs (Manila) who in turn endorses
the same to PRA for evaluation and processing.
4. PRA reviews documents. If complete, forwards recommendation to DFA Manila for subsequent transmittal to
Embassy/Consulate.
5. Embassy/Consulate abroad issues a single-entry SRRV to applicant.
6. Applicant enters Philippines with a single-entry SRRV.
7. 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.
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PROCESS OF SRRV ISSUANCE BY THE BUREAU OF IMMIGRATION - MANILA
1. Applicant/Marketer remits deposit requirement to a short-listed bank in Manila.
2. Bank credits funds to special time deposit account in the name of the applicant.
3. Short-listed bank sends PRA certification under oath of inward remittance of applicant's deposit.
4. 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.
5.
Applicant enters the Philippines as tourist.
6.
Applicant/Marketer submits all documents to PRA in Manila:



PRA Application
Medical Clearance
Hotels and Resorts Maps
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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
7.
PRA evaluates and, if complete, endorses the application to the Bureau of Immigration (BI) for the issuance of SRRV.
8.
Applicant is issued SRRV by BI within five (5) working days upon completion/submission of all requirements.
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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:
1.
Go to the nearest major international or commercial bank within your locality.
2.
Inquire if that bank handles "Telegraphic Fund Transfer" to banks in the Philippines.
3.
Give the following instructions to that bank (normally a form is provided for this purpose):
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)
4.
SAMPLE
5.
Retain a copy of the above Telegraphic Transfer instructions.
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SHORT-LISTED BANKS
1.
BANK OF COMMERCE
2.
CHINATRUST (PHILS.) COMMERCIAL BANK
3.
EQUITABLE PCI BANK
4.
METROPOLITAN BANK AND TRUST COMPANY
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HOW DO I
The following Links care from Gov.Ph the “Official website of the Republic of the Philippines”
• apply for dual citizenship?
• become an immigrant?
• obtain a passport?
• apply for Philippine visas?
• obtain Tax information?
• retire to the Philippines?
• do business in the Philippines?
• find important listings of...?
• get a copy of my birth certificate?
• apply for a driver's license?
• get a scholarship?
• adopt a child in the Philippines?
• avail OFW benefits?
• get Travel Clearance for minors?
• get married in the Philippines?
• apply for a medical assistance?
MORE SERVICES
• Import animals
MORE SERVICES
Online Services
• Passport Application and Renewal
• Donate to a School - Adopt a School
• Driver’s License Application and Renewal
• Register as a Filipino Artist
• Birth, Marriage, Death Certificates
• SSS Member Inquiry System
• Taxpayer Identification Number
• Register in the Education Network
• Tax Payments
• Give Commendation for Govt Employee
• Reporting Complaints
• Senate Bills and Resolutions
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On the delivery of services by govt
employees/agencies
On mismanagement of government funds
On problems with financial transactions,
accounting, audit
On corrupt government officials and employees
To the National Bureau of Investigation (NBI)
On monetary disputes
On abusive motorists and transport operators
• Congress Bills and Resolutions
• e-Library
• Vessel Information System
• Trabaho I-Text Mo
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LINKS
Retire-In-Philippines To Experience A Millionaire-Like Lifestyle!
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The end goal is to grow and expand Philippine trade and industry as the means to generate jobs and raise incomes.
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Frequently Asked Questions (FAQ):
Q: Do you offer in-house financing or installment plans for properties?
A: No, unless indicated otherwise. Most properties listed on our listings are owned by private individuals (not developers) and therefore these sellers have no capacity to offer in-house financing. The only wa
bank of choice using the property to be purchased as collateral. If the loan is granted by the bank, the monthly payments, interest rate and the repayment period will depend on the terms of the bank loan ent
Q: How much discount can we get when purchasing one of your properties?
A: Most of the prices of the properties on Homesearch.ph are "asking prices" of individual property owners and are usually negotiable. We act as agent for these properties. If you are seriously interested in b
from the owner.
Q: Why don't you publish the addresses on the listings?
A: We deliberately try to avoid the publication of the exact address of houses & lots because some agents/brokers who visit our website "steal" our listings once they identify a particular property is for sale o
buyers and send emails asking for the exact address. When asked on email inquiries, we only provide the vicinity of the property. Our practice is to personally accompany you to the property for sale and wou
of the property to protect our interest.
Q: Do you entertain outside agents/brokers?
A: Yes, feel free to contact us.
Q: How will we know that the titles of the properties for sale are authentic?
A: The title (Transfer Certificate of Title or TCT) can easily be verified at the City or Municipal Registry of Deeds where the property is located. We usually do the verification for our clients but if you want to ve
copy of the original title verified.
When You Decide to Buy a Property, what steps to take?
Q: How can I hold a property from being sold to others?
A: Give the property owner some earnest money to remove the property from the market. Amounts vary from Php: 50,000 to 500,000 depending on the value of the property. The seller agrees to hold the pro
conditions are mutually set.
Q: When we purchase a property through you, do we pay for your services?
A: No, the owner of the property pays us the commission after the sale, the seller also pays for any outstanding real estate taxes and the capital gains tax. But as your agent, we will do all the documentation
the title for you. Note that the buyer pays for the transfer fees and the cost of registration.
Payments
Q: What are the terms of payments for the houses & lots?
A: Unless indicated otherwise, most properties listed on Homesearch.ph are owned by private individuals and therefore have NO in-house financing. Except for those indicated, the terms are on a cash basis
70% of the selling price. The 30% to 40% balance must be paid in cash as the buyer's equity.
Q: Do you have properties for sale with in-house financing?
A: Yes, these are the properties on our listings which are built by reputable developers have in-house financing.
Q: What are the modes of payment?
A: There are several options:
-Cash Payment
-Bank Loan
-Pag-Ibig Fund, SSS or GSIS Loan
-Mutual agreement between Buyer and Seller.
Q: How much do banks give out as loans?
A: Generally banks require 30% to 40% buyer's equity based on the bank's appraised value of the property and 60% to 70% is the loanable amount or it will be based on the borrower's capacity to pay, which
Q: How much is the interest rate and how long is the repayment period?
A: The interest rate varies from bank to bank, right now the prevailing rate is between 9 and 12% p.a. The repayment period is usually set by the borrower and the bank. Typically, the range is from 5 to 15 ye
About Citizenship
Q: I am an American citizen, can I buy a property in the Philippines?
A: Foreigners can own real estate properties with condominiums titles (CCT) and own up to 40% of the capital stock of a corporation which in turn can own land but cannot directly own land in the Philippines
Filipino landowners for an initial period of 50 years renewable for another 25 years.
Q: I am a natural born Filipino but I have now acquired foreign citizenship. Can I buy a real estate property?
A: Yes. Under Republic Act 9225 (Dual Citizenship Law), former Filipinos who became naturalized citizens of o
have lost their Philippine citizenship, thus enabling them to enjoy all the rights and privileges of a Filipino. Th
citizenship.
Q: If I don't want to apply for dual citizenship, can I still own a property in the Philippines?
A: A natural born Filipino who acquired foreign citizenship is entitled to own up to 1,000 sq.m. of residential land, and one (1) hectare of agricultural or farm land, even without gaining dual citizenship.
Q: What are the steps to gain dual citizenship?
A: If you are residing in the Philippines, file a written petition at the Bureau of Immigration (BI) for the cancellation of your alien certificate of registration and issuance of an identification certificate evidencing
the nearest Philippine Embassy or Consulate. Approval of petition usually takes only about 2 weeks.
The above FAQ is based on frequent questions on actual emails sent to us. We will be adding more entries as we encounter more FAQs that can be more conveniently answered here. We value each email
possible. This page hopefully helps makes it easier.
m
)
a (9D)
nt Officials (9E)

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LATEST NEWS
LATEST VISA AND IMMIGRATION
NEWS
Citizenship Retention and Re-acquisition Act (RA 9225)
AN ACT MAKING THE CITIZENSHIP OF PHILIPPINE CITIZENS WHO ACQUIRE FOREIGN CITIZENSHIP
PERMANENT
AMENDING FOR THE PURPOSE COMMONWEALTH ACT. NO. 63, AS AMENDED AND FOR OTHER
PURPOSES
oyee Visa -
oyee Visa -
esident Visa
etiree's Visa
Be it enacted by the Senate and House of Representatives of the Philippines in Congress assembled:
Section 1. Short Title – this act shall be known as the "Citizenship Retention and Re-acquisition Act of 2003."
Section 2. Declaration of Policy - It is hereby declared the policy of the State that all Philippine citizens of
another country shall be deemed not to have lost their Philippine citizenship under the conditions of this Act.
SPONSORED LINKS
a
t Visa (13A)
t Visa (13A)
Section 3. Retention of Philippine Citizenship - Any provision of law to the contrary notwithstanding, naturalborn citizenship by reason of their naturalization as citizens of a foreign country are hereby deemed to have reacquired Philippine citizenship upon taking the following oath of allegiance to the Republic:
"I _____________________, solemnly swear (or affirm) that I will support and defend the Constitution of the
Republic of the Philippines and obey the laws and legal orders promulgated by the duly constituted authorities of
the Philippines; and I hereby declare that I recognize and accept the supreme authority of the Philippines and
will maintain true faith and allegiance thereto; and that I imposed this obligation upon myself voluntarily without
mental reservation or purpose of evasion."
Natural born citizens of the Philippines who, after the effectivity of this Act, become citizens of a foreign country
shall retain their Philippine citizenship upon taking the aforesaid oath.
Section 4. Derivative Citizenship - The unmarried child, whether legitimate, illegitimate or adopted, below
eighteen (18) years of age, of those who re-acquire Philippine citizenship upon effectivity of this Act shall be
deemed citizenship of the Philippines.
Section 5. Civil and Political Rights and Liabilities - Those who retain or re-acquire Philippine citizenship
under this Act shall enjoy full civil and political rights and be subject to all attendant liabilities and responsibilities
under existing laws of the Philippines and the following conditions:
(1) Those intending to exercise their right of suffrage must Meet the requirements under Section 1, Article V of
the Constitution, Republic Act No. 9189, otherwise known as "The Overseas Absentee Voting Act of 2003" and
other existing laws;
(2) Those seeking elective public in the Philippines shall meet the qualification for holding such public office as
required by the Constitution and existing laws and, at the time of the filing of the certificate of candidacy, make a
personal and sworn renunciation of any and all foreign citizenship before any public officer authorized to
administer an oath;
(3) Those appointed to any public office shall subscribe and swear to an oath of allegiance to the Republic of the
Philippines and its duly constituted authorities prior to their assumption of office: Provided that they renounce
their oath of allegiance to the country where they took that oath;
(4) Those intending to practice their profession in the Philippines shall apply with the proper authority for a
license or permit to engage in such practice; and
(5) That right to vote or be elected or appointed to any public office in the Philippines cannot be exercised by, or
extended to, those who:
a.) are candidates for or are occupying any public office in the country of which they are naturalized citizens;
and/or
b.) are in active service as commissioned or non-commissioned officers in the armed forces of the country which
they are naturalized citizens.
Section 6. Separability Clause - If any section or provision of this Act is held unconstitutional or invalid, any
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Rights Reserved.
other section or provision not affected thereby shall remain valid and effective.
Section 7. Repealing Clause - All laws, decrees, orders, rules and regulations inconsistent with the provisions
of this Act are hereby repealed or modified accordingly.
Section 8. Effectivity Clause – This Act shall take effect after fifteen (15) days following its publication in the
Official Gazette or two (2) newspaper of general circulation.