A Special Resident Retiree’s Visa (SRRV) is a visa issued by the Bureau of Immigration (BI) upon endorsement by the Philippine Retirement Authority (PRA). It entitles the holder to multiple-entry privileges with the right to reside permanently in the Philippines.
For foreign nationals aged 50 years and older who are wishing to apply, are required to make a deposit of at least US$20,000.00; those aged 35 to 49 years old, at least US$50,000.00; and retirees 50 years and older with pension, at least US$10,000.00.
Certain categories – former Filipinos, employees of international organizations like the United Nations, its affiliate agencies, or the Asian Development Bank, and former members of the foreign diplomatic corps who have served in the country – are required to deposit at least US$1,500.00.
A resident retiree may include, as dependents, his spouse and unmarried children under 21 years old, provided that he makes an additional dollar deposit of USD15,000.00 for each dependent – in excess of two. Additional deposits shall be subject to the same terms and conditions as the principal deposit. The additional dollar deposit requirement does not apply to former Filipinos.
Some people confuse the SIRV with SRRV. Both are types of visas issued to foreigners that allow them multiple entries in the Philippines and to stay in the country for an indefinite period.
The Special Resident Retiree’s Visa, a.k.a. SRRV, is a visa issued by the Bureau of Immigration (BI) which enables the holder to reside permanently in the Philippines. Retired foreign nationals and former Filipinos aged 50 and above may qualify for the Special Resident Retiree’s Visa. The SRRV requires a local bank deposit ranging from US$25,000 to US$75,000 (depending on the type of SRRV) with zero ROI and very low-interest rate earnings. On the other hand, SIRV allows foreigners to convert their time deposit in the local bank into an investment. Of the two types of visas, in our opinion, the SIRV is the more logical choice.