As human started traveling, migration and immigration became an essential part of most nations across the globe. Where there are people who do not come back to their land, there are people from foreign land and nationality who want to settle here. Some nations are therefore promoting their land as a favorable place to settle down after retirement for both the natives and foreigners. The Republic of Philippines is doing this with retirement visa Philippines ( Olvis.com/Retirement-Visa-Philippines ). The country is promoting SRVV to encourage both foreigners and overseas Filipinos to prefer Philippines as their retirement country.
What is SRRV?
It is a retiree’s visa in Philippines, which encourages foreign nationals and overseas Filipinos to retire in Philippines. SRRV is expanded as ‘The Special Resident Retiree’s Visa’ that entitles qualified applicants to live in Philippines for an indefinite period after they retire. The Philippine Immigration Act of 1940 defines the visa and aims to attract former Filipino and foreign nationals currently working in Philippines.
Depending upon the age, nationalities, and investors SRRV is of four types:
• SRRV smile
• SRRV classic
• SRRV courtesy
• SRRV human touch
SRRV application and required documents
To apply for retirement visa Philippines, the PRA application form, along with the fees, photographs, and required documents, is submitted either at PRA office or at the Philippine Embassy. The documents that are required while applying for SRRV are as follows:
• Passport with the current visa
• Certificate of medical examination, which may be either issued by PRA after medical examination performed by a licensed physician in the Philippines, or authenticated by Philippine Embassy after medical examination performed by the licensed physician abroad.
• The contract of marriage, in case of a married applicant
• Birth certificate
• Bank certificate of dollar time deposit
Benefits of SRRV
• Retirement visa Philippines allows the holder to live in Philippines for an indefinite period.
• The visa holder receives the privilege of multiple entry and exit.
• Once issued SRRV, the holder is exempted from:
ïƒ¼ ACR-1 card annual registration at Philippines Bureau of immigration
ïƒ¼ Customs duties and taxes on household goods, pension, and annuities
ïƒ¼ Travel taxes in case of no stay for a year from last entry
• SRRV entitles its holder for PHILHEALTH benefits and privileges
• They can avail discounts from PRA accredited merchants
In addition to the benefits, the retirement visa Philippines ( https://www.olvis.com/about-us/why-choose-us/ ) has certain obligations and limitations:
• All SRRV deposits should be made in the Development Bank of the Philippines.
• Any change in the information such as name and address must be informed in writing within the 30 days of the change.
• If the deposit is withdrawn for investment, the visitorial or monitoring fee should be paid.
• Deposit must be kept in the bank unless it is invested. It cannot be withdrawn without written permission from PRA.
• A spouse can inherit the deposit after the applicant dies and must pay the inheritance taxes to get access.
• In case the applicant wants to terminate the PRA program, 30 days notice must be provided in writing.