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The Philippines, including Makati City, offers a Special Resident Retiree's Visa (SRRV) to foreign nationals and former Filipino citizens who wish to retire in the country. The Philippine Retirement Authority (PRA) governs this program. It offers multiple benefits such as indefinite stay, multiple-entry, and exemptions from customs duties and taxes for the importation of personal goods and household effects up to $7,000.
Navigating the process of obtaining a retirement visa can be complex, especially for those unfamiliar with the Philippines' legal system. Lawyers can help in understanding the nuances of the application process, ensuring that forms are correctly filled out and necessary documents are correctly submitted. Additionally, lawyers can also provide invaluable assistance when it comes to any legal complications that may arise, such as visa complications, disputes over residency or pension requirements.
The requirements for an SRRV in Makati City, like any other part of the Philippines, are mandated by the Philippines Retirement Authority. It caters to four SRRV options: SRRV Smile, SRRV Classic, SRRV Human Touch and SRRV Courtesy. Each option has specific requirements based on the applicant's age, health condition, pension status, and investment conditions. The applicants must also have a medical insurance policy acceptable in the Philippines except for those who are 35 to 49 years old and have deposited $20,000.
The minimum age for the SRRV is 35 years old. However, different types of SRRVs have different age requirements, along with other conditions pertaining to the applicant's pension status, health, and proposed investment in the Philippines.
Yes, your spouse and unmarried children below 21 years old can be included in your application as dependents.
Yes. Depending on your chosen SRRV option, you would need to maintain a certain amount in a Philippine bank or invest in a condominium or long-term lease of a house and lot.
If you plan on working in the Philippines, you will also need an Alien Employment Permit from the Department of Labor and Employment.
The SRRV application process generally takes about 15 to 30 working days from receipt of the original documents.
For comprehensive details and updates, check out the official websites of the Philippine Retirement Authority and the Bureau of Immigration. For the details regarding investment options in the country, you can visit the Board of Investments.
If you require legal assistance, get a reliable and credible lawyer who specializes in immigration and retirement visa laws. Consider reaching out to local law firms in Makati or go through the list of accredited lawyers provided by the Philippine Retirement Authority. Before making any decisions or submitting any forms, ensure to have your lawyer review your documentation to prevent any mistakes or oversight.
