One of the advantages of having worked hard at one’s prior job in the corporate world for many years is being able to retire.
This would also mean that one would be leaving their careers behind and beginning a new road toward reaping the rewards of their efforts and enjoying them.
The Philippines as a future retirement place for Foreign Nationals
Undoubtedly, moving from one place to another isn’t like a walk in the park. This is especially when discussing finding a country that suits your preferences when deciding if it will be an ideal place for permanent retirement.
It might seem obscure since it will significantly change your career. The Philippines is known for its low-cost living, affordable property listings, tropical climate and beaches. This makes it an ideal country for relaxing the mind and soul and a great place to start that retirement investment you have been planning for years.
A benefit of choosing this country is that the Philippine Government offers a Special Resident Retiree’s Visa (SRRV) that allows you the advantage for both leisure and investment opportunities as a foreign national or as an overseas Filipino seeking a comfortable retirement place that is full of possibilities.
What is the Special Resident Retiree’s Visa (SRRV) and How does it work?
The Special Resident Retiree’s Visa (SRRV) is a special non-immigrant visa granted to foreign nationals and overseas Filipinos who want to choose the Philippines as their second home for retirement or investment purposes.
The retiree who plans to apply for a Special Resident Retiree’s Visa (SRRV) can have the option to enroll in the program based on their retirement status, and the approval of their application will come from the Bureau of Immigration.
In addition, the application will be pre-evaluation by the Philippines Retirement Authority, where applications are being filed, and processing takes seven to ten working days upon receipt of the complete requirements of the retiree.
Benefits of the SSRV
The stated benefits provided to future Foreign Nationals and Overseas Filipino Retirees are as follows:
- Indefinite stay with multiple entry/exit privileges.
- Access to the Greet & Assist Program at selected Philippine airports.
- Free subscription to the PRA Newsletter.
- Discount privileges from PRA-accredited Merchant Partners.
- Free assistance in transacting with other government agencies.
- Entitlement to PHILHEALTH benefits & privileges.
- Exemption from the Philippine Bureau of Immigration ACR-I Card (Annual Report), Customs duties & taxes for one-time importation of household goods & personal effects worth up to US$7,000.00.
- Tax from pensions & annuities, Travel Tax if the retiree has not stayed in the Philippines for more than 1 year from the last date of entry and Student Visa/Study Permit.
With the Philippines’ initiative to encourage retirees to settle at ease in their country, take this opportunity to make the most out of it by applying now!
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