How much does it cost to have a permanent residence visa for SRRV in the Philippines?

In recent years, the Philippine economy has sprung up in Southeast Asia and has become a young economy that can not be ignored in Asia. With the continuous development of the economy, more and more people choose to invest, immigrate and study in the Philippines. At this time, SRRV has become an inevitable problem.

What is SRRV?

SRRV is a "retirement immigration plan" launched by the Philippine Immigration Department, which stipulates that applicants aged 35 to 49 can obtain a Philippine green card by placing a fixed deposit of US $50000 in the Philippine Development Bank.

The program aims to attract foreigners to the Philippines for investment, tourism, pension and vacation, and promote the economic and social development of the Philippines. It allows holders to have the privilege of multiple entries and the right to settle permanently in the Philippines. It is known as "the world's first cost-effective green card", "the world's fastest immigration" and "the world's cheapest immigration", attracting the attention of a large number of high-end people.

Smile Plan:

Principal applicant is over 35 years old (application is not open)

A family of three deposited US $20000 in the Philippines, and an additional US $15000 was required for an additional applicant.

Deposits The plan deposits with the Development Bank of the Philippines, the SRRV status is valid for as long as the money is deposited, and once the deposit is withdrawn, the status disappears.

The classic plan:

The main applicant is 35-49 years old (application is not open)

A family of three has a deposit of US $50000. An additional applicant needs to deposit US $15000. If the main applicant is over 50 years old, only US $20000 (applicable)

The program deposit is only used to buy a house in the Philippines. The house must be a property of a government-designated developer (authorized) and the total price is more than US $50000.

If the applicant only brings a spouse and one unmarried child under the age of 21, or brings two unmarried children under the age of 21, there is no need to increase the investment amount. If each unmarried child under the age of 21 is added, the investment amount of 15000 USD/person is required.

Related Application Materials

① Correctly completed SRRV application form

② Original valid passport and Philippine tourist visa (valid for not less than 6 months)

③ 12 2x 2 white background color personal recent bareheaded photos

No crime proof (18 years old or above required)

⑤ Marriage certificate and birth certificate of children (required if there is a spouse and child applying together)

⑥ The investment funds are remitted to the bank designated by the Philippine Retirement Agency.

⑦ Physical examination certificate (local physical examination in Philippines)

It should be noted that all documents issued in China need to be notarized and certified in English (certified by the Consular Department of the Ministry of Foreign Affairs of China & certified by the Philippine Embassy in China).

Application Process

① Notarization and double certification of relevant documents and supporting materials

② Remittance to the Philippine Retirement Immigration Bureau (PRA) designated account and apply for a tourist visa

(iii) PRA receives a certificate of foreign remittance from the bank and the applicant goes to PRA in the Philippines for permanent residence.

Precautions

1. Update PRA ID card regularly every year: Retirees may request to apply for a three-year ID card, as long as the delivery of the guarantee contract states that the required deposit will not be withdrawn within 3 years.

2. Payment of the annual stay fee: If the required savings are converted into active investments, the retiree must pay the annual stay fee and present the specified documents.

3. Personal data change notifications: These include changes to address, phone number and email.

4. Cancellation of SRRV visa: Retirees must submit a notice letter of cancellation of SRR visa to the Philippine Retirement Authority (PRA) 30 days in advance.

5. Savings deposits must be placed in banks designated by the PRA: if deposited separately, a minimum of $10000 per bank must be guaranteed.

6. SRRV is not eligible for employment: if you need to work in the Philippines, you can apply for a foreigner work permit from the Labor Bureau.

The SRRV is only a long-term visa: whatever program you choose, you get permanent residency, not immigration status.

What are the advantages of SRRV

● The cycle is short. It only takes 6-8 weeks from the beginning of the preparation of materials to the submission of information to the identification.

● Free permanent entry and exit, schooling, work and residence in the Philippines

:: Exemption from pension and retirement annuity income tax and full health care coverage in the Philippines.

● Philippines is not a CRS participant and may allocate a portion of its assets to the Philippines

● From the date of entry, those who have lived in the Philippines for less than 1 year are exempt from tourist tax.

● Good privacy, only one ID card and paper, will not leave any traces on the passport

● Import of personal property, household appliances and furniture with a standard value of more than US $7,000 may be exempted from customs duties.

● With overseas Chinese status, you will receive special care and preferential investment in China.

● Get the Philippine SRRV to obtain the "permanent residence right" and stay in the Philippines for more than 2 years, the children can obtain the qualification of overseas Chinese students (studying abroad and working abroad on business cannot be regarded as settlement).