Founder of Global Residence Index
Last updated: February 15, 2024
The Philippines is a popular destination for retirees and investors due to its low cost of living and various investment opportunities. Combining this with its beautiful islands, exotic beaches, impressive volcanoes, and world-class diving spots, the Philippines is a lovely travel destination. Furthermore, the country has attractive options for foreigners to obtain residency by investment.
We at Global Residence Index have a wealth of information and business experiences in Southeast Asia and the Philippines. Our advisors assist clients in making informed decisions when considering investing or moving to the Philippines.
Special Resident Visas (residence by investment visas) are issued to foreign nationals coming to the Philippines for an indefinite stay or permanent living, whether for work, employment generation, investment, or retirement purposes. Classifications of the resident visa may vary from investment conditions and types of retirement.
If the Philippines might be an exciting option for you as an investor or a possible retiree, read the guide below. We hope to provide you with helpful information, and if you would like to request a consultation, then don’t hesitate to each out.
The Special Resident Retiree’s Visa (SRRV) entitles the holder to reside in the Philippines anytime during his lifetime, permitting multiple entry privileges, so long as the visa requirements remain in the Philippines. The Bureau of Immigration issues the SRRV upon endorsement of the Philippine Retirement Authority (PRA).
The SRRV program of the PRA requires foreign nationals to have a certain amount of deposit in any PRA-accredited bank in the Philippines. The amount has to be deposited via inward remittance.
There are different SRRV Programs available. The amount of bank deposit requirement depends on the program being applied for. Any foreigner at least fifty years of age can apply for an SRRV, provided they meet at least one of the SRRV programs’ requirements.
There are four options available to retirees:
Applicants who are at least thirty-five years old and above. They must make a minimum deposit of $20,000 in a PRA-designated bank account;
The primary retiree deposits $50,000 (thirty-five to forty-nine) or $10,000 to $20,000* (fifty years and above) that can be used to purchase an apartment or use for a long-term lease. The investment cannot be in an off-plan or construction phase.
*allows retirees to apply without a pension. The pension requirement for a $10,000 deposit is $800 or $1,000 for a couple.
For potential retirees above thirty-five years old who require consistent medical or clinical assistance. Applicants under the Human Touch need to deposit $10,000 into a bank account and have a monthly pension of $1,500. The last requirement is to hold Health Insurance usable in the Philippines.
Former Filipinos (thirty-five plus) and foreigners (fifty years or older) who served in the Philippines as diplomats, ambassadors, or staff in international organizations. They only require a deposit of $1,500.
Foreigners (fifty years or older) receive a monthly pension of $1,000 and a deposit of $1,500. The expanded courtesy allows for two dependents; however, an additional deposit of $15,000 for each. The added deposit for dependents is waived for former Filipinos.
The investor can choose to invest their deposit through the following means:
The applicant may be joined by his dependents, who can be a spouse and unmarried children under twenty-one years old.
The Special Investor Resident Visa (SIRV) entitles the holder to reside in the Philippines. Initially, investors obtain a probationary residence, which will be converted to a Philippines permanent residency (indefinite), permitting multiple entry privileges so long as the investments remain in the Philippines.
Foreigners at least twenty-one years of age are eligible to apply for an SIRV provided the investor meets the following requirements:
The applicant may be joined by certain dependents, who can be a spouse and unmarried children under twenty-one years old.
For purposes of securing a SIRV, there are restrictions on the investment. They need to be in:
Ownership of stocks in corporations engaged in wholesale trading and investments in condominium units or partnerships shall not be allowed.
You can apply for residence in the Philippines at your nearest embassy or consulate.
Applicants can apply in-country at the Residence Center in Manila to apply directly. Applying in the Philippines is slightly faster than from a consulate.
Investors or retirees will need to submit the following documents to apply for the Philippines investor visa:
The application can be made in your home country at an embassy. If the application gets approved, investors will be issued a probationary residence valid for six months. You must complete the required investment during that time to obtain indefinite residence.
The Final step is to make your investment. For this, you will need to be physically present in the Philippines.
As part of the application process outlined below, you will have moved the required qualifications of the investment sum into one of the two government-owned banks.
You will need to invest that money within six months to convert your probationary SIRV to an indefinite SIRV.
The investment effectively converts residence to permanent residency in the Philippines (indefinite) as long as the investment is held.
The one downside to the residence programs in the Philippines is that citizenship is hard to attain. Applicants for naturalization require at least ten years of continuous residence, must know Filipino history, and be able to speak Tagalog.
The Philippines residence programs are flexible, and the easy-to-follow process makes it an attractive second residence for most applicants over thirty-five years old. The residence guide above is part of building a holistic residence or citizenship strategy.
Would you like to know more? We are available for a consultation or to respond to a request.
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Navigating through golden visa & citizenship by investment programs can be complex and overwhelming, regardless of the country or program you’re interested in. If you’re struggling to find clear, accurate information, you’re not alone. Our team is here to offer you clarity and reliable advice across a wide range of immigration programs.
By scheduling a consultation, you’ll receive personalized guidance tailored to your unique situation. We’re dedicated to helping you understand the details of various immigration programs, making them more straightforward so you can proceed with confidence.
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