SRRV is not old enough? ASRV is too expensive! Then you need to know about SIRV [Special Investment Residence Visa]

SRRV is not 50 years old? asrv is too expensive? Then you need to know sirv [Special Investment Residence Visa]

What visa is SIRV?

A visa issued by the Philippine government to attract foreign investment into the Philippines requires investors to remit about US $75,000 to authorized banks for investment in companies, stocks, etc.

During the period of maintaining investment, SIRV visa holders can live in the Philippines indefinitely, and their children can participate in the overseas Chinese joint examination! SIRV visa does not require the holder to actually reside in the Philippines every year to maintain his status, and can enter and leave the Philippines at any time.

What are the requirements for applying for SIRV?

1. The main applicant is a foreign citizen over the age of 21 (except citizens of countries that have no diplomatic relations with the Philippines and persons whose classification by the Ministry of Foreign Affairs is restricted), and US $75,000 covers the main applicant, his spouse and unmarried children under the age of 21;

2. Report to the Investment Immigration Department every year and provide proof that the assets are not less than US $75,000;

3. The deposit of US $75,000 will be used to purchase shares, open a company or invest as a shareholder in an existing Philippine 40-60 company.

After the applicant submits the application for SIRV, prepare the relevant application materials and submit them to the Investment Immigration Department (BOI). After receiving BOI's endorsement, submit it to the designated bank: Philippine Development Bank (DBP).

After receiving the endorsement, DBP will assist the applicant to open a time deposit account and deposit $75,000 into the opened time deposit account (which can be directed from overseas through the remittance scheme provided by DBP). After the deposit is received, the customer has the right to control and sign an investment letter of intent (BOI SIRV Form SH022). The following is the investment plan for the funds:

There are industry restrictions related to the opening of a new company and the purchase of equity in the company. It is recommended that you engage in or invest in the areas listed in the Investment Priority Plan (IPP); if you invest in or engage in manufacturing and service industries, the following industries are within the permitted scope: business services (such as BPO, consulting, etc.), communication services, construction and related engineering services, distribution services, education services, environmental services, financial services, health-related and social services, tourism-related services, entertainment, cultural and sports services, and transportation services.

SIRV visa does not allow investment objectives to purchase apartments for wholesale, retail and investment. Applicants can choose any of the above options for investment, and after obtaining the corresponding materials, they can successfully apply for a SIRV visa.

What conditions are required to maintain SIRV status?

1. In addition to reporting to the Investment Immigration Department every year (which can be visited by agent), provide proof that the assets are not less than US $75,000.

2. SIRV visa card is updated every 3 years. Different investment methods need to provide different documents.

How to cancel SIRV identity?

If the SIRV holder is not in the Philippines at the time of application, the SIRV can be canceled directly; if the holder is still in the Philippines at the time of application, you can apply for a visa reduction. After being downgraded to a tourist visa, the original SIRV holder has a period of preparation to leave the Philippines.

Once SIRV status is downgraded or canceled, the original SIRV holder is free to sell shares or can withdraw funds from the invested company at any time.