Good News for Retirees In the Philippines

[Davis Knowlton]

I had been holding off on getting a retiree visa here, since you had to maintain a balance of $50,000 in a Philippine Bank in order to qualify. I had been on a Balikbayan Visa, which means married to a Filipina and you have to do a visa run once a year, which really is no hassle at all. Hassle is that each time you re-enter the country, your spouse must re-enter with you in order to get the BB visa. Thus, you can't travel without the wife, which is a pain in the ass if you have to make a business trip in the region at short notice. But now they have dropped the requirement from $50,000 to $10,000 if you are over 55. Now 10,000 parked in an account is something I can handle, not $50,000. So, after my upcoming visa run to LOS in a few weeks, I apply. No requirement to ever leave, or you can leave and return weekly if you want. No BS at airport or Immigration. When you go through the Immigration line, you just hand them your passport and retiree card (looks like a driver's license). You can go through the foreigner or Filipino lines. Piece of cake. And, after five years on retiree status, you can apply for Filipino citizenship, i.e., be a dual citizen like my wife and kids. Becoming a Filipino citizen by choice sounds idiotic, but it means that I can then own land/property in my name, etc. So, for once, they appear to have passed a law which makes sense.

[zubber]

mmm very sensible

[Loy Toy]

Thailand will lose out big style to The Philippines unless they follow suite but I guess they will not.

Very sensible decision by the Philippine governmnet.

[Stinky]

It would be better if they lowered the age fromm 55 to somting more realistic but it's a good start none the less

[Muadib]

I've done a bit of investigation into retiring in the PI and found similar info... There are many benefits to retiring in the PI aside from the obvious ones listed by DK...

The lowering of the investment fees from $50K USD to $10K is obvious, but other benefits include:


Once you are an SRRV Visa holder, it opens the door to vast opportunities and benefits. These include:
1. Option to Retire Permanently
• You may live, work and study in the Philippines
2. Multiple Entry Privileges
• You may travel outside the Philippines and re-enter anytime
3. Exemptions from:
• Income tax over your pension and annuities;
• Exit and re-entry permits of the Bureau of Immigration;
• Annual registration requirement of the Bureau of Immigration;
• Customs Duties and Taxes with regard to the importation of household goods and personal effects up to US$7,000.00;
• Travel tax, if you stay in the Philippines is less than one year from the last entry date; and
• I-Card
As an SRR Visa holder, the PRA can assist you in obtaining basic documents from other government agencies. These include, but are not limited to:
• Alien Employment Permit
• Driver's License
• Tax Exemption/Extension Certificate
• Tax Identification Number
• National Bureau of Investigation (NBI) Clearance

It is also my understanding that once in the program, you can forego the $10K deposit if you buy property or invest in a business...

It is also noted that you only have to be 35 years of age to qualify for the SRRV program, not 55...

To qualify for the retirement option of the SRRV, you can apply at 50 years of age with a $10K investment/deposit and show $800 per month in retirement income...

PRA: Philippine Retirement Authority

PRA: Philippine Retirement Authority

[Davis Knowlton]

^All correct, however this is a slightly different program than the one I am going into. I opted not to go into the program you detail as there is considerably more paperwork involved, and I don't need most of the benefits they offer, as I have already lived here for 14 years, have a business, house, etc. But, your information is correct.

^^You can get into the program at 50, but you have to park $15,000 in the bank rather than $10,000.

[Muadib]

I know several expats in PI that haven't bothered with the SRRV program as well... It's relatively simply to get a tourist or marriage visa and never have to show income... Then get extensions in-country until your annual visa run... All in all, a much simpler process than in Thailand...

[Thetyim]

Also Brits will get heir pension increases in PI which they don't get in Thailand