CITY OF DIPOLOG :  RETIREMENT IN DIPOLOG

  PHILIPPINES RETIREMENT REQUIREMENTS

PHILIPPINE RETIREMENT PROGRAM

The Philippine Leisure and Retirement Authority (PLRA) offers a retirement program for overseas Filipinos and qualified foreigners who would like to spend their retirement years in the Philippines.

Who May Participate

Foreign nationals, except those classified as restricted aliens by the Department of Foreign Affairs, and former Filipinos who are holders of foreign passports, who are physically healthy, with no derogatory record and are at least 35 years old.

Application Process

1. The applicant or his / her representative gets an application form from the Philippine Embassy or Consulate

2. The applicant submits the accomplished form together with the required documents to the PRA, and pays the following fees:

a. Application fee of -

• USD1,300 for applicants who are 50 years old and above, including former Filipinos
• USD1,800 for applicants between 35 to 49 years old

b. Service fee of USD200.00 for each principal applicant and USD100.00 for each spouse/dependent effective 01 April 2001

c. Conversion fee for change of admission status for spouse and dependent specified as follows -

• PHP7,600.00 for spouse and dependents 16 years old and above
• PHP7,350.00 for 14-15 years old
• PHP6,850.00 for 13 years old and below

d. Processing fee of USD10.00 per ID card per person

e. ½ % visitorial fee per annum of the Philippine Peso equivalent of the deposit converted into actual investment. This fee was increased to 1% for those retirees whose SRRV are issued starting 16 September 2001.

f. Corresponding visa fee for SRRV. See information on SRRV.

3. The documents will be transmitted to the Department of Foreign Affairs which will in turn transmit these to PLRA. PLRA evaluates the documents to ensure that everything is complete and in order, and submits the evaluation to the Department of Foreign Affairs in Manila.

4. If the application is approved, the Philippine Embassy/Consulate issues a Special Resident Retiree's Visa (SRRV) to the applicant within 3 to 5 working days.

5. The applicant must enter the Philippines within one (1) year from date of issuance of the visa. Upon arrival in Manila, PLRA shall recommend to the Bureau of Immigration (BI) the conversion of Special Resident Retiree's single entry visa to multiple indefinite-entry visa.

Documentary Requirements

1. Philippine Retirement Program application form.
2. Photocopy of passport page showing date of birth
3. Department of Foreign Affairs (DFA) Medical Examination form accomplished by a licensed physician abroad, notarized, and duly authenticated Ministry of Foreign Affairs and the Philippine Embassy or Consulate of the country where the document was notarized.
4. Certification by PLRA accredited bank of deposit made by the applicant
5. Police clearance issued abroad and translated in English, notarized and duly authenticated by the Ministry of Foreign Affairs and the Philippine Embassy or Consulate of the country where the document was issued.
6. ID photographs, 6 pieces of 2.54 x 2.54 cm and 6 pieces of 5.08 x 5.08 cm
7. Passport valid for more than six (6) months, including photocopy showing passport details and current visa.
8. If the spouse is joining the applicant, marriage certificate or marriage contract translated in English and duly authenticated by the Ministry of Foreign Affairs and Philippine Embassy or Consulate nearest the applicant's residence if the marriage was contracted abroad. If the marriage was solemnized in the Philippines, original marriage certificate.
9. If dependent/s is/are joining the applicant, original birth certificate/s of dependent/s or household register translated in English and duly authenticated by the Philippine Embassy/Consulate nearest the applicant's residence abroad.

Deposit Requirements

All applicants must open a US dollar time deposit for a term of six (6) months at any PRA short-listed bank. The amounts of required deposits are as follows:

• Retired military personnel of governments recognized by the Philippines.
• Former members of foreign diplomatic corps who have served for at least three (3) years in their respective posts.
• Retired officers/employees of international organizations such as the UN and its affiliate agencies, the WHO, World Bank, ILO and similar organizations.

5. Retired ADB employees (pilot program)        

PLRA Short Listed Banks

• Bank of Commerce
• Equitable-PCI Bank
• Metrobank
• Bank Wise
• Export Bank

Benefits

• Permanent non-immigrant status with multiple-entry privileges through the Special Resident Retiree's Visa (SRRV)
• Exemption from customs duties and tax from the importation of personal effects, appliances and household furniture worth USD7,000.00 in one shipment within ninety (90) days from date of issuance of SRRV
• Exemption from Exit Clearance and Re-entry Permits
• Exemption from payment of travel tax, provided the retiree has not stayed in the Philippines for more than one (1) year from date of latest entry into the country
• Conversion of the required time deposit to active investments, including the purchase of condominium units and proprietary golf membership shares;
• May convert foreign currency time deposit to Philippine Peso deposit after the issuance of SRR Visa (interest subject to withholding tax)
• Pension and annuities remitted to the Philippines are tax free
• Guaranteed repatriation of requisite deposit, including invested profits, capital gains and dividends accrued from investments upon compliance with Bangko Sentral rules and regulations.
• Exemption from securing Student's Visa or Special Study Permit.

Note: Effective 01 January 1998, interest income received by an individual tax payer (except non-resident individuals) on foreign currency deposit is subject to 7.5% final withholding tax under R.A. 8424. Interest income on foreign currency deposit of PRA retirees are paid in Philippine pesos.

For further information, please contact:

Philippine Leisure and Retirement Authority
29/F Citibank Tower
8741 Paseo de Roxas, Makati City
Tel. No. +(63 2) 848-1412 to 20
Fax No. +(63 2) 848-1411
Website: www.plra.gov.ph