ANGELES CITY (PIA) — The Philippine Retirement Authority (PRA) is targeting about 3,850 foreign retirees this 2024.
Its “Love to Live in the Philippines” campaign aims to attract foreign nationals and former Filipino citizens to retire, invest, and permanently reside in the Philippines.
PRA General Manager Roberto Zozobrado said the goal is to increase the number of foreign retirees obtaining the Special Resident Retiree’s Visa (SRRVs) to 20 percent annually until 2028.
“The campaign is an affirmation of how beautiful the Philippines is. How beautiful moments take place every day as people enjoy the country’s bounty of natural resources that is matched with the warm hospitality of Filipinos,” he emphasized.
PRA has attracted more than 77,000 foreign retirees who were granted SRRVs since its establishment in 1985 by virtue of Executive Order No. 1037.
SRRV options include Classic, Courtesy, and Expanded Courtesy.
“Classic covers foreign nationals aged 50 and above with a visa deposit of US$10,000 for those who have a pension and US$20,000 for those without a pension. Visa deposits may be converted into active investments,” Zozobrado explained.
Courtesy and Expanded Courtesy, on the other hand, comprise retired foreign military officers and former Filipino citizens aged 50 and above with a US$1,500 visa deposit.
Privileges of SRRV holders include an option to reside permanently in the Philippines; multiple-entry and indefinite stay; and exemption from the Annual Alien Certificate of Registration Identity Card issued by the Bureau of Immigration, custom duties and taxes for the one-time importation of household goods and personal effects up to US$7,000, tax on pensions and annuities, travel tax in Philippine airports, and securing a separate work visa, student visa or study permit.
Also, SRRV holders have access to the Greet and Assist Program in selected airports in the Philippines.
They can likewise avail discounts from PRA-accredited merchant partners, free assistance in transacting with other government agencies, entitlement to Philippine Health Insurance Corporation discounted premium, and free subscription to PRA newsletters. (CLJD/VFC-PIA 3)
