Retiring to Philippines? In this guide, we will show you the steps you need to take to retire permanently in the Philippines.
Hi my name is Joseph, and I’m not a financial Advisor. I’m just an average guy who made an average income. However with some savvy research on the internet, and then taking action on that information I was able to live well for most of my life without ever having to work for someone else. Did I work hard? Absolutely and so does everyone else. But using my knowledge of the Philippines and various Retirement Visa options available, it meant that I never had to be away from my family for long periods of time again. The Philippines has become more popular in recent years as a ‘retirement’ option, but why? Well if you think about it, it makes sense logically. Tropical climate, hospitable people who want you to visit and return again and again, not to mention the fact that Philippines is a third world country with potentially ‘no’ inheritance tax on non-Filipino transfers.
Retirement Visa For Philippines
The Philippines offers some of the greatest weather and beaches in the world, so it is no wonder that many expats who choose to retire or relocate see the country as a suitable option.
The Philippines has emerged a top tourist destination for the retirees who want to enjoy their golden years in the sun. The Philippines is a tropical country with pleasant weather conditions and perfect beaches that are excellent for relaxing and rejuvenating.
The Philippines are perfect for retirees who want to get away from the loud city lifestyle and enjoy the crystal clear beaches and beautiful tropical weather. There are currently more than 64,000 foreign retirees living in the Philippines.
Foreign nationals who want to make the Philippines their second home can easily obtain a retirement visa through the Special Residence Retiree’s Visa (SRRV) program.
With a Philippines retirement visa, you are eligible to work, study or invest in the Philippines.
Who Can Apply For a Philippines Retirement Visa?
You can apply for a Philippines retirement visa under the SRRV program if:
- You are at least 50 years old and have a pension; or
- You are at least 35 years old and make a deposit of at least $50,000.
- You have no criminal record.
- You can financially support yourself and any joining family members.
Deposit for the Philippines Retirement Visa (SRRV)
To receive a Philippines retirement visa, you must make a deposit and meet the monthly income requirements, as follows:
| Applicants aged 50 and above who receive a pension | Amount |
|---|---|
| Deposit | USD 10,000 |
| Pension for a single applicant | USD 800 (monthly) |
| Pension for a couple | USD 1,000 (monthly) |
| If you are bringing more than one child as dependent | Additional deposit of USD 15,000 per child |
| Applicants who do not receive a pension | Amount |
|---|---|
| Deposit for applicants 35 to 49 years old | USD 50,000 |
| Deposit for applicants aged 50 and above | USD 20,000 |
| Deposit for former Filipino citizens (at least 35 years old) | USD 1,500 |
| If you are bringing more than one child as dependent | Additional deposit of USD 15,000 per child |
Collect the Documents Required for a Philippine Retirement Visa
To apply for a Philippines retirement visa, you must collect the following documents:
- An original and valid passport with an updated Temporary Visitor’s Visa.
- Completed PRA Application Form.
- Original and valid medical clearance.
- Original and valid clean criminal records from your home country and an additional NBI clearance (if you have stayed in the Philippines for over 30 days).
- Eight photographs in the 2-inch by 2-inch format.
- An inwardly remitted SRR visa deposit.
- Proof of paid fee.
- Marriage certificate for accompanying dependent spouse.
- Birth certificate for accompanying dependent child.
Additional requirements might be requested depending on the SRR Visa option you choose.
Note: All documents issued outside the Philippines must be translated into English and authenticated by the nearest Philippine Embassy/Consular Office.
How to Apply For a Retirement Visa in the Philippines?
To retire in the Philippines as an expat, you must register for the SRRV Retirement Program. The procedure for applying for a retirement visa in the Philippines is:
- Schedule an appointment at the Philippine Retirement Authority (PRA).
- Choose the appropriate retirement option.
- Collect the documents required for a retirement visa.
- Submit the application to the PRA.
Schedule an Appointment With the Philippine Retirement Authority (PRA)
The PRA allows only one person per appointment. You are advised to check for available schedules and book an appointment through the PRA official Facebook page.
Choose the Appropriate Retirement Option
Depending on your lifestyle, qualification, and retirement status, the SRRV program (also referred to as the SRRVISA) offers many options that you can choose to apply for:
| Option | Who is it for? |
|---|---|
| SRRV SMILE | For active and healthy retirees who choose to keep their SRR Visa deposit of $20,000 in any of the PRA Accredited Banks. |
| SRRV CLASSIC | For active and healthy retirees who choose to use their SRR Visa deposit into active investment (purchase of condominium unit, long-term house lease, etc.) |
| SRRV HUMAN TOUCH | For retirees in bad health conditions from the age of 50 and above who need medical or clinical care. |
| SRRV COURTESY | For former Filipinos and foreign nationals aged 50 and above who are retired officers of International Organizations recognized by the Department of Foreign Affairs (DFA). |
| SRRV EXPANDED COURTESY | For foreign nationals aged 50 and above who are retired Armed Force officers of foreign countries with existing military ties or agreements with the Philippine Government. |
The SRRV Classic and SRRV Courtesy are the most popular choices due to their flexibility and affordable terms.
Submit the Retirement Visa Application to the PRA
You must submit your Philippine Retirement visa to one of the PRA Satellite offices in the main cities of the Philippines. The Philippine Retire Authority (PRA) requires you to travel to the Philippines to submit the application in person.
Philippines Retirement Visa Fee
When applying for a Philippines Retirement Visa, you will be required to pay the following processing fees:
| Applicant | Fee |
|---|---|
| Principal applicant | $1,400 |
| Dependent applicant | $300 |
| Principal & two dependents | $360 (Annual Fee) |
Can My Family Members Join Me?
Yes, if you obtain an SRRV visa, your family members can accompany you to the Philippines. Eligible family members include:
- Your spouse (legally married to you).
- Your child (biological or adopted), unmarried, and under the age of 21. In case your spouse is not joining you, you can take two children with you, without an additional deposit.
Benefits of Philippines Retirement Visa
Retirement in the Philippines comes with many benefits:
- Indefinite stay with multiple-entry and exit privileges.
- Exemption from the Philippine Bureau of Immigration ACR-I Card (Annual Report).
- Exemption from customs duties and taxes for importing household goods and personal effects worth up to $7,000.
- Exemption from Student Visa/Study Permit. Your children can study in the Philippines without a visa.
- Access to the Greet & Assist Program at selected Philippine airports.
- Free subscription to the PRA Newsletter.
- Discount privileges from PRA accredited Merchant Partners.
- Free assistance in transacting with other government agencies.
- Entitlement to PHILHEALTH benefits & privileges.
Duration of a Philippines Retirement Visa
Holders of the Philippines retirement visa (SRRV) are entitled to multiple-entry visa and the right to reside in the Philippines indefinitely. This type of visa grants you permanent residence in the Philippines.
How Much Money Do You Need to Retire in the Philippines?
The Philippines has a generally low cost of living. However, the amount of money you need for a nice retirement in the Philippines depends on where you decide to settle and your lifestyle. One person can spend around $516 per month, not including rent.
The living costs in big cities like Makati, Quezon, or Pasig are higher, so you will need to spend a higher amount of money if you decide to spend your retirement in one of them.
Healthcare For Retirees in The Philippines
Philippines provides free healthcare to all residents under the Philippine Health Insurance Corporation (PhilHealth). The PhilHealth program covers the entire population, granting free lifetime coverage to foreign retirees and pensioners who have legal residency status in the Philippines.
PhilHealth is a government-owned insurance corporation and offers coverage and medical benefits that include:
- Inpatient and Outpatient services
- Ancillary services
- Catastrophic coverage
- Maternity benefits
- Surgeries
You can always choose between private or public health insurance companies. Private health insurance companies offer more features and benefits.
Best Places to Retire in the Philippines
The cost of living is one of the key factors when looking for a place to retire. The Philippines is not an expensive destination, which makes it a top choice for retirees all around the world.
To help you decide where to locate, we have selected some of the best places for retirement in the Philippines.
Makati City
Makati City is ideal for retirees who want to enjoy a luxurious retirement. The city is known for shopping malls, restaurants, and hotels, and it is considered the financial, commercial, and economic hub of the Philippines.
If you choose Makati City as your retirement home, prepare to spend a higher amount of money than what you would spend in smaller cities.
Baguio City
Baguio, also known as ‘The Summer Capital of the Philippines’, offers a warm and friendly vibe. The locals are kind and polite and welcome everyone to their hometown. You will enjoy the cool climate, tropical pine forests, and the city’s romantic atmosphere.
Tagaytay City
Tagaytay is one of the most frequented places in the south. The city is located in the rural region and has outstanding scenery. It is characterized by a cool climate, stunning views, and delicious cuisine.
Lipa City
Lipa is a combination of urbanized and rural cities. Retirees consider moving to Lupa due to the cooler climate and the ideal location. The city is close to nature and not far from Manila.
Iloilo City
Iloilo City is a great place to save money and live a quiet lifestyle. This makes it popular among retirees worldwide. The tropical wet and dry climate is dominant throughout the year. Salaries in Iloilo city are some of the highest in the Philippines.