The Philippine Retirement Authority (PRA) is a government-owned and controlled corporation created by virtue of Executive Order No. 1037, signed by then President Ferdinand E. Marcos on 04 July 1985. On 31 August 2001, through Executive Order No. 26, the control and supervision of PRA was transferred to the Department of Trade and Industry - Board of Investments (BOI). And on 12 May 2009, through the passage of Republic Act No. 9593 otherwise known as the Tourism Act of 2009, PRA became an attached agency of the Department of Tourism.
PRA is mandated to develop end promote the Philippines as a retirement haven as a means of accelerating the social and economic development of the country, strengthening its foreign exchange position,, at the same time providing further the best quality of life to the targeted retirees in a most attractive package.
PRA’s core product is the Special Resident Retiree’s Visa (SRRV). The SRRV is a special nonimmigrant visa which entitles foreign nationals and former Filipino citizens to reside in the Philippines indefinitely with multiple-entry privileges.
Vision
To make the Philippines a leading and significant retirement destination for the world’s retirees,
seniors and elderly.
Mission
To continually develop PRA’s capabilities to enable and empower all segments of the government and private sectors relevant to the Philippine Retirement Migration Agenda.
The PRA Icon
The Authority takes its corporate inspiration from President Aquino’s Campaign promises of pagbabago (change), pagbibigay pag – asa (hope inspired), paglutas sa kahirapan (poverty alleviation). This is the base of the Authority’s values and initiatives.
On the ground, PRA seeks the ultimate aspiration of “1 to 10 million retirees in PNoy’s 6 years”. One million brings the retirement business to the level of annual OFW remittances, three million pays for all Philippine foreign debt, four million pays for all public debt.
PRA will continue to practice good governance: “GG4W”. In the Authority’s pursuit of good governance, 1. Bawal magnakaw 2. Bawal magpanakaw 3. Bawal magwalang bahala pag may nagnanakaw and 4. Bawal makisawsaw sa ninakaw. Without necessarily having a witch hunting attitude, we will uphold integrity at all levels.
The PRA Product Mix
As a company, PRA relates to its environment and market, and satisfies its legal mandate embodied in Executive Order No. 1037, thru its products. In light of the above, the following product mix for the Philippine Retirement Authority are adapted:
A. SMILE Retirement Product: a retirement product that is simplified and simple, marketingoriented, integrated, long-lasting, efficient; this will be the main retirement product of PRA.
B. Diplomats Retirement Product: an old retirement product that gives courtesy to former Filipinos and former heads and officers of international organizations.
C. Longstay Trial Retirement Product: a product to promote SMILE.
D. Human Touch: a retirement product for the ailing retirees; both a substantial humanitarian and economic product; will use global telecommunication facilities and the soft faculties and qualities of Filipinos; will tap the health care, business and faith-based sectors.
E. RADAR Retirement Program: a website-based program that puts every Philippine town and city in the global RADAR; RADAR also incorporates LIRA (local integrated retirement area), Group Homes, home stay, retirement B and B, retirement franchising and retirement entrepreneurship; Geographic Information Systems (GIS) software will be used where possible.
F. Services with a SMILE (SWS): a contact center that will eventually use various channels of communication with retirees to answer their needs and offer the whole range of products and services provided by PRA's accredited facilities and merchant partners; a veritable Retirement Mall.
G. Deposit Management and Allied Services: consolidation of retiree deposits in the two government banks, escrow accounts to facilitate retiree enrollment and the payment of commissions, collection of the annual maintenance and servicing fee, deposit withdrawals and program exits, collateral management, repatriation of withdrawn deposits.
H. Retirement Public-Private Partnerships: PRA participation in public-private partnerships to build facilities and communities that cater to retirees; PRA will leverage, and bring to the table various resources to facilitate construction and completion of such facilities and communities.
SRRV Options
On 05 May 2011, the Philippine Retirement Authority introduced different SRRV Options for foreign retirees and former Filipinos who would like to make the Philippines their retirement destination.
There are four (4) types of SRRV options, namely:
1) SRRV Classic;
2) SRRV SMILE;
3) SRRV Courtesy; and
4) SRRV Human Touch.
The SRRV Classic, SRRV SMILE and SRRV Courtesy are SRRV Options for those active retirees who want to bring their children to the Philippines for education, to bring their family for business purposes, for medical reasons or just simply for retirement and relaxation.
The SRRV Human Touch is an SRRV Option that allows foreign nationals with medical needs/assistance to retire in the Philippines.
Basic Features:
1) SRRV SMILE – for active / healthy principal retirees 35 years old and above who would just like to maintain their Visa deposit of US$20,000.00 in any of the PRA designated banks;
2) SRRV CLASSIC – for active / healthy principal retirees who would opt to use their Visa deposit of US$10,000.00 or US$20,000.00 (50 years old & above) or US$50,000.00 (35 to 49 years old) to purchase condominium units or use for long term lease of house and lot (both of which are ready for occupancy);
3) SRRV HUMAN TOUCH – for ailing principal retirees, 35 years old and above, who are shown to have medical/clinical needs and services. Under this option, the retiree only needs to have a Visa deposit of US$10,000.00, a monthly pension of at least US$1,500.00 and a Health Insurance Policy; and
4) SRRV COURTESY – for former Filipinos (35 years old & above), and foreign nationals (50 years old & above) who have served in the Philippines as diplomats, ambassadors, officers/staff of international organizations. The visa deposit is US$1,500.00.
*Policies, Guidelines, Requirements, Fees and Procedures may be changed/revised, hence proper communication with PRA must be observed for updated information.
SRRV Benefits
A Retiree-member or holder of the SRRV is accorded the following benefits:
1. Special, non-immigrant status with multiple entry privileges Retirees may stay in the Philippines for as long as they want, and they may come in and go out of the Philippines anytime they desire
2. Exemption from customs duties and taxes for one-time importation of personal effects, appliances, and household furniture worth US$7,000.00 which should not be of commercial quantity and must be availed of within 90 days upon issuance of the SRRV
A retiree may dispose of the personal effects/household goods within three (3) years from importation. However, taxes due must be paid accordingly. Should the retiree decide to terminate the SRRV within three (3) years following the entry of the personal effects/household goods, retiree will be required to pay the necessary taxes and duties. However, retiree may opt to ship back the items to the country of origin to be exempted from paying the taxes and duties.
3. Exemption from the Bureau of Immigration ACR I-Card As a PRA member, the retiree does not need to secure the yearly Alien Certificate of Registration Identification Card (ACR I-Card) from the Bureau of Immigration
4. Exemption from payment of travel tax provided the retiree has not stayed in the Philippines for more than one (1) year from date of last entry into the country
5. Conversion of the requisite deposit into active investments such as the purchase of condominium units.Applicable only for retirees under the SRRV Classic
6. Pensions and annuities remitted to the Philippines are tax-free
7. Exemption from securing the Student’s Visa/Study Permit A Retiree-member (Principal or dependent) may study in the Philippines without securing the Student’s Visa/Study Permit
8. Free subscription of the PRN (PRA Newsletter)
9. Free assistance in securing documents from other government agencies
- Driver’s License from the Land Transportation Office (LTO)
- Alien Employment Permit (AEP) from the Department of Labor and Employment (DOLE)
- Tax Exemption/Exemption certificate from the Department of Finance (DOF)
- Tax Identification Number from the Bureau of Internal Revenue (BIR)
- Clearance from the National Bureau of Investigation (NBI)
10. Availment of the Greet and Assist Program at selected ports of entry
11. Participation in PRA Social Dynamics (social/community integration, educational tours, etc)
12. Availment of the 5% discount at selected Duty Free Philippines (DFC) outlets during scheduled Family Days
13. Free use of the PRA Retiree’s Lounge
QUALIFICATIONS & REQUIREMENTS
I. AGE QUALIFICATION
II. REQUIRED VISA DEPOSIT
III.CONVERTIBILITY OF VISA DEPOSIT
IV. APPLICATION FEES TO BE PAID UPON JOINING THE PROGRAM
V. OTHER FEES TO BE PAID UPON JOINING THE PROGRAM
*Policies, Guidelines, Requirements, Fees and Procedures may be changed/revised, hence proper communication with PRA must be observed for updated information
VI. DEPOSITORY BANK
A Principal Retiree applicant must remit the visa deposit to any of the PRA accredited/ designated banks.
Coordinate with PRA for the updated list of PRA designated bank/s.
SAMPLE REMITTANCE INSTRUCTION TO THE DEVELOPMENT BANK OF THE PHILIPPINES
THRU: BANK NAME: JP MORGAN CHASE BANK, NY
Swift Adress: CHASUS33
For further credit to BENEFICIARY BANK:
DEVELOPMENT BANK OF THE PHILIPPINES
Account No.: 811164961
Swift Address: DBPHPHMM
BENEFICIARY CUSTOMER NAME AND ADDRESS:
Account No. 0405-027438-100
PHILIPPINE RETIREMENT AUTHORITY
29/F Citibank Tower
Paseo de Roxas, Makati City
REMITTANCE INFORMATION:
SRRV deposit of _(name of retiree applicant)
OR
THRU: BANK NAME: CITIBANK NA, NY
Swift Code: CITIUS33
For further credit to BENEFICIARY BANK:
DEVELOPMENT BANK OF THE PHILIPPINES
Account No.: 36117139
Swift Address: DBPHPHMM
BENEFICIARY CUSTOMER NAME AND ADDRESS:
Account No. 0405-027438-100
PHILIPPINE RETIREMENT AUTHORITY
29/F Citibank Tower
Paseo de Roxas, Makati City
REMITTANCE INFORMATION:
SRRV deposit of _(name of retiree applicant)___
VII. DOCUMENTARY REQUIREMENTS
FOR PRINCIPAL APPLICANTS
1. Accomplished SRRV Application Form (downloadable at www.pra.gov.ph)
Information must be typed written and ensure that all information requested are answered;
2. Medical Certificate (downloadable at www.pra.gov.ph)
May be secured from the country of origin. However, said document must be translated in English, if necessary, and MUST BE authenticated by the Philippine Embassy/Consular Office nearest the place where the Certificate was secured from. Applicant may opt to secure the Medical Certificate in the Philippines from any licensed physician/clinic/hospital. If the certificate has been secured in the Philippines, there is no need for any authentication. A Medical certificate is only valid within 6 months from the date it was secured. PRA may accompany retiree-applicant in a PRA accredited clinic.
3. Police Clearance
Applicant needs to secure this clearance from the country of origin. Said document must be translated in English, if necessary, and MUST BE authenticated by the Philippine Embassy/ Consular Office nearest the place where the Clearance was secured from. A Police Clearance is only valid within 6 months from date it was secured;
4. National Bureau of Investigation (NBI) Clearance
NBI Clearance (Philippine document) is needed when an applicant has stayed in the Philippines for more than 30 days from date of last entry and prior to application for the SRRV. The NBI Clearance is only valid within one (1) year from date it was secured. PRA may accompany the retiree-applicant to the NBI-Main Office;
5. Bank Certification for the visa deposit
The Bank will send PRA the notarized Bank Certificate after the remittance has been received by the Bank. The amount of the Visa deposit depends on the SRRV Option that the applicant has chosen;
In cases that an applicant will be joined by more than two (2) dependents, an additional visa deposit of US$15,000.00 for each additional dependent must be remitted under the name of the Principal applicant.;
6. Original Passport with valid arrival/entry visa in the Philippines
An applicant whether Principal or dependent MUST be in the Philippines for the duration of the SRRV application.
Where the Temporary Visitor’s Visa expires while the SRRV is being processed, the applicant must have it extended. PRA may assist in the extension of the Temporary Visitor’s Visa; An applicant must have a Temporary Visitor’s Visa in order for PRA and the Bureau of Immigration to accept the application for the SRRV. Other visa, except for the Balikbayan Visa which is being issued to former Filipinos and their dependents, must be downgraded to TEMPORARY VISITOR’S VISA. PRA may assist the applicant in downgrading the current visa to Temporary Visitor’s Visa.;
7. Photos – 2x2 (12 pieces).
FOR DEPENDENT-SPOUSE APPLICANTS
All of the above documents must also be secured by the joining spouse except for the bank certification.
Additional requirement/s - Proof of Marriage (Marriage Contract, Marriage Certificate) which must be translated in English, if necessary, and MUST BE authenticated by the Philippine Embassy/Consular Office nearest the place where the Certificate/Contract was secured from.
FOR DEPENDENT-CHILD APPLICANTS
All of the above documents must also be secured by the child applying for inclusion except for the bank certification. Dependent child below 18 years old does not need to secure the Police or NBI
Clearance
Additional requirement/s - Proof of Relationship to the Principal (Birth Certificate, Family/household Register) which must be translated in English, if necessary, and MUST BE authenticated by the Philippine Embassy/Consular Office nearest the place where the Certificate was secured from.
ADDITIONAL REQUIREMENTS FOR PRINCIPAL APPLICANTS
For Principal applicants joining under the SRRV Classic-With Pension Scheme, Certification of Retirement Benefits, equivalent to or more than US$1,000.00, issued by the concerned government and/or private entity authenticated by the Philippine Embassy or Consular Office;
For Principal applicants joining under the SRRV Human Touch, 1) Medical Certificate showing preexisting condition and in need of medical/clinical care and services, 2) Certification of Retirement
Benefits, equivalent to or more than US$1,500.00, issued by the concerned government and/or private entity authenticated by the Philippine Embassy or Consular Office, 3) Health Insurance portable to and acceptable in the Philippines;
For former Filipino citizens joining under the SRRV Courtesy, 1) Birth Certificate issued by the National Statistics Office (NSO) or Old Philippine Passport or Naturalization documents form host country;
For foreign nationals joining under the SRRV Courtesy, 1) Certificate by the international organization concerned that the applicant was a former officer/staff – stating position held and the
duration/date of employment
For foreign nationals eligible under the Expanded Scope of SRRV Courtesy, 1) Certificate by the international organization concerned that the applicant was a former officer/staff – stating position held and the duration/date of employment; 2) Proof of monthly pension or any other similar benefits of at least US$1,000.00.
All original documents must be submitted along with 3 sets of photocopied documents.
PROCEDURAL STEPS IN OBTAINING THE SRRV
1. The retiree-applicant or the accredited marketer of the retiree-applicant files the documents and pays the necessary fees to the PRA Makati Office or to any of the PRA Satellite Offices.
2. PRA Office prepares endorsement letter and check payment to be filed and paid, respectively, to the Bureau of Immigration – Makati Extension Office
3. The Immigration - Makati Extension Office evaluates and prepares Order for transmittal to the Bureau of Immigration – Main Office.
4. The Immigration – Main Office approves and signs the Order and transmits back to Immigration - Makati Extension Office.
5. The BI-Makati Extension Office furnishes PRA a copy of the approved Order and PRA prepares the SRRV sticker for the implementation of SRRV upon signing by the Officer-In-Charge, Immigration - Makati Extension Office
6. PRA-RRSC laminates the SRRV sticker on the retiree’s passport, prepares the PRA ID card and administers the Oath of Affirmation to the new retiree-member.
7. PRA-RRSC releases the passport and ID card.
The processing time for the application for the SRRV usually takes 10 to 15 working days.
Where the Temporary Visa expires during the application of the SRRVisa, the retiree-applicant needs to have the Temporary Visitor’s Visa extended. Retiree-applicant may just give payment to PRA for
the processing of the extension of the said Visa.
Where the processing must be discontinued (needs to return to his country or for any other emergency reasons), the documents including the passport may be pulled out from the Bureau of Immigration. The applicant may proceed with his application later on but needs to pay an additional revalidation fee of Php5,520.00 (Bureau of Immigration required fee)
OBLIGATIONS OF A RETIREE-MEMBER
for more information about how to retiree in the Philippines and for Visa assistance please contact us prasrrv@gmail.com
source: http://www.pra.gov.ph/As_in_detailed_SRRV_Explanation_090613_2.pdf
Why is the SRRV processing now taking 6 weeks?
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