Nov 26, 19By Andre Mercado

This is a sponsored content provided by Megaworld. This article has been edited at a minimum for blog purposes. 

Have you been working most of your life? Have you been saving up for the future? Have you been dreaming of living abroad with your family? 

If the answer to any or all of the questions is yes, then the Philippines is the best place to invest, retire and live the life you have always dreamed of. But how do you go about living as a foreigner in the Philippines while investing your retirement fund on something that will grow your nest egg more while supporting your lifestyle?

Invest with a Special Resident Retirement Visa

Let us tell you more about the Special Resident Retirement Visa or SRRV. Developers like Megaworld Manila offer SRRV, otherwise known as the “Philippine Green Card” or the “Retirement Visa/Student Visa”. This visa is a special non-immigrant visa is issued under the Retirement Program of the Philippine Retirement Authority, which is owned and controlled by the Department of Tourism. 

Benefits of SRRV includes:

  1. Indefinite stay with multiple-entry/exit privileges;

  2. Exemption from: 

    1. Philippine Bureau of Immigration ACR-I Card

    2. Customs duties & taxes

    3. Travel Tax

    4. Student Visa/Study Permit; and

  3. Discount privileges from PRA accredited Merchant Partners

Because SRRV is offered under a citizenship-by-investment program, most foreigner retirees who availed the visa choose to convert their visa deposit into earnable income.

With Megaworld Manila, foreigners can take the opportunity of acquiring SRRV. Applicable for active and healthy retirees 35 years old and above, applicants are required to maintain a visa deposit from PRA-designated banks in the amount of:

  • USD10,000 / USD20,000 for 50 years old and above, and 

  • USD 50,000 for Principal members who are 35 to 49 years old. 

This amount will be deductible from the purchase of condominium or project of their choice from Megaworld Manila. 

Who can apply for SRRV?

SRRV applicants should be Foreign nationals and former Filipino citizens who are 35 years old and above. Dependents must be a legal spouse married to the retiree. 

For the children of the principal SRRV applicant, they must be legitimate or legally adopted by the applicant. The children should be unmarried and below 21 years old upon joining the program.

Once the Special Resident Retirement Visa (SRRV) is awarded, visa holders will be able to choose from any of the pre-selling and ready for occupancy condominium projects Megaworld Manila is offering. You may choose from projects in Manila, Makati, Taguig, Quezon City, and Cebu. Should you choose to use the newly-purchased property as a primary residence, SRRV holders and their dependents can reside in the Philippines indefinitely with multiple-entry and exit privileges. 

The SRRV application assistance by Megaworld Manila is offered by the developer’s friendly staff. Assistance in transacting with other local government agencies to fulfill the requirements will also be provided by them, including:

  • Land Transportation Office (LTO) for driver’s license

  • National Bureau of Investigation (NBI) clearance

  • Tax Identification Number (TIN)

  • Medical Clearance, and

  • Police Clearance. 

What are the requirements? 

  • SRRV applicants are required to submit the following:

  • Original of the valid passport with valid/updated visa In the Philippines 

  • Accomplished PRA Application Form 

  • Original Medical Clearance 

  • Original Police Clearance from the country of origin 

  • 12pcs 2”x2” Photos 

  • Visa deposit inwardly remitted to any of the PRA designated banks 

  • One time processing/service fee: 

    • Principal Applicant US$1,400 

    • Each Dependent US$300 

  • PRA Annual Fee US$360 (covers 3 family members) 

  • Marriage Certificate for joining spouse and Birth Certificate for joining children 

Documents obtained outside of the Philippines must be translated into English. if necessary, the documents need to be authenticated by the Philippine Embassy or Consulate. 

Live, Work and Play in the Philippines

Investing in a property as an SRRV holder will allow you to enjoy not just your retirement, but the promise of a Live, Work, Play lifestyle offered by Megaworld projects. 

Explore more Megaworld properties and connect with a real estate agent here: