Visas in the Philippines Part 2: Special Investor and Retirement Visa

We would not blame you if you have visited the Philippines and fell in love with it. With its natural charm, chaotic beauty, serene provinces, and opportunities for foreigners to create businesses, a lot had stayed here and called the country their home. Fortunately, there are multiple visas available to make your stay longer, albeit the processing is quite challenging. We had posted some options of Immigrant Visa here in the Philippines in our previous post here. However; if you think that those options are not viable for you, do not worry, here are some examples of Special Investor and Retirement Visas that you may try to apply to guarantee an indefinite stay in the country.

 

Special Investor’s Resident Visa (SIRV)

For foreign nationals who wants to reside in the Philippines for an indefinite period and must not have been convicted of a crime, been afflicted with dangerous or contagious disease; has not been institutionalized for any mental disorder or disability; and is willing and able to invest the amount of at least USD 75,000 in the Philippines. This type of visa grants the holder an indefinite stay in the Philippines, provided that the requirements are met and the minimum investment amount is maintained. Here are the requirements:

1. A minimum USD 75,000 deposited into Peso time deposit for a minimum maturity period of 30-180 days with either Land Bank of the Philippines or Development Bank of the Philippines. The said amount must be invested within 180 days from the date of issuance of the probationary visa. It has to be in an eligible business and report the said investment to Bureau of Immigration. Take note that investments or shares of stocks of the following are allowed:

 

• Publicly listed companies.
• Companies engaged in the Investment Priorities Plan.
• Companies engaged in the manufacturing or service sectors.
• Ownership of shares of stocks in a corporation engaged in wholesale trading is strictly forbidden.

 

Requirements:

1. Application form (SIRV-001A).
2. Signed and notarized Deed of Undertaking.
3. Personal history statement form.
4. Police clearance issued abroad, translated in English and authenticated by Philippine Embassy.
5. Clearance from the Interpol Division of National Bureau of Investigation issued in the Philippines and valid for 6 months.
6. . Birth Certificate / Family Registry / Household Registry duly authenticated by Philippine Embassy/Consulate.
7. Marriage Contract (if applicable), duly authenticated by Philippine Embassy/Consulate.
8.  Proof of Inward Remittance from Development Bank of the Philippines (DBP) – Head Office or Land Bank of the Philippines -Sen. Gil J. Puyat Ave. (Buendia) Branch.
9. . Processing fee of US$ 300.00.
10.  Bureau of Immigration (BI) fee of P10,110.00.

 

Requirements for Conversion of Time Deposit to Investment

1. Letter of Intent
2. Processing Fee of P1,000.00.
3. For investment in new corporation, a signed and notarized duplicate copies of the Articles of Incorporation and By-Laws.
4. For investment in an existing corporation:

Certified true copies of the Articles of Incorporation, By-Laws and SEC Certificate of Registration.
Latest Audited Financial Statement and list of latest officers and directors
Notarized Corporate Secretary’s Certificate stating that the purchase of shares of stock by the Applicant shall not violate the 40% limitation on ownership by foreigners in nationalized areas.
Waiver of pre-emptive rights of existing stockholders
A certified true copy of the SEC resolution authorizing the issuance of shares from the unsubscribed portion and exempting said shares from the registration required by the Revised Securities Act, if the shares to be acquired will come from the unsubscribed portion of the corporation’s authorized capital stock.
If the shares were purchased from an existing stockholder, the purchase price shall not exceed 10% of its current book value.

 

Special Visa for Employment Generation (SVEG)

For foreign nationals who shall employ at least ten (10) Filipino citizens in an enterprise, trade or industry. SVEG will be issued by the Bureau of Immigration upon endorsement of the Department of Labor and Employment (DOLE).

 

Requirements:

1. Letter addressed to the Commissioner that he/she will employ at least 10 full-time Filipino workers on a regular basis.
2. Duly accomplished application form.
3. Photocopy of passport bio page and latest admission.
4. Certificate of Registration, Articles of Incorporation and General Information Sheet of the Company from the Securities and Exchange Commission.
5. Alien Employment Permit if the applicant occupies a position in the company.
6. Certification from the Department of Labor and Employment.
7. Valid Medical Certificate from the Bureau of Quarantine.
8. A sworn statement by the applicant which includes:

• The names and addresses of the Filipinos employed.
• Undertaking to pay the employee’s Philhealth and Social Security Services.
• That no employee is receiving a salary below the minimum wage.
  1. Valid National Bureau of Investigation Clearance.
  2. Bureau of Immigration Clearance.

 

Special Resident Retiree’s Visa (SRRV)

A visa issued under the Retirement Program of the Philippine Retirement Authority (PRA) to foreigners and overseas Filipinos. It entitles the holder to multiple-entry privileges with the right to stay permanently/ indefinitely in the Philippines. Here are the requirements:

1. Completed Philippine Retirement Authority application form;
2. Valid passport
3. DFA Medical Examination Form No. 11 accomplished by a licensed physician from the applicant’s place of origin, including AIDS Test, duly authenticated by the Philippine Embassy/Consulate posted there or PRA Medical Certificate (RSSC Form No. 002) accomplished by a licensed physician in the Philippines;
4. Certification by PRA shortlisted bank of the requisite deposit in the following categories;

1. With Pension – 50 years old and above – the required time deposit is US$10,000.00 plus a monthly pension of US$800.00 for a single applicant and US$1,000 for couples.
2. Joint letter request addressed to the Commissioner from the applicant and the petitioner.
3. Photocopy of passport bio page and latest admission with valid authorized stay (at least 30 days).
4. Birth certificate of the petitioning Filipino spouse.
5. Marriage certificate or marriage contract.
6. Valid National Bureau of Investigation (NBI) clearance.
7. Bureau of Immigration clearance
8. Bureau of Quarantine medical clearance.

 

Final Thoughts:

It is worth considering acquiring a visa that suits your needs instead of renewing a tourist visa after a few months if you have decided to call the Philippines your home.  Immigration policies being in constant change, it is always better to have a peace of mind, rather than be caught in a surprise on unexpected changes. Here at Infinit3Solutions, we try our best to make the process for Special Investor and Retirement Visas smooth for our clients. Get in touch with us now to start your visa process asap!