Imagine if we can invite our US (and from other countries) based relatives to consider retiring here. Imagine, if they can also bring their friends and family to live in Mountain Province. That’s exactly what the Philippine Retirement Authority is trying to sell to locals. With retirement funds following overseas retirees, the economic impact is simply good. Along with employment, almost all service and trade sectors where retirees choose to live will benefit. If our retired nurse- relatives in the U.S. are operating nursing homes, they can opt to set up nursing homes in the community too. Caregivers/nurses can thus find local employment. Vacant houses or an investment in apartments for lease to retirees is also a good idea. So how does the system work? Simply, the Philippine’s encourages retirees from other countries including Filipinos who are now citizens of their adaptive countries to retire in the Philippines. A special visa is issued to these retires and with it come some privileges. Allow me to provide information coming from the website of the Philippine Retirement Authority. Here goes: WHAT IS THE SPECIAL RESIDENT RETIREE’S VISA (SRRV)? A. It is a special non-immigrant visa issued by the Bureau of Immigration of the Republic of the Philippines through the Retirement Program of the Philippine Retirement Authority (PRA) to foreigners and former Filipino citizens. It entitles the holder to multiple-entry privileges with the option to reside permanently in the Philippines. WHO MAY APPLY? A. All foreign nationals provided they are issued an entry visa by the Philippine Embassy/Consulate and former Filipino citizens who are now holders of foreign passports both of whom are at least 35 years old. WHAT ARE THE BENEFITS UNDER THE PROGRAM? A: Once you are an SRRV Visa holder, it opens the door to vast opportunities and benefits. These include: 1. Option to Retire Permanently a. You may live, work and study in the Philippines 2. Multiple Entry Privileges b. You may travel outside the Philippines and re-enter anytime 3. Exemptions from: a. Income tax over your pension and annuities; b. Exit and re-entry permits of the Bureau of Immigration; c. Annual registration requirement of the Bureau of Immigration; d. Customs Duties and Taxes with regard to the importation of household goods and e. personal effects up to US$7,000.00; f. Travel tax, if you stay in the Philippines is less than one year from the last entry date; and g. 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: a. Alien Employment Permit b. Driver's License c. Tax Exemption/Extension Certificate National Bureau of Investigation (NBI) Clearance. Q: WHAT AREAS OF INVESTMENTS ARE AVAILABLE TO A RESIDENT RETIREE? A: The areas of investment are the following: Purchase of condominium unit/s; Long term Lease of a house and lot, condominium or townhouse unit/s; Construction of a residential unit on a leased parcel of land; Purchase of Proprietary Membership/Golf shares in golf clubs; for former Filipinos, purchase of a lot not exceeding 5,000 square meters in urban areas or three (3) hectares rural areas to be used for business or other purposes. More information can be had at the PRA website at http://www.pra.gov.ph/main/faq. Local government units and the local chamber of commerce should start moving now and act on this opportunity. Everybody benefits when retirees especially our own relatives start coming in to spend their remaining years here. Note that retirees can those ranging in age from 35 and up. We need investments in real estate development, wellness centers, resorts, book shops, entertainment services. The Local Government Unit can also support investors by providing incentives either through tax holidays or other means of support.
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