Who can apply for a retirement visa in the Philippines?
The Philippine government established retirement laws in the Philippines, primarily through the Philippine Retirement Authority (PRA), a state-owned corporation encouraging foreign nationals and former Filipino citizens to choose the Philippines as their retirement or second home. Its primary offering is the Special Resident Retiree’s Visa (SRRV), a non-immigrant visa that grants multiple-entry privileges and an indefinite stay in the country. The SRRV visa is considered the best retirement plan in the Philippines, and it has two options: SRRV Classic and SRRV Courtesy.
Retiring in the Philippines is made easy with the two retirement visa options. SRRV Classic is for active and healthy retirees who wish to utilize their visa deposit for purchasing a condominium unit or securing a long-term lease on a house and lot, and the required deposit amounts are as follows:
- $20,000 – For applicants aged 50 and above without a pension;
- $10,000 – For applicants aged 50 and above who receive a pension;
- $800/month for single applicants;
- $1,000/month for applicants with dependents.
On the other hand, SRRV Courtesy is for former Filipinos and foreign nationals aged 50 and above who have served in the Philippines as ambassadors or diplomats and are eligible for a visa deposit of $1,500. The program has expanded to include honorary consuls, retirees from international organizations, and former military officers. They must be at least 50 years old, receive a monthly pension of at least $1,000, and remit a visa deposit of $1,500.
Philippines retirement visa requirements
To apply for a retirement visa in the Philippines, applicants must submit the following SRRV visa requirements and pay the required fees to the Philippine Retirement Authority (PRA):
- SRRV application form: Must be fully completed.
- Medical certificate: Issued by a licensed physician in the Philippines; valid for 6 months.
- Police clearance: Obtained from the applicant’s country of origin, translated into English (if needed), and authenticated via Apostille or the nearest Philippine Embassy. Valid for 6 months.
- NBI clearance: Required if the applicant has stayed in the Philippines for 30+ days before applying.
- Bank certification: A visa deposit must be remitted from abroad to a PRA-designated bank (e.g., DBP, PNB, UnionBank). Transfers within the Philippines are not allowed.
- Additional visa deposit: $15,000 per dependent beyond two dependents.
- Original passport: Must have a valid Tourist/Balikbayan Visa during SRRV processing.
- Photos: Eight (8) recent 2×2 photos (used for the SRRV ID Card).
- Application fee: $1,400 (one-time, non-refundable once submitted to BI).
- PRA annual fee: $360 per year.
How to apply for a retirement visa in the Philippines?
Retirement in the Philippines as a foreign national requires you to enroll in the SRRV Retirement Program. The application process involves the following steps:
- Book an appointment with the Philippine Retirement Authority (PRA).
- Select the retirement visa option that best suits your needs.
- Gather all necessary documents and requirements to retire in the Philippines.
- Submit your completed application to the PRA and pay the required fees.
Pros and cons of retiring in the Philippines
Evaluating the advantages and disadvantages of retiring in the Philippines is an essential step in deciding whether living in the country is a viable option for you. Below is a list of pros and cons that you should consider.
Pros
Foreigners retiring in the Philippines can enjoy the following benefits, including:
- Retirement benefits: The SSRV visa offers retirement benefits in the Philippines. These include multiple entry privileges and a lifetime visa exempt from Bureau of Immigration requirements, allowing holders to work, study, or invest in the country. Additionally, retirees receive discounts from PRA-accredited partners, a free PRA Newsletter subscription, assistance with government agency transactions, and access to PhilHealth benefits and privileges.
- Affordable cost of living: Retirement in the Philippines is even more attractive because of the country’s affordable cost of living. The average cost of living in the Philippines is approximately 55.7% lower than in the United States, and rent prices are about 82.8% cheaper than in the US.
- Affordable health care: The Philippines ranks fourth in Southeast Asia for healthcare, just after Thailand, Singapore, and Malaysia, with a satisfaction index of 67.02. Key strengths include staff skills, service speed, and equipment quality. Moreover, retiring in the Philippines with an SRRV visa allows access to public healthcare coverage through PhilHealth.
- Local and expat communities: The existence of expat communities indicates the number of foreigners who retire in the Philippines. Additionally, Filipinos are proficient English speakers, as English is the second most widely spoken language, which facilitates easier communication.
Cons
Foreigners planning to retire in the Philippines must also account for the cons of living in the country. Below are the disadvantages of retiring in the Philippines:
- Typhoons and natural disasters: The Philippine archipelago is located in the Pacific Ring of Fire in the western Pacific Ocean. Its location accounts for the numerous typhoons and earthquakes happening in the country.
- Traffic and infrastructure issues: In 2024, the TomTom Traffic Index reports that Davao has the worst traffic in the Philippines, ranking 8th globally for the most congested city center, while Metro Manila ranks 15th globally for the highest levels of traffic congestion based on travel times.
- Internet and power reliability: The internet and power supply in the country might not be the most stable, especially in remote areas.
Buying a house to retire in the Philippines
Generally, foreigners are not allowed to own land in the Philippines. However, there are several ways for foreigners to buy a property in the Philippines for retirement.
Condominium unit
Due to restrictions on foreign land ownership in the Philippines, many foreigners purchase condominium units, which they can legally own under the Condominium Act. The key requirement is that Filipino citizens or corporations must own at least 60% of the condominium project. Initially, ownership lasts for 50 years but can be renewed for an additional 25 to 50 years.
Freestanding house and leasing the land
Foreigners cannot own land but purchase standalone houses and enter long-term leases with landowners. These lease agreements typically last for 25 years, with an option to renew for 25 years. The option to sublease depends on the contract terms between the foreigner and the landowner.
Valuable insights and practical advice, distilled from years of expertise and real-world experience.
What is the best place to retire in the Philippines?
Here are the top five best places to retire t in the Philippines that foreign nationals must consider.
1. Davao City
Davao City is one of the ideal places for retirement in the Philippines, situated in the southern part of Mindanao. Recently ranked as the 8th most congested city in the world, this is likely due to the influx of visitors attributed by their attraction to the city’s rising economy. Davao is the largest city by land area, and its tagline, “Life is Here,” reflects its livability and suitability for retirement in the Philippines.
2. Cebu City
Cebu is a province in the Central Visayas region of the Philippines, often called the “Queen City of the South.” It is notable for being the country’s oldest city and first capital. Cebu is an excellent choice for retirement in the Philippines because it is a gateway to other destinations in the Visayas region, including the famous Boracay Island.
3. Baguio City
For retirees seeking a more relaxed and environmentally friendly place for retirement in the Philippines, Baguio City is an excellent option. Located in the province of Benguet, it is popularly known as the “City of Pines.” Baguio City is particularly favored during the summer for its cool climate, a refreshing contrast to the tropical weather in much of the country.
4. Makati City
The Department of Finance (DOF) has named Makati the top city for maintaining fiscal independence through local revenue sources for 2022 and 2023. Makati is a major financial center, cultural hub, and entertainment district in Metro Manila. It is an ideal location for retirees who seek easy access to amenities and a high standard of living in the city.
5. Siargao
This small island on the northeastern coast of Mindanao is the surfing capital of the Philippines and is becoming a hotspot for foreign surfers. Siargao is the best place to retire in the Philippines if you want to reside in a rural area. The living conditions might be below par compared to the cities, but for those who appreciate a more secluded and environmental living, this island is best for you.
Looking to retire in the Philippines? Apply for the SRRV Visa!
The Philippines is one of the top retirement destinations for foreigners, offering beautiful landscapes, a low cost of living, and a welcoming community. To retire in the Philippines, the SRRV visa provides the best option for long-term stay with numerous benefits. Our experts can guide you through the SRRV visa application process, making sure all legal requirements are met and your retirement is as smooth as possible. Leave your details below, and we’ll contact you with personalized assistance, or email us directly at [email protected] to begin your SRRV visa application today.
Frequently Asked Questions (FAQs)
How much do you need to retire in the Philippines?
Retiring in the Philippines requires at least $1,000 to $1,500 monthly for a comfortable lifestyle, depending on your location and lifestyle choices.
Is the Philippines a good place to retire?
Yes, the Philippines is a popular and affordable retirement place, offering low-cost living, beautiful landscapes, and a welcoming culture for expats.
What are the benefits of retiring in the Philippines?
The benefits of retiring in the Philippines include a low cost of living, tax incentives for retirees, access to quality healthcare, and a beautiful, relaxed environment with a welcoming community.
Is the Philippines retirement visa suspended?
The benefits of retiring in the Philippines for foreigners include affordable living costs, access to quality healthcare, a welcoming expat community, and the option to apply for the Special Resident Retiree’s Visa (SRRV) for a long-term stay.
Is retiring in the Philippines a good idea?
Yes, retiring in the Philippines is a good idea for those seeking affordable living, a relaxed lifestyle, access to nature, and a welcoming environment.
How much bank balance is required for a Philippine visa?
The required bank balance for a Philippine retirement visa (SRRV) depends on the type of visa. Still, for most retirees, a $10,000 to $20,000 deposit is needed, depending on age and whether the applicant is receiving a pension.
How much is a retirement visa in the Philippines?
The Special Resident Retiree’s Visa (SRRV) application fee in the Philippines is $1,400, with an additional annual payment of $360 for the principal applicant and $100 for each dependent.
What is the best age to retire in the Philippines?
The best age to retire in the Philippines is 50 or above, as this is the minimum age to qualify for the Special Resident Retiree’s Visa (SRRV).
Are there retirement homes in the Philippines?
Yes, several retirement homes in the Philippines offer specialized care and accommodations for retirees, with many located in areas popular among expats like Metro Manila, Cebu, and Davao.
How much is the pension in the Philippines?
The pension in the Philippines varies depending on the program, but under the Social Security System (SSS), retirees can receive a monthly pension ranging from ₱ 2,000 ($33.90) to over ₱ 18,000 ($305), depending on their contributions and years of service.
