Has the Philippine Retirement Immigration Policy Promulgated

In order to better promote the country's economic development, the main purpose of the retirement immigration policy adopted by the Philippines is to attract investment. Therefore, in 1985, the Philippines had already withdrawn from the relevant retirement immigration policy, and for Chinese citizens, it lowered the threshold for immigration so that more people could immigrate to the Philippines.

Introduction to Philippine Retirement Immigration Policy

The Philippine retirement immigrant visa is actually divided into five types: micro plan, classic plan, medical care, courtesy plan and courtesy expansion plan. Of these five retirement immigration policies, the smile plan and the classic plan are suitable for most people to apply.

The so-called smile plan is a non-investable type, that is to say, the applicant must be over 35 years old and have a time deposit of 20,000 yuan in a designated bank in the Philippines as required, and those who want to hold this visa type all the time cannot withdraw this part of the deposit. Otherwise, it will be considered as an automatic waiver of immigration status.

The content of the classic plan is from 35 to 49 years old, with time deposits of 50,000 US dollars, and 50 years and above with deposits of 20,000 US dollars in designated banks. This part of the deposit can be withdrawn one month after obtaining a visa and used to invest in Philippine real estate. The difference between him and the smile plan is that this part of the deposit can be used as a targeted investment to buy Philippine real estate, while the smile plan will be considered as an automatic waiver of immigration status as long as the deposit is withdrawn.

What is the new retirement immigration policy

In 2020, the Philippines made a simple modification for retired immigrants. The age of retired immigrants was changed to 40 years old, and the smile plan was ready to be canceled. For many people, such an immigration plan is relatively good. At least they can obtain the right to permanent residence after obtaining immigration status in the Philippines, and they can use the deposit as investment funds to become their first real estate in the Philippines. The age gap between the smile plan and the classic plan is not big, and for more people, they want to make their money more valuable.

If you want to immigrate to the Philippines, or want to apply for an entry visa and other questions, you can consult our platform customer service, here will provide you with more professional answers.