Retirement in the Philippines
Retiring to the Philippines offers year round warm weather at a cost of living much lower than the USA and most of Europe. You have a choice of living in a big city; Manila, Cebu, Davao, on the beach; Boracay, Palawan, or in a cooler mountainous area such as Baguio. Of course in the smaller towns your retirement income will go much further as the rentals can be more than 50% lower than in Manila. In the farming areas your food bill especially for fruits and vegetables will be considerably smaller.
Live the good life, most middle class families in the Philippines can afford one or more full time house help; maids and drivers. That means you can too.
In Asia, the Philippines retirement plan is probably the easiest retirement visa to obtain.
The Philippines government offers a retirement program through the PRA (Philippine Retirement Authority).
Retirees may avail of the Special Resident Retiree’s Visa (SRRV) which entitles the holder to reside permanently in the Philippines.
Who may apply? Citizens of most countries (as long as their country is not on the restricted list) with a minimum age of 35, no criminal record and can meet the minimum financial/investment requirement.
The PRA program fees:
One time payment of USD 1,400.00 for the principal applicant and USD 300.00 for each dependent (spouse/children). This fee includes the Bureau of Immigration fees and the fee of the PRA ID card.
Financial requirements:
Pensioners
Persons – 50 years old and above – are required to make a one-time deposit of USD10,000.00 and have a monthly pension of US$800.00 for a single applicant and US$1,000.00 for couples.
Persons without pensions:
35 to 49 years old – US$50,000.00 one-time deposit
50 years old and above – US$20,000.00 one-time deposit
Former Filipino Citizens (at least 35 years old, regardless of the number of dependents – US$1,500.00
Ambassadors of foreign countries who served and retired in the Philippines, current and former staff members of international organizations including ADB -US$1,500.00
Note: Time deposit may be converted into an investment
Documents needed to apply for the Philippines Retiree’s Visa:
PRA application form;
Original passport with valid entry status;
Medical Examination Clearance -can be secured abroad (with English translation) duly authenticated by the Philippine Embassy/Consular Office. If the applicant is in the Philippines, this can also be secured at the PRA One-Stop Shop
Bank Certificate of Dollar Time Deposit remitted to any PRA accredited banks;
Police Clearance issued abroad translated into English and duly authenticated by the Philippine/Consulate or National Bureau of Investigation (NBI) Clearance issued in the Philippines. This also applies to spouse and dependents 18 years of age and above;
Pictures, 12 pieces 2”x2”;
If the spouse is also applying for SRRV, Marriage Certificate or Marriage Contract translated into English (if necessary) and duly authenticated by the Philippine Embassy/Consulate nearest the applicant’s residence if the marriage was contracted abroad. If the marriage was solemnized in the Philippines, original Marriage Certificate; and
If dependent/s is/are also applying for the SRRV, original Birth Certificate/s of dependent/s born in the Philippines or Birth Certificate/s or Household Register translated into English (if necessary) and duly authenticated by the Philippine Embassy/Consulate nearest the applicant’s residence abroad.
Additional documents needed for pensioners:
a. Certification of Retirement Benefits issued by the concerned government and/or private entity which clearly states your identity, start date of the payment of pension and the amount of monthly pension
b. Proof of your monthly pension remitted to the Philippines.
Try before you apply, upon arrival most tourists can avail of a 21 day visa renewable for another 38 days. Further renewals of 59 days can be had. One can stay in the Philippines for one year as a tourist without leaving the country.
Need to find out more about the Philippines? Read the latest news and trends at the Manila Philippines leading website: www.wazzupmanila.com
