Retirement place ‘first of its kind’ if it pushes thru

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Saturday, February 8, 2014


IF IT pushes through, the proposed Japanese retirement facility at the South Road Properties (SRP) will be the first of its kind to be co-managed by the government, according to the Philippine Retirement Authority (PRA).

PRA 7 officer-in-Charge Elma Corbeta said that after the Philippine retirement law was passed, most foreigners living here have been confined in private properties, such as condominium units or residential houses.

Players

The SRP retirement project, Corbeta said, will be a collaboration project between Cebu City Government and the Japanese group I-Land Company Ltd. It will also involved the PRA, the Department of Tourism and the Philippine Export Zone Authority of which the SRP is registered.

The facility will be called “Japan Longstay Paradise Cebu.” Some 500 apartments will be housed in two buildings on an 8,000-square-
meter property. The total floor area will be 33,000 square meters.

She said that since last year, the PRA, through general manager Veredigno Atienza, has helped promote the retirement facility at the SRP.

Special visa

Corbeta said they will issue to Japanese retirees who want to settle at the SRP a Special Retirees Residence Visa (SSRV) once they deposit the required investment of between US$10,000 and $50,000, depending on their age.

She said that with SSRV, Japanese retirees can use their apartment unit in Cebu as a vacation place where they can stay for as long as they want without becoming overstaying aliens.

“It is just like having a vacation house away from home,” Corbeta said.

But the key to officially start the project is the approval by the Cebu City Council, she said.

If the applicant is a former Filipino who became a foreigner by virtue of naturalization, he can return as a balikbayan and he will be issued an SSRV with only $1,500 as investment.

Published in the Sun.Star Cebu newspaper on February 09, 2014.

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