CITY OF SAN FERNANDO---The Philippine Retirement Authority (PRA) is targeting some 3,850 foreign retirees this 2024 under its “Love to Live in the Philippines” campaign.
During the unveiling of light box ads for the campaign at the departure area of Clark International Airport recently, the PRA said “Love to Live in the Philippines” aims to attract foreign nationals and former Filipino citizens to retire, invest, and permanently reside in the country.
The agency said the goal is to increase the number of foreign retirees obtaining the Special Resident Retiree’s Visa (SRRVs) to 20 percent annually until 2028.
Since its establishment in 1985 by virtue of Executive Order No. 1037, the PRA has attracted more than 77,000 foreign retirees who were granted SRRVs, with options like Classic (covers foreign nationals aged 50 and above with a visa deposit of US$10,000 for those who have a pension and US$20,000 for those without a pension.
Visa deposits may be converted into active investments) and Courtesy, and Expanded Courtesy (comprising retired foreign military officers and former Filipino citizens aged 50 and above with a US$1,500 visa deposit).
Privileges of SRRV holders include an option to reside permanently in the Philippines; multiple-entry and indefinite stay; and exemption from the Annual Alien Certificate of Registration Identity Card issued by the Bureau of Immigration, custom duties and taxes for the one-time importation of household goods and personal effects up to US$7,000, tax on pensions and annuities, travel tax in Philippine airports, and securing a separate work visa, student visa or study permit, plus access to the Greet and Assist Program in selected airports in the Philippines.
“The campaign is an affirmation of how beautiful the Philippines is. How beautiful moments take place every day as people enjoy the country’s bounty of natural resources that is matched with the warm hospitality of Filipinos,” the PRA said.