Retiring to the Philippines. Retirement Information from Philippine Trails

Sabang, Puerto Galera

Retiring to the Philippines

We are frequently asked about retirement opportunities in the Philippines, and indeed, many people see it as a perfect location due to its friendliness, beauty, low cost of living, and tropical climate.

Alona Beach, Panglao Island, Bohol

We have created this page to help answer common questions. We have assembled the information from several official websites, and the links to these sites are posted at the bottom of this page. These websites should be referred to for up-to-date information.

Of course, we can assist in the transportation and accommodation for anyone looking to visit the Philippines to experience the delights of the country first hand.

Why Retire in the Philippines?

The world-renowned Filipino hospitality, diverse culture, and reasonable standard of living are only a few of the reasons cited by the retirees in choosing the Philippines as their new home.

Famous for a vibrant culture, hospitality, friendly English-speaking population, natural attractions, and tropical climate, retirees can expect the good life in the Philippines at an affordable cost.

The country's retirement program is managed by the Philippine Retirement Authority (PRA). Its primary role is to promote and grant the Special Resident Retiree Visa (SRRV) to would-be retirees, and to offer a range of services, benefits, and comfort that would make their stay truly worthwhile.

Retirement Properties in the Philippines

Let us know what kind of thing you are looking for, and we can put you in touch with the experts, and also arrange Discovery Tours.

Properties include Condominiums, Luxury Homes, Land for Sale, Beach Lots, Beach Properties, Islands for Sale, Resort Investment Property, Retirement Community Developments, Holiday Homes, and even Agricultural Land & Farms. Interested?

Geography

The Philippines is a nation made up of 7,107 islands in South East Asia. The Three main Philippine Island groups are Luzon, Visayas, & Mindanao. The Capital is Manila. Time Zone is GMT +8 hours.

Climate

Generally, Philippines has a tropical climate. March to May is hot and dry. June to October is rainy, November to February is cool. Average temperatures: 78F/25C to 90F/32C; humidity is 77%.

Language

Understanding each other is not a problem between retirees and most Filipino people. Almost every Filipino can understand and speak some English. In fact, the Philippines is the third largest English-speaking nation in terms of population.

Religions

Some 83% of Filipinos are Catholic. About 5% are Muslim. The rest are made up of smaller Christian denominations and Buddhist.

Cost of Living

The principal appeal for retirement in the Philippines is the lower cost of living. Housing, food, and labour costs are quite reasonable. Global Filipinos and foreign retirees can retire in the Philippines and enjoy not only the lower cost of living but also the very favorable currency exchange rate.

World Class Medical & Health Services

In terms of medical services, facilities are comparable to the best anywhere else. The Philippines' highly trained medical personnel and care givers are in demand all over the world not only for their competence and expertise but most especially for the care and compassion they show to their wards.

Filipino Hospitality

Filipinos are naturally warm, friendly and hospitable, and have a ready smile for everybody. Their religious background is predominantly Catholic, which makes service to others an innate trait.

Telecommunications

Every retiree can avail of the country's continuously improving telecommunication facilities. They can keep abreast of what is happening around the world and keep in touch with their relatives and friends back home.

PRA SERVICE

The Philippine Retirement Authority (PRA) prides itself on the after-membership service that it provides to the retirees. During their stay in the country, they can consider PRA as their second family. PRA helps them address their needs. If and when they encounter any problem, PRA is with them every inch of the way.

Eligibility

Former Filipino citizens and foreign national except those classified as restricted by the Philippine Department of Foreign Affairs and the Bureau of Immigration are eligible to apply for the SRR Visa. Also, he or she should be:
• At least 35 years old

• Without criminal record

• Meeting medical standards

• Meeting the investment requirement

In order to process a SRRV Visa application, applicants must personally appear at the PRA office located at the 29th Floor Citibank Tower, Paseo de Roxas, Makati City

Frequently Asked Questions...

Who may apply for Special Retiree's Resident Visa (SRRV)?
Aliens or former Filipinos who are at least fifty years of age and who wish to stay in the Philippines. They must also deposit a minimum amount of $50,000.00 in a bank accredited by the Philippine Retirement Authority (PRA).

What is the validity of SRRV?

The holder of the SRRV may reside in the Philippines without securing extensions of his stay from the Bureau of Immigration.

Are SRRV holders exempted from Travel Tax?

PRA members who are holders of valid SRRV are exempted from paying travel tax provided they have not stayed in the Philippines for more than one year from the date of last entry into the country.

Can SRRV holder own real property in the Philippines?

No. If he or she is legally married to a Philippine citizen, he or she may construct a residential unit on a parcel of land owned and/or registered in the name of Philippine spouse. Natural-born former Filipinos whose SRRV has been issued may own/acquire a maximum area of 5,000 square meters of urban land and three (3) hectares of agricultural land.

Is the dollar deposit convertible to other currency?

Yes. After six (6) months, the retiree's Dollar Time Deposit under the PRA may be converted to any other acceptable foreign currency time deposit. The interest, however, is subject to twenty (20 %) withholding tax.

Where do I get the approval of the SRRV?

The approval of your application will come from the Bureau of Immigration. The pre-evaluation of the application is made by the Philippine Retirement Authority where applications are filed.

How long is the processing time?

One month, provided all documents are complete.

Can my spouse and unmarried minor children be granted an indefinite privilege to reside in the Philippines?

Yes. Your spouse and a legitimate or legally adopted unmarried child under twenty-one (21) may be given an indefinite status if they are accompanying or joining you soon after your admission into the country as such.

Is there an additional deposit for unmarried children if they are following or accompanying me?

Yes. There is an additional deposit of US$15,000.00 or any equivalent acceptable foreign currency for each additional legitimate or legally adopted unmarried child under twenty-one (21) years of age.

The above information is correct at the time of posting, and has been taken from the Philippine Retirement Authority website, and also the Bureau of Immigration website. Please refer to these websites for more detailed, and up-to-date information.

More information on Special Retiree Resident Visa can be found on the Philippine Retirement Authority website. www.pra.gov.ph

Also, the Bureau of Immigration website: immigration.gov.ph


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