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Retiring to the Philippines – An Affordable Dream!

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Living in a country comprised of over seven thousand beautiful, sun-kissed islands, it is not surprising that many foreign nationals who retire to the Philippines feel as if they are on permanent vacation. Good quality of living at an affordable price make it an ideal retirement haven, with housing, food and labor costs all substantially lower than in many other countries. But these are not all the country has to offer.

Filipinos are renowned throughout the world for their hospitality, and retirees will find a warm welcome waiting for them. They will also find communication very easy, since almost every Filipino can understand and speak some English, and the language is widely used on signs and official forms. In fact, in terms of population, the Philippines is one of the largest English-speaking nations in the world.

The country is also rightly proud of its world-class medical and health services, and in recent years has become a popular destination for medical tourism. Our highly trained medical personnel and caregivers are esteemed throughout the world, not only for their competence and expertise but most especially for the care and compassion they show to their wards.

To make it easier for expat retirees to settle here in the Philippines, the government, through the Philippine Retirement Authority (PRA), has taken the initiative and produced the Special Resident Retirees Visa (SRRV), which has various packages available to foreign retirees.

 

The Special Resident Retiree’s Visa (SRRV) is a special non-immigrant visa separate and distinct from the existing visa categories defined by the Philippine Immigration Act of 1940, as amended, and allied laws. (Sec. 1, Rule II of LOI 1470).

It has the following benefits:

  • Option to Reside Permanently – foreign nationals may live, retire and invest in the Philippines.

  • Multiple Entry Privileges – retirees may travel outside the Philippines, and re-enter anytime.

  • Holders of the visa are exempt from:

  • Exit clearance and re-entry permits of the Bureau of Immigration.

  • Annual registration requirement of the Bureau of Immigration.

  • Customs Duties and Taxes for the importation of personal effects and household goods up to US$7,000.00.

  • Travel tax, if stay in the Philippines is less than one year from the last entry date.

  • Special Study Permit.

  • Assistance in securing/obtaining documents from other Government Agencies such as:

  • Department of Labor & Employment (DOLE)- Alien Employment Permit

  • Land and Transportation Office (LTO) – Driver’s License

  • National Bureau of Investigation (NBI)

  • Department of Foreign Affairs (DOF)- Tax Exemption/ Extension Certificate

  • Bureau of Internal Revenue (BIR) – Tax Identification Number

  • Tax-Free remittance of Annuities and Pensions

  • Guaranteed Repatriation of the Requisite Time Deposit

 

MFBR’s specialist Immigration & Visa Department, which is accredited with both the Bureau of Immigration and The Philippine Retirement Authority, will be happy to assist any foreign national with their application for a Special Resident Retiree’s Visa. With the benefits on offer, it is perhaps not surprising that it is becoming evermore popular; and with glorious locations such as the one in the photograph accompanying this article (Balabac, Palawan, by Chris Tagupa @ Unsplash), the Philippines is deservedly becoming a very popular retirement haven.

By: Atty. Jasmin Fiel-Samson

 

 

For more details on the Special Resident Retirees Visa (SRRV), the Philippine Retirement Authority’s Information Guide is available on our website here.

For more information and assistance with obtaining this or other visas and work permits, please contact us.

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