The Philippines is a great place to retire for many reasons. First is the people, they may be different from ones you may know back home that have become very western. The Filipino is easy going and generally happy. They tend to smile a lot which makes a great change from the sour faces we are used to seeing around us each day. The pace of life is much slower and the attitude to just about every aspect of life is more relaxed. If you want to really get out of the Rat race then the Philippines is the place.
The Philippines is also a relatively inexpensive retirement destination where you can make your retirement dollar really stretch. There are many that are surviving very comfortably on less than $1000 per month. If you have more you can really start to enjoy some Compared to back home the cost of living is much cheaper. You will save heaps on all of the basic including accommodation, food, utilities and transport. Some imported goods can be a little more expensive but if you are prepared to look for local substitutes then you will save even more.
How many of us could afford to have our own house maid or driver back home? Can you imagine hiring a live in house maid that gets up early each morning to prepare things? That works six days a week! The cost of a such a house maid is less than 2000 pesos a month. In dollars that is just $35 a month. How many can you afford?
The Philippines has all the modern amenities you expect. There are plenty of restaurants serving international cuisine, nite clubs and entertainment spots, golf courses and other sports, shopping Malls and of course the beaches where you can just lay in that hammock and sip your favorite beverage under the shad of a coconut tree as you watch the sun set over the sea.
If you are single then perhaps one of the most attractive (pun intended) aspects to the Philippines is the Filipina women. Renowned for her beauty and femininity. The Philippines is truly a paradise for a single man.
If you have been searching for someone special, the Philippines is full of them! If she really is a girl in a million, then there are 23 more just like her you haven’t met yet!!!! Be aware that Philippine Law strictly forbids mail order bride services operating from the country, so make sure any penpal or introduction service you use doesn’t promise marriage and doesn’t charge the Filipina any fees. Please avoid using the term mail order bride, it is a misnomer and offensive to many. Filipina’s are like any other woman, your mother, sister, the girl next door back home. Treat them with respect and dignity, no matter how rich or poor, where you meet them or what they do to survive. Be warned some girls will run scams and bleed some men for money, but we will show you how to detect a scammer, and also point you in the direction of someone who can help if you think you are being scammed!
The prospect of retiring on a limited pension may seem bleak. How can you best enjoy the remaining years of your life? The Philippine Leisure and Retirement Authority (PLRA) might just have the answer to problems like yours.
According to PLRA, more than 10,000 retirees from 70 countries including Japan, South Korea, and China are now registered residents of the Philippines, and people like you may very well join them.
To qualify, retirees are required to maintain a US-dollar account in an accredited bank for six months. After that period, the dollar deposit may be converted into a peso account, or withdrawn for purposes of investments in the country.
All PLRA-registered retirees may invest in five areas: condominium units, new or existing corporations in the country, long-term lease of land and construction of a house, golf shares, and stocks traded in the Philippine Stock Exchange.
PLRA works closely with lawmakers, crafting a bill that, when enacted into law, would grant more incentives to non-Filipinos who wish to retire in the country. Among the additional incentives is the grant of exemption from inheritance taxes for the retirees and their beneficiaries.
Non-Filipinos may be delighted to know that real property is among the safest investments in town, and the most affordable. Prices are low, compared to other Asian countries. It is possible to acquire a big house located a few kilometers from, or a condominium unit within, Metro Manila’s business/commercial district at a cost of just P5 million, or less than US$100,000.
Foreclosed properties are much lower, of course. There are many such properties, and the banks that acquired them are offering them at very low prices. And a good number of them should appeal to the high-end buyer.
The Bank of the Philippine Islands (BPI) is one such institutions. It has a list of real properties that investors can choose from, in Metro Manila and all over the Philippines.
Vice President Yvonne Lih of BPI Property Management and Sales Division says the bank assign caretakers and guards to look after them. It also keeps tax payments updated and documents in order to facilitate sale.
For buyers from Japan—Filipino or Japanese or Filipino-Japanese—Laguna is an ideal place to enjoy their retirement. These provinces have good hospitals, private and public, that offer excellent health care. And they have less pollution problems, or none at all. So do Cebu in Central Philippines, which Japanese love to visit anyway, and a host of other cities.
The Philippines offers so much excitement with its mixture of Western and Eastern cultures.
Scuba Diving, boating, fishing, off road and 4WD adventures, camping, hiking, swimming, golf and just plain swinging in a hammock under a shade tree, you can do as much or as little as you want here! Bar hopping, nite clubbing, movies, restaurants, malls, modern shopping, cheap bargains, its all here!
- How to Live in the Philippines Full Time
- How to Meet Quality Women
- How to Buy Real Estate
- How to Navigate the Streets and the Resorts like a Seasoned Navigator Without Losing Money and Without Losing Time
- How to Earn a Living in the Philippines
- Best Ways to Renew Your Visa
- Information on Starting a New Business
- Find out the Right and Wrong Methods of Doing Things in the Philippines
- Here is the Place to Meet Hundreds of Young Hot Sexy Women that Has Never Yet Failed. And Not Bar Girls
- Information on exchanging money, hospitals & medical, school systems, domestic helpers, real estate, money, visas, places to see and avoid and much more…
- Resources to Anything You would ever need in the Philippines with Web Site Addresses
The Philippines is an excellent place to retire, if only from a view to how you can spread your retirement savings or income or pension from month to month and still live comfortably. Forget wasting away in a retirement home or village, retire to the Philippines and really LIVE! As little as US$500 a month can see you living quietly yet comfortably in a rural province. US$1000 per month and you can live well in Cebu or Davao and if you have US$1500, even the BIG CITY, Manila, will allow you to live in perhaps even a grander style than you did back home! Maids, drivers, cooks, domestic servants are all affordable and part of the culture here and you can hire you own live-in domestic helper from as little as US$30 a month!
The Philippines actively promotes itself as a retirement destination and has actually created as special class of Visa called a Special Resident Retiree’s Visa (SRRV) to encourage people to retire to the Philippines.
SPECIAL RESIDENT RETIREE
The Special Resident Retiree’s Visa (SRRV) entitles the holder to multiple-entry privileges with the right to permanent residence in the Philippines. The SRRV is issued by the Bureau of Immigration of the Republic of the Philippines in connection with the Philippine Retirement Authority’s Retirement Program for the foreigners and former Filipinos.
All foreign nationals except those classified as RESTRICTED by the Department of Foreign Affairs (DFA) who are physically healthy and with no derogatory record and who are at least 35 years old and over, may join the Program.
AGE / DEPOSIT REQUIREMENTS
All foreign nationals below 50 and at least 35 years of age are required to deposit the amount of US$75,000.00 with any PRA shortlisted bank. Those aged 50 and above are required to deposit US$10,000.00. Former Filipinos are required to deposit US$1,500.00. The deposit amount of US$50,000.00 shall be required from an applicant who is at least 35 years of age and belongs to any of the following:
Retired military personnel of governments recognized by the Philippines; or
Former members of foreign diplomatic corps who have served for at least three (3) years in their respective posts; or
Retired officers and employees of international organizations such as the United Nations and its affiliate agencies, the World Health Organization, World Bank, International Labor Organization and other similar organizations.
A retiree can bring with him, without any additional deposit, his spouse and a child who is unmarried and below 21 years old or, if the spouse is not joining, two (2) children, provided they are legitimate or legally adopted. Additional children with the same qualifications may also be allowed to join the principal retiree under the program provided there is an additional deposit of US$15,000.00 per child. The US$15,000.00 deposit is, however, subject to the same terms as the principal deposit.
Dependents/children will continue to be members of the program and retain their SRRV even after reaching the age of 21 for so long as the required/additional deposit of the principal retiree is maintained in the bank under the PRA account or the investment has not been transferred to other countries and still subsists in the Philippines.
THE DOLLAR DEPOSIT
The requisite dollar deposit can be opened in the name of the principal retiree under an “and/or” account with the spouse who is also a bonafide member of the PRA Program. This also applies to an applicant/retiree who is legally married to a Filipino citizen.
The deposit earns interest in the same currency at minimum LIBOR/SIBOR rate payable in Philippine pesos only. The interest is withdrawable even without PRA clearance. After six (6) months from the time it was opened in any of the PRA short listed banks as a retiree account, the deposit can be converted into active investments subject to prior clearance from PRA.
If the resident retiree decides to terminate his membership in the program, the deposit (including interest) can be withdrawn provided that the resident retiree has notified the PRA in writing, accomplished the EXIT Interview Form, submitted the Original Passport for the cancellation of the SRRV and his PRA I.D. Card and has paid all taxes and duties due on his importations (if any), through the Program.
Under PRA rules, should the resident retiree suffer an untimely demise, the surviving spouse who is a holder of SRRV has the option to become the principal retiree using the original principal dollar deposit as his/her qualifying deposit. If he/she chooses not to, the law on succession shall apply.
A prospective member should submit the following documentation to the PRA:
1. Accomplished Philippine Retirement Authority (PRA) Application form.
2. Valid passport
3. Department of Foreign Affairs (DFA) Medical Examination Form #11 accomplished by a licensed physician from the applicant place of origin, duly authenticated by the Philippine Embassy Consulate or PRA Medical Certificate (RSSC Form #002) accomplished by a licensed physician in the Philippines.
4. Certification by a PRA shortlisted bank of the requisite deposit amount of US$1,500.00, US$50,000 or US$75,000.00 whichever is applicable.
5. Police Clearance issued abroad and duly authenticated by the Philippine Embassy/Consulate, or National Bureau of Investigation (NBI) in the Philippines.
6. Photographs, 1×1 and 2×2, six (6) pieces each.
7. If the spouse is joining the applicant, original copy of Marriage Contract if the applicant’s marriage was solemnized in the Philippines or original copy of Marriage Certificate duly authenticated by the Philippine Embassy/Consulate nearest to the applicant’s residence abroad if the marriage was contracted abroad.
8. If dependent/s is/are joining the applicant, original copy of Birth Certificate/s of dependent/s born in the Philippines or Birth Certificate/s or Household Register duly authenticated by the Philippine Embassy/Consulate nearest the applicant’s residence abroad.
9. Payment of a total of US$2,000.00 (for 35 to 49 years of age) of US$1,500.00 (for 50 years and above) as service and processing fees and US$1,500.00 for former and overseas Filipinos.
1. The amount of Php 7,600 charged by the Bureau of Immigration for change-of-admission status of the principal applicant into a special resident retiree is included in the US$1,500.00 or US$2,000.00 service/processing fee but the additional fee of 7,600.00 for the spouse and for each dependent shall be for the account of the applicant. Likewise, the amount of Php 500.00 is charged as express lane fee for every endorsement to the Bureau of Immigration. US$15.00 per year is charged for every PRA ID card of each applicant, spouse and dependent effective August 16, 2001.
2. Service fee of US $100.00 for each dependent (spouse and children) effective April 1, 2001.
3. If the visa is issued by the Philippine Embassy/Consulate abroad, the applicant and his spouse and dependents shall pay the corresponding visa fees.
4. The Retiree pays the visitorial fee of one percent (1.0%) per annum of the Philippine Peso equivalent of the requisite dollar deposit converted into actual investment effective September 15, 2001.
A resident retiree or holder of the SRRV is accorded the following benefits:
1. Permanent, non-immigrant status with multiple entry privileges through the SRRV.
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 SRR Visa.
3. Exemption from exit clearance and re-entry permits.
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 his last entry into the country.
5. Conversion of the requisite dollar deposit into active investments, including purchase of condominium units.
6. Interest on the foreign currency deposit is withdrawable anytime and payable to retirees in Philippine pesos.
7. Foreign currency time deposit can be converted into Philippine peso deposit after the issuance of SRRVisa with interest subject to 20% withholding tax.
8. Pensions and annuities remitted to the Philippines are tax-free.
9. Guaranteed repatriation of the requisite deposit including invested profits, capital gains and dividends accrued from investments upon compliance with rules and regulations of Bangko Sentral.
10. Exemption from securing the Student’s Visa/Special Study Permit.
INVESTMENT OPTIONS AND TERMS
Resident retirees may avail of the following investment opportunities:
1. Purchase of a condominium unit.
2. Formation of a new corporation and registration with the Securities and Exchange Commission.
3. Purchase of share of stocks in existing corporations registered with the Securities and Exchange Commission, but not those traded in the Stock Exchange.
4. Lease of a parcel of land or house and lot.
5. Construction of a residential unit on leased parcel of land.
6. For former natural born Filipinos, purchase of a lot not exceeding 5,000 square meters in urban areas or three (3) hectares in agricultural areas, for business and other purposes.
7. Purchase of proprietary/membership shares in golf clubs.
The above investments cannot be sold, transferred or encumbered without clearance from PRA.
BENEFITS AND OBLIGATIONS
Foreign nationals are not allowed by the Constitution of the Republic of the Philippines to acquire land except through hereditary succession. However, under existing investment policies and subject to foreign equity restrictions foreigners are allowed to invest in corporations registered with the Securities and Exchange Commission and which may own real property.
In case of sale or liquidation of the retiree’s investment, he has the option to (1) re-deposit in his name and or his spouse under the PRA account, the proceeds of the sale either in Peso or in foreign currency, or (2) re-invest the same in another allowable investment outlet.
A retiree is given ninety (90) days from the issuance of his SRRV to avail of tax-free importation of US $7,000.00 worth of personal effects/household goods. The period may be extended for another sixty (60) days upon the request of the retiree through the PRA or The Department of Finance. He may dispose of his personal effects/household goods within three (3) years from the importation. The taxes due must be paid if he decides to dispose of his personal effects/household goods within three (3) years.
Should he decide to terminate his PRA membership within three (3) years following the entry of his personal effects/household goods, he is also required to pay the necessary taxes and duties. However, he may opt to ship back the items to his country of origin to be exempted from paying the taxes and duties.
OTHER OBLIGATIONS OF THE RETIREE
To give the Authority a written notice of any change of information supplied in the application form (e.g. status, name and/or address) within sixty (60) days from such change.
To give the Authority a written sixty (60) days notice of termination of his participation in the program.
To pay the Authority, by way of visitorial fee, the amount equivalent to one percent (1.0%) of the total amount in Philippine peso equivalent of the foreign currency deposit converted into investment, to be paid in advance for 3 years on the date of withdrawal/conversion of deposit into investment.
To notify the Authority in writing prior to his foreign travel by filling up and submitting a Retiree’s Departure Form.
Upon expiry of the one (1) year validity period, surrender the I.D. Card for a replacement of a new one.
To comply with the rules and regulations of the Authority.
APPLICATION / ENROLLMENT
A retiree may apply for enrollment at:
PHILIPPINE RETIREMENT AUTHORITY
29/F Citibank Tower, 8741 Paseo de Roxas
Makati City, 1200 Philippines
PROCESS OF SRRV ISSUANCE BY PHILIPPINE EMBASSY/CONSULATE
1. Applicant/Marketer submits documents to Philippine Embassy/Consulate.
2. Applicant/Marketer notifies PRA of application/documents submitted to Embassy/Consulate:
* PRA Application form duly accomplished
* Photocopy of Passport page showing Date of Birth
* Medical and Police clearance from place of origin valid for six (6) months, duly authenticated by the Philippine Embassy.
* Certification of the Dollar Time Deposit by any of PRA’s short listed bank.
* Marriage Certificate if the spouse is joining
* Birth Certificate if a dependent child is joining.
* Payment of service/processing fee to PRA
3. Embassy/Consulate endorses application/documents to the Depratment of Foreign Affairs (Manila) who in turn endorses the same to PRA for evaluation and processing.
4. PRA reviews documents. If complete, forwards recommendation to DFA Manila for subsequent transmittal to Embassy/Consulate.
5. Embassy/Consulate abroad issues a single-entry SRRV to applicant.
6. Applicant enters Philippines with a single-entry SRRV.
7. Upon arrival in Manila, applicant goes to PRA office for the stamping of the multiple-entry SRRV on the passport by the Bureau of Immigration.
PROCESS OF SRRV ISSUANCE BY THE BUREAU OF IMMIGRATION – MANILA
1. Applicant/Marketer remits deposit requirement to a shortlisted bank in Manila.
2. Bank credits funds to special time deposit account in the name of the applicant.
3. Shortlisted bank sends PRA certification under oath of inward remittance of applicant’s deposit.
4. Applicant/Marketer secures Medical and Police Clearance from place of origin duly authenticated by the Philippine Embassy/Consulate. If Medical or Police Clearance are not secured from place of origin, PRA assists applicant to secure the same in Manila in three (3) working days.
5. Applicant enters the Philippines as tourist.
6. Applicant/Marketer submits all documents to PRA in Manila:
* PRA Application
* Medical Clearance
* Police or National Bureau of Investigation (NBI) Clearance
* Certification by bank of the deposit
* Marriage Certificate if the spouse is joining
* Birth Certificate if a dependent/child is joining
* Payment of application fee
7. PRA evaluates and, if complete, endorses the application to the Bureau of Immigration (BI) for the issuance of SRRV.
8. Applicant is issued SRRV by BI within five (5) working days upon completion/submission of all requirements.
REMITTANCE OF DEPOSIT
1. The procedure in remitting your US$1,500.00, US$50,000.00 or US$75,000.00 deposit to any of our short listed banks is as follows:
2. Go to the nearest major international or commercial bank within your locality.
3. Inquire if that bank handles “Telegraphic Fund Transfer” to banks in the Philippines.
4. Give the following instructions to that bank (normally a form is provided for this purpose):
(Name of Remitting International Bank)
Pay To _________________________________________
(Name of Depository Bank in the Philippines)
the amount of US 50,000.00/US 75,000.00 to set up an FCDU time deposit account in the name of
(Name of Retiree)
under the (PRA) retirement program. Upon receipt of the remittances, please telephone/advise PRA immediately.
(Signature of Retiree)
5. SAMPLE ABOVE
6. Retain a copy of the above Telegraphic Transfer instructions.
1. BANK OF COMMERCE
2. CHINATRUST (PHILS.) COMMERCIAL BANK
3. EQUITABLE PCI BANK
4. METROPOLITAN BANK AND TRUST COMPANY