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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.
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.
7.
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
- 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:
- 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
-
Police
or National Bureau of Investigation (NBI) Clearance
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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
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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):
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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)
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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
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The
following Links care from Gov.Ph
the Official website of the Republic of the Philippines
MORE
SERVICES
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LINKS
Philippine Government Portal
The Official Government Portal of the Republic of the Philippines
Department of Tourism
WOW Philippines is the flagship tourism program of the Philippine
government through the Philippine Department of Tourism.
Bureau of Immigration
To control and regulate the immigration of aliens in the country
Department of Foreign Affairs
The Philippine Board of Investments
The Philippine Board of Investments (BOI), an attached agency of
Department of Trade and Industry (DTI)
Department of Trade and Industry
The end goal is to grow and expand Philippine trade and industry as the
means to generate jobs and raise incomes.
Land Bank of the Philippines
The Land Bank of
the Philippines
Land Transportation Office
National Bureu of Investigation
Nobility, Bravery and Integrity [ top ]
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