Philippines Residence Visa Guide: SIRV & SRRV

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.

 

Special Resident Retiree’s Visa (SRRV)

​​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.  

 

Eligibility for SRRV

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: 

SRRV Smile 

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;

SRRV Classic

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. 

SRRV Human Touch

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.

SRRV Courtesy

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.

SRRV Expanded Courtesy

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: 

• Purchase, acquisition, and ownership of a condominium unit;
• Long-term lease of house and lot, condominium or townhouse for a period not shorter than twenty years; or
• Purchase, acquisition, and ownership of golf or country club shares. 

The applicant may be joined by his dependents, who can be a spouse and unmarried children under twenty-one years old.

 

Special Investor Residence Visa (SIRV)

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.

 

Eligibility for SIRV

Foreigners at least twenty-one years of age are eligible to apply for an SIRV provided the investor meets the following requirements:

• has not been convicted of a crime involving moral injustice;
• is not afflicted with any dangerous or contagious disease;
• has not been institutionalized for any mental disorder or disability and;
• Is willing and able to invest the amount of at least $75,000. The investment may be reduced to $50,000 under certain circumstances under Executive Order No. 63 and Executive Order No. 1037. 

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:

• Publicly-listed companies;
• Companies engaged in areas listed in the Investment Priorities Plan (IPP) of the Board of Investments. (The IPP is a list of priority areas of economic activities the Government promotes for investments.); and
• Companies engaged in the manufacturing and services sectors.

Ownership of stocks in corporations engaged in wholesale trading and investments in condominium units or partnerships shall not be allowed.

 

Philippines Residency Application Process

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:

• Passport and birth certificate
• Marriage certificate (if applicable)
• Completed application form 
• A CV
• Police clearance
• A medical certificate
• Proof of the intention of the remittance of funds from any accredited depository bank, either the Development Bank of the Philippines or the Land Bank of the Philippines
• An application processing fee of $300

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.

 

Final Steps – Conversion to Indefinite SIRV 

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.

 

Is Citizenship an Option?

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.

 

Conclusion

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.