Choice of SRRV types
Currently SRRV is restricted to 50 years and older (for principal applicants)
|
Classic |
Smile |
Courtesy |
Human Touch |
| Age |
35-49 |
50 plus |
35 plus |
35 plus |
50 plus |
35 plus |
|
no pension |
with pension |
|
former Filipinos |
Others |
with pension |
| USD Deposit |
50,000 |
20,000 |
10,000 |
20,000 |
1,500 |
10,000 |
| Convertibilty options |
conditional |
no |
yes |
conditional |
| Annual Fee for principal and two dependents |
360 |
| Bank for deposit |
PRA designated |
| One time Application Fee |
|
| principal |
1,400 |
| dependent |
300 |
Documentary requirements
All documents must be translated in English and be legalised by the Philippines embassy/consulate in the country
where the document was issued.
Each applicant
- Notice of Client Registration from the marketer
- Passport with tourist entry stamp.
- Completed Application Form
- Medical Clearance
- Police Clearance from the country of origin and NBI clearance if you have stayed in The Philippines for more than 30 days.
- ID pictures 12 pieces. 2"x2"
In addition for the SPOUSE:
For each CHILD:
For additional children if more than two dependents:
- Extra Deposit of $15,000.00 per child/dependants. (Except for SRRV Courtesy)
Cost and Fees
- One time application/processing fees
Principal: USD 1,400.00
Dependents: USD 300.00
- Yearly membership fee, payable in advance
SRRV CourtesyUSD 10
Other SRRVUSD 360
Conversion of the deposit (excluding SRRV Smile)
30 days after the visa has been granted, the deposit
can be converted into an approved investment. In such case a yearly fee
of US$750 for below 50 years old or US$ 500 for 50 above, will be
payable to PRA.
Areas of investment allowed
- Purchase, acquisition and ownership of a condominium unit.
- Long-term lease of house and lot, condominium or townhouse,
which should not be for a period shorter than 20 years.
Amounts invested
- Independent of the deposit made, the minimum investment must be USD50,000.
SRRV holders Obligations
- To renew the PRA ID Card every year (cost USD 10).
- Retirees may request for a 3 years ID validity
if they sign a Deed of Undertaking that they will not withdraw their
deposit during that period and have submitted a police clearance from thier home country.
- In case the requisite deposit has been converted
into active investment, ID cards will only be renewed if the retiree
has submitted the necessary documents and paid the yearly fee.
- To inform PRA if there are any changes in the
information provided in the ID card.
- To have the SRRV sticker transferred to the new Passports if in case a
new one has been issued.
Withdrawal from the SRRV programme
PRA guarantees repatriation of deposit upon withdrawal
from the program.
- By giving PRA written notice at least 30 days prior to his/her intended
date of cancellation of his/her SRRV. When a principal retiree cancels
his/her SRRV, this will also automatically cancel the SRRV of his/her
dependents.
- By death. The deposit will be released as per last will/testament.
Be aware that banks will withholdinheritance tax.
If so wished, the spouse can take over SRRV as principal