Visa Requirements to Retire in the Philippines from as Young as 35!

Retirement Visas Explained for the Philippines

The Philippines is not only one of the most beautiful, affordable and welcoming places to visit on holiday; it’s also an ideal place to retire. And retiring in the Philippines doesn’t mean you have to wait until your hairs gone grey, you can actually qualify for a Philippines Special Retiree Resident Visa (SRRV) from the age of 35, providing you can show you have the required funds in the bank.
Once you qualify for your SRRV, the Philippines government has a special team called the Philippine Retirement Authority who provides special assistance to help retirees get settled. It’s also a great idea to talk to other retirees who’ve gone through the process and you can join discussion boards like The World of Filipinas, where you can get extra advice during the process.

Different Types of SRRV and Funds Needed

SRRV Classic

Being a very flexible visa, this makes it one of the most popular with retirees to the Philippines. If you are aged 50 or over, this visa requires you to be able to deposit $10,000 into the Development Bank of the Philippines, plus show you have a guaranteed monthly income. Otherwise a $20,000 deposit is needed if you don’t have any monthly incomings. If you’re aged 35-49 you’re required to show a deposit of $50,000.

A guaranteed monthly income can mean proof of your regular pension. Your funds deposited will cover you the retiree plus two dependents. If there are more than three of you moving to the Philippines, you will need to deposit an extra $15,000 per dependent. Uniquely, if your deposit is $50,000 or above, you can use it as an investment in a condo ready for occupancy.

SRRV Smile

This retirement visa is one of the simplest to obtain and is aimed at younger retirees aged 35-49. You have to be able to prove you’re healthy, fit and of good nature by providing proof with a medical certificate and police clearance.

Requirements are depositing $20,000 into a Filipino retirement account which has to stay there until you cancel your SRRV. The SRRV Smile does not give you the option to put your funds towards an investment in a property.

SRRV Courtesy

This visa is for former Filipino citizens aged 35 years and above and foreign nationals aged 50 and above who have been deployed as ambassadors, diplomats or officers of staff at international organisations like the UN. If your spouse is a former Filipino citizen who lost their citizenship, you can save a lot of money by having your partner apply for the courtesy visa, including you as a dependent, after reclaiming their citizenship through the Philippines dual citizenship programme.

SRRV Human Touch

If you have a pre-existing medical condition and are 35 or older, the SRRV Human Touch visa could be right for you. You’ll need to be able to deposit $10,000 into a bank of the Philippines and show you receive a regular pension or income to cover the cost of your medical care.

Paperwork and Application Fees Required for a Retirement Visa

The whole application process takes about seven to ten days in the PRA offices of the Citibank Tower in Makati Manila. You’ll need to fill out all the required forms, present your paperwork, make your deposit and pay your fees once the application is endorsed by the Bureau of Investigation. Here’s what you’ll need;
  • A PRA application form filled out and notarized
  • Passport showing a current visa
  • A signed and dated medical examination certificate by a licensed physician in your home country or a PRA medical certificate completed by a physician in the Philippines
  • Birth certificate
  • Marriage contract if applicable
  • Police clearance from your home country or from the National Bureau of Investigation in the Philippines if you’ve resided in the country for longer than 30 days
  • Photographs 6x 2.4 cms and 6x 5 cms
  • Paperwork showing the deposit of your required amount into the bank of the Philippines
  • Fee for the principal applicant; $1,400 plus $300 for each dependent. After the first year the annual fee for 3 family members is $360 and $100 for each additional dependent

Restrictions and Obligations to be Aware of

Make sure you know and take heed of all the obligations and restrictions surrounding your SRRV.
  • Make your SRRV deposit is made into Development Bank of the Philippines
  • Always give 30 days’ notice in writing if you change any of the information previously given on your application forms, or if you choose to terminate your SRRV
  • Converting your deposit into an investment means you’ll have to pay a monitoring fee equal to 1% of the total amount annually
  • If you plan to work you must also get an Alien Employment Permit
  • Your deposit money must stay in the bank unless you plan to invest
  • If you pass away, your spouse can inherit the deposit funds but they must pay inheritant taxes before they can gain access