SBFCC Retirement Services

SBFCC as PRA Accredited Marketer

The Subic Bay Freeport Chamber of Commerce (SBFCC) is a non-profit, SEC-registered, corporation since 1995. Its mandate includes promotion of investments into the Philippines specifically to Subic Bay. The Subic Bay Freeport is unique to the Philippines in the sense that the entire enclave was converted from a former US Naval Base to a now thriving Freeport in which 24 different nationalities are represented.

As an accredited marketer of the Philippine Retirement Authority (PRA), we are here to promote both the PRA program and anything related to living, working, and tourism in Subic Bay. The SBFCC has a tri-partite Memorandum of Agreement (MOA) with the Subic Bay Metropolitan Authority (SBMA) and PRA. Due to the high demand, we have created a new department in our organization specializing in the PRA program in order to offer value-added service to those wishing to relocate to the Philippines, particularly Subic Bay. If you need information concerning housing prices, labor costs, other visas, government regulations, and schools among others, we have it here all under one roof.

Below is information and requirements on how to retire in the Philippines. Should you wish to learn more, have specific inquiries, or wish to apply to the PRA program through us, we are here to serve you free of charge (no catch, no strings attached).

For further information, please email us at pra@subicchamber.org or call retirement services representative Ms. Susan Dudley for an appointment at +6347 252-3180 (GMT +8) or leave your voice mail at 908-333-5276 (US number).

General Information

What Is The Special Resident Retiree’s Visa?

The Special Resident Retiree’s Visa (SRRV) hereinafter referred to as the "Retiree’s Visa", is a special non-immigrant visa separate and distinct from the existing visa categories defined by the Philippine Immigration Act of 1940, as amended, and allied laws.

The issuance of the SRRV to qualified PRA foreign applicants, entitles the holder to reside in the Philippines for an indefinite period with multiple-entry privileges as long as the required minimum deposit investment remains.

Moreover, the SRRV offers benefits which includes the exemption from the Exit Clearance, Re-Entry, ACR-I Card, Annual Registration requirements of the Bureau of Immigration, Travel Tax (provided the retiree has not stayed in the Philippines for more than a year from date of last entry), Special Study Permit, importation of household goods/personal effects worth US$7,000 for family use, and other value added services.

The SRRV, characterized by its being indefinite with multiple-entry privileges, provides the nature of a permanent and/or "lifetime" visa. Thus, guaranteeing the principal retiree and family members the privilege to settle permanently in the Philippines and enjoy the best quality of life in an attractive package.

Who may apply?

All foreign nationals may apply, provided they are issued an entry visa by the Philippine Embassy/Consulate, and former Filipino citizens who are now holders of foreign passports, both of whom are at least 35 years old.

How can one join the PRA program?

You may download the SRRV application form and other required documents from the SBFCC Online Forum (you need to register) or you may also request from:

  Philippine Retirement Authority
  29/F Citibank Tower
  8741 Paseo de Roxas
  Makati City 1227
  Tel. No.: (632) 848-1412 to 16
  Fax No.: (632) 848-1411
  Direct Line: (632) 848-7104
  Website: http//www.pra.gov.ph

If you are based abroad, you can acquire it through the Philippine Embassy/Consulate.

What are the fees for joining the PRA program/applying for SRRV?

1. Processing Fee:
   
   A one-time payment of US$1,400 for the principal and US$300 for each foreign national dependent (spouse/children). For every additional dependant, in excess of two (2), an additional US$15,000 deposit per head shall be required.
   
   
2. Annual Renewal/Replacement of PRA ID Card
   
   US$10 per member/card/year

How long is the visa valid?

The SRRV is valid for as long as one remains a member in good standing of the Program and provided his time deposit and/or investment remains intact in the Philippines.

Can a resident retiree bring his/her family members with him/her
into the country to join the program?

Yes. A resident retiree can bring with him/her, without additional deposit, his foreign national (legally married) 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 unmarried and under 21 years of age.

Additional children with the same qualifications may also be allowed to join the principal retiree provided there is an additional deposit of US$15,000 or equivalent foreign currency per child. The deposit is subject to the same terms and conditions with that of the principal deposit.

This does not apply to former Filipino citizens.

Will dependents continue to be SRRV holders or retain their SRRV
even after reaching 21 years old?

Yes. For so long as the principal retiree remains a member of the Program, his dependents retain their SRRV even if they reach 21 years of age and above.

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PRA Requirements

Retirement Options and their Required Time Deposits

If applying to PRA with pension

• 50 years old and above – the required time deposit is USD $10,000 plus a monthly pension of US$800 for a single applicant and US$1,000 for a couple.

For every additional dependant in excess of two (2), an additional US$15,000 deposit per head shall be required. Enrollees applying under the WITH pension must present proof of monthly pension and other documents to be identified by PRA.

Enrollees applying under the WITH pension must present proof of monthly pension and other documents to be identified by PRA. Contrary to misinformation concerning this requirement, PRA only requires proof of monthly pension, and does not attach it.

Note: When enrolling under the “With Pension” plan, the applicant can neither engage in a business nor be employed in the Philippines.

If applying to PRA without pension

• 35 to 49 years old – US$50,000 time deposit
• 50 years old and above – US$20,000 time deposit
• Former Filipino Citizens (at least 35 years old regardless of the number of dependents) – US$1,500
• Ambassadors of foreign countries who served and retired in the Philippines – US$1,500
• Permitted to work provided an Alien Employment Permit is secured through the Department of Labor and Employment.

For every additional dependent in excess of two (2), an additional US$15,000 deposit per head shall be required, except for former Filipino citizens.

In all cases, the time deposit is placed with an accredited bank in the applicant’s name and the original time deposit certificate is held for as long as the PRA member remains in the program. The member has the option of either collecting interest on the instrument as paid by the bank or reinvest the interest back into the principal amount of time deposit.

What are the documents required from a retiree before he can join the program?

A prospective retiree-participant shall submit to PRA the following:

1. PRA application form
2. Original passport with valid entry status
3. Medical Examination Clearance – can be secured abroad (with English translation) duly authenticated by the Philippine Embassy/Consular Office. If the applicant is in the Philippines, other requirements such as National Bureau of Investigation (NBI) clearance and Medical Examination can be conducted at the PRA One-Stop Shop in Manila.
4. Bank Certificate of Dollar Time Deposit inwardly remitted to any PRA accredited banks. The Subic Chamber has accredited PRA member banks that can provide you with the best interest rates on time deposits.
   Note: The PRA Accredited banks agree to accept any acceptable foreign currency for deposit in the accounts, provided that it shall be credited to the account in United States Dollars or Philippine Pesos equivalent.
5. Police Clearance issued abroad translated into English and duly authenticated by the Philippine/Consulate and NBI Clearance issued in the Philippines. This also applies to spouse and dependents 18 years of age and above (age requirement of 18 is for purpose of NBI Clearance only).
6. Photographs, six (6) pieces 1"x1" and six (6) pieces 2"x2"
7. If the spouse is also applying for SRRV, Marriage Certificate or Marriage Contract translated into English (if necessary) and duly authenticated by the Philippine Embassy/Consulate nearest the applicant’s residence if the marriage was contracted abroad. If the marriage was solemnized in the Philippines, the original Marriage Certificate is required.
8. If dependent/s is/are also applying for the SRRV, original Birth Certificate/s of dependent/s born in the Philippines or Birth Certificate/s or Household Register translated into English (if necessary) and duly authenticated by the Philippine Embassy/Consulate nearest the applicant’s residence abroad.

What are the benefits under the program?

1. Multiple/Indefinite entry privileges with the option to reside permanently in the Philippines.
2. Exemption from exit Clearance & Re-Entry Permits.
3. Exemption from Customs Duties and Taxes for the Importation of Personal Effects up to US$7,000.
4. Exemption from Travel Tax if stay in the Philippines is less than a year from the last entry date.
5. Exemption from the Bureau of Immigration’s ACR-I and Annual Registration requirement.
6. Assistance in obtaining an Alien Employment Permit (AEP).
7. Tax-free remittance of Annuities and Pensions.
8. Guaranteed repatriation of the deposit/investment.

What are the obligations of a SRRV holder?

1. To give a written notice of any change of information supplied in the Application Form (e.g. status, name, or address) within sixty (60) days from such change;
2. To give a written sixty (60) day notice of termination of his participation.

Does PRA accept currencies other than US dollars as required foreign currency deposit?

No. Nonetheless, the PRA Accredited Banks agree to accept any acceptable foreign currency for deposit in the accounts, provided that it shall be credited to the account as United States Dollars or Philippine Peso equivalent. After the issuance of SRRV the retiree may convert the Dollar time deposit to Philippine Peso or Euro money.

Can the required deposit be divided into any of PRA’s accredited banks?

Yes, for a minimum deposit of US$10,000.

Under whose name is the required foreign currency deposit be credited?

The required foreign currency deposit may be opened in the name of the principal retiree or under an "and/or" account with the spouse, provided the latter is also a member of the PRA Program. This applies also to an applicant/retiree who is legally married to a Filipino citizen even if not a PRA member.

When can the required foreign currency deposit be converted into investment?

After one (1) month from the time it was opened in any of the PRA accredited banks as a retiree account.

What areas of investments are available to a resident retiree?

First of all, the applicant must be approved by PRA and be granted a SRRV before entertaining the next step. Moreover, the time deposit must be in place for a minimum of 30 days. The areas of investment are the following:

1. Purchase of a condominium unit;
2. Lease of a parcel of land or house and lot;
3. Construction of a residential unit on a leased parcel of land;
4. Propriety shares in golf clubs;
5. For former Filipino citizens, purchase of a lot not exceeding 5,000 square meters in urban areas or three (3) hectares in rural areas to be used for business or other purposes. Keep in mind that, should you choose this option, and utilize any portion of the time deposit for any of the above purposes, there are a few more steps involved.:


• You cannot request to exercise this option until, at the minimum, 30 days after the SRRV has been issued;
• If you choose to go this route, permission must first be obtained from the PRA Board of Trustees;
• A "visitiorial fee" paid up front, based as follows:
    $50,000 Requisite Deposit – $750 per year
    $20,000 Requisite Deposit – $500 per year
    $10,000 Requisite Deposit – $500 per year
    $1,500 Requisite Deposit – $15 per year
• Submit certain documents depending on the investment to be made. In cases when the investment made is depleted or its value reduced lower than the required deposit/investment, the retiree shall be required to redeposit the required dollar deposit, or to submit proof or evidence of another investment, to make up for the loss or reduction in value.

What happens if the principal retiree dies?

The surviving spouse, provided he/she is a SRRV holder, has the option to assume the status of a principal retiree using the original account as his/her qualifying deposit. Should he/she not choose to become the principal retiree, then the Law on Succession prevails.

As far as the beneficiary is concerned, the withdrawal of the time deposit should be made in accordance with the Philippine banking rules and regulations. The beneficiary will have to pay estate tax as the retiree is treated as a resident alien and therefore covered by the National Internal Revenue Code.

Can a resident retiree apply for Philippine citizenship?

Yes, in accordance with the Naturalization Law of the Philippines. One of the basic requirements for naturalization is the continuous residency in the Philippines for a period of ten (10) years. The period may be reduced to five (5) years if the applicant has any of the following qualifications:

1. Has honorably held office under the Government of the Philippines or under that of any of the provinces, cities, municipalities, or political subdivision thereof;
2. Has established a new industry or introduced a useful invention in the Philippines;
3. Being married to a Filipino citizen;
4. Has been engaged as a teacher in the Philippines for a period of at least two (2) years;
5. Has been born in the Philippines.

Note: For former Filipino citizens, the Citizenship Retention and Reacquisition Act of 2003 applies.

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Schedule of Fees

Philippine Retirement Authority

1. SRRV Application Fee
     Principal – US$1,400
     Spouse/Dependents – US$300 per applicant
2. ID Renewal Fee – US$10 per year per member
3. Visa Cancellation
     Bureau of Immigration (BI) Downgrading – Php 1,510 per member (about US$35)
     BI Cancellation – Php 500 per member (about US$12; depending on current FX)
     PRA Service Fee – US$10 per member
4. Re-stamping of SRRV on Passport
     BI Fee – Php 1,010 per member (about US$23)
     PRA Service Fee – US$10 per member
5. Certificate of Membership – US$5 per member
6. Management (Visitorial) Fee (varies per member) applies only if any portion of the original time deposit is converted into approved investment.

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Should you find the above too complicated or too burdensome to process, why not contact our retirement services representative, Ms. Susan Dudley. We will not charge you a single cent (no catch either). Just email at pra@subicchamber.org or call for an appointment at +6347 252-3180 (GMT +8) or leave voice mail at 908-333-5276.

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