SRRV (Spec ia l Resident Ret i ree’s v isa)—a hass le - f ree v isa in the

Phi l ipp ines for fore ign nat iona ls and former Fi l ip ino c i t izens.

INTRODUCTION

The Philippines which has become the 18th country and the Southeast Asian country to
actively promote the retirement industry of catering to the affluent retirees easily appeals
to prospective targets because of the warmth and hospitality of our English-speaking
people and our diverse culture which is a pleasant blend of the East and the West. The
cost of living is a great attraction too. We also have a climate which is most suitable and
conducive to the elderly.

These resources of the country and the special needs of retirees from all over the world
became thee basis for developing a billion - dollar a year industry. To respond to this
opportunity, the Philippine Retirement Authority (PRA) also known as the Philippine
Retirement Park System was created on July 4, 1985 by virtue of Executive Order No.
1037

The Philippine Retirement Authority is a government agency charged with the mission of
developing and promoting an international retirement servicing industry in the
Philippines as a means of accelerating the social and economic development of the
country, strengthening its foreign exchange position as the same time providing further
best quality of life to the targeted retirees from all over the world in a most attractive
package.

MIRIANN PRA SERVICES CO. is a PRA Accredited Marketer based in Cebu City. We
assist the SRRV applicant all through the application process. We make sure that the
applicant can really say that SRRVisa is indeed a hassle-free visa. We assist, we advice, we
go extra mile even in finding best deals home rentals, getting the best insurance package
and more. We even tour our clients who will prefer to stay in Cebu.

Eligibility

Former Filipino citizens and foreign national except those classified as restricted by the
Philippine Department of Foreign Affairs and the Bureau of Immigration are eligible to
apply for the SRR Visa. Also, he or she should be:

• At least 35 years old

• Without criminal record
• Meeting medical standards
• Meeting the investment requirement

For more info, you may visit the PRA website. http://www.pra.gov.ph/.

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PHILIPPINE RETIREMENT PROGRAM

The Philippine Retirement Authority offers a Special Resident Retiree's Visa (SRRV) with
multiple entry privileges to all former overseas Filipino workers and foreigners who wish to
settle here.

The benefits are as follows: permanent non-immigrant status with multiple entry privileges
through the SRRV; exemption from customs' duties and taxes for the importation of personal
effects, appliance and household furniture worth $7,000; tax-free interest on foreign currency
deposit payable in local currency; tax-free pension and annuities remitted to the country; and
exemption from exit clearance and re-entry permits.

Requisite deposits of $30,000 to $50,000 from the retirees may be converted into active
investments (which covers purchase of condominium units and propriety golf/sports club
membership fares and investments in an existing or upcoming corporation) and long-term lease
of lot or building.

WHAT IS THE PHILIPPINE RETIREMENT AUTHORITY?

The Philippine Retirement Authority (PRA or AUTHORITY), also known as the Philippines
Retirement Park System, is the government agency charge with implementing the national
program of developing and promoting a retirement industry in the Philippines.

WHAT ARE ITS PURPOSES?

PRA was created to: (i) develop and promote the Philippines as a retirement haven; (ii)
encourage foreign investments in retirement projects ; (iii) provide an effective supervision,
regulation and control in the development and establishment of retirement communities in the
country ; (iv) make optimum use of existing facilities and/or assets of the government and
private sector; and (v) adopt the integrated approach in the development or establishment of
retirement communities in the country.

DEPOSIT REQUIREMENTS:

All applicants must open a US daily time deposit for a term of 6 months at any PRA short listed
bank. The amounts of deposits are as follows:

Retirement Option and their Required Time Deposit

1. With Pension – 50 years. Old and above – the required time deposit is US$10,
000.00 plus a monthly pension of US$800.00 for a single applicant and
US$10,000.00 for couple
2. Without Pension
o 35 to 49 years old – US$50, 000.00 time deposit
o 50 years old and above – US$20, 000.00 time deposit
o Former Filipino Citizens (at least 35 years old, regardless of the number
of dependents – US$1,500.00
o Ambassadors of foreign countries who served and retired in the
Philippines, current and former staff members of international
organizations including ADB - US$1,500.00
3. A resident retiree can bring with him, without 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 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$15,000.00 per
child. The said time deposit however, is subject the same and conditions with
that of the principal deposit. This does not apply to former Filipino Citizens.

Note: The PRA Accredited banks agree to accept any acceptable foreign currency equivalent to
the requisite amount for deposit in the accounts, provided that it shall be credited to the account
as the United States Dollars or Philippine Pesos equivalent.

WHAT BENEFITS WILL A RESIDENT RETIREE GET FOR JOINING THE PROGRAM
A resident retiree or holder of the Special Retiree's Visa (SRRV) is accorded the following
benefits, viz:
(i) permanent, non-immigrant status with multiple entry privilege through a special visa called
the "Special Residents Retiree's Visa";
(ii) exemption from customs duties and taxes for the importation of US$7,000.00 worth of
personal effects,
appliances and household furniture
(iii) exemption from Emigration Clearance and Re-entry Permit requirements;
(iv) Exemption from payment of travel tax provided the retiree has not stayed in the Philippines
for more than one year from date of latest entry into the country.
(v) Conversion of the required time deposit into active investment, including the purchase of
condominium unit/s and proprietary golf membership shares;
(vi) Interest on foreign currency deposit is tax-free, and payable to retiree in Philippine peso at
competitive rate;
(vii) Foreign currency time deposit can be converted into Philippine Peso deposit after the
issuance of SRRVisa (interest subject to withholding tax).
(viii) Pensions, annuities remitted to the Philippines are tax free;
(vix) guaranteed repatriation of US$50,000.00 deposit, including invested profits, capital gains
and dividends accrued from investment upon compliance with Bangko Sentral rules and
regulations.
(x) Automatic membership in the PRAMA Foundation
(xi) Holders of valid SRR Visas are exempted from getting the Student's Visa/ Special Study
Permit.
WHAT ARE THE DOCUMENTS REQUIRED FROM A RETIREE BEFORE HE CAN JOIN
THE PROGRAM?
A prospective retire-participant shall submit to the PRA the following:
(i) Philippines Retirement Program Application;
(ii) Original of valid Passport.
(iii) Department of Foreign Affairs medical Examination Form #11 accomplished by a licensed
physician abroad including AIDS Test results delay authenticated by the Philippine
Embassy/Consulate or the PRA Medical Certificate (RRSC Form # 002) accomplished by a
licensed physician in the Philippines;

(iv) Certification by PRA accredited bank of the US$30,000 deposit (US$10,000 or

US$50,000.00 in other cases);
(v) Police Clearance delay authenticated by the Philippines Embassy/Consulate, issued abroad
or National Bureau of Investigation (NBI) Clearance, issued in the Philippines;
(vi) Photographs, 1x1 and 2x2, 12 pcs. each.
(vii) If the spouse is joining the applicant, Marriage Certificate or Marriage Contract, if
applicants' marriage was solemnized in the Philippines or Marriage Certificate duly
authenticated by the Philippines Embassy/Consulate nearest the applicant's residence abroad if
marriage was contracted abroad.
(viii) If dependents/s is/are joining the applicant, Birth Certificate/s of dependent/s born in the
Philippines or Birth Certificate/s duly authenticated by the Philippine Embassy/Consulate
nearest the applicant/s residence abroad; and

WHERE WILL THE US$30,000(US$1,500.00 OR US$50,000.00 FOR OTHERS) OF THE

RETIREE BE DEPOSITED?
A retiree may deposit the money with any of the PRA accredited banks in the Philippines. The
money, which may be brought into the Philippines personally or by other legitimate means, or
inwardly remitted to the Philippines via Telegraphic Transfer or similar arrangement, can be
deposited to any of the following banks and it's authorized branches

IN WHOSE NAME WILL THE MONEY BE DEPOSITED? CAN IT BE A JOINT ACCOUNT

WITH EITHER THE SPOUSE OR CHILD/CHILDREN?
The deposit requirement can be opened in the name of the principal retiree under an "and" or
"and/or" account with the spouse provided that the spouse is also a bonafide member of the
PRA Program.

WHEN CAN THE DEPOSIT BE CONVERTED INTO INVESTMENTS?

The US$50,000 can be converted into investments or used to purchase condominium unit after
30 days holding period from the issuance of Special Resident Retiree's Visa (SRRV) to retiree
participants. (There are three investment areas in which the SRRV holder can invest).

IS THE DEPOSIT WITHDRAWABLE?

WILL IT EARN INTEREST?

Yes, if the resident retiree is withdrawing from the Program. the US$30,000.00 (US$1,500 or
US$50,000.00 as the case may be) including accrued interest can be withdrawn by the resident
retiree within a period of sixty(60) days from date of his notification in writing to the PRA of
his intention to terminate his membership in the Program, provided the retiree has paid all taxes
and duties due on his importations/s, if any, through the Program.

Yes. the deposit earns interest at a competitive rate which is payable in Philippine pesos only
and it is withdrawable without PRA clearance.

WHERE CAN A RETIREE APPLY FOR ENROLLMENT INTO THE PRA RETIREMENT
PROGRAM ?
(i) Philippine Retirement Authority, 2/F Producers Bank Building, Sen. Gil Puyat Avenue,
Makati, Metro Manila.
(ii) PRA Satellite office in Cebu.

Or thru accredited marketers like MIRIANN PRA Services Co. in Cebu.

WHERE WILL THE SPECIAL RESIDENT RETIREE'S VISA (SRRV) BE ISSUED TO THE
RETIREE AND HIS SPOUSE AND DEPENDENT/S?
PRA Office or its satellite offices in Cebu City and Baguio City.

CAN ONE , THEREFORE, APPLY FOR ENROLLMENT IN THE PROGRAM WITHOUT

LEAVING THE PHILIPPINES?
Yes. A retiree already in the Philippines can be issued a Special Resident Retiree's Visa (SRRV)
without need of departing from the country through the Change of Admission Status into
special resident entitled to the SRRV by the Bureau of Immigration and Deportation (BID).
This process takes only a maximum of five (5) working days upon submission of all
requirements.

WHAT ARE THE OBLIGATIONS OF A RESIDENT RETIREE ?

(i) To give the AUTHORITY 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;
(ii) To give the AUTHORITY a written sixty(60) day notice of termination of his participation
in the Program;
(iii) To notify the AUTHORITY in writing and fill up a Retiree's Departure Form at least seven
(7) days prior to his intended departure, if he desires to travel out of the country during his stay
in the Philippines;
(iv) To fill up a Retiree's Departure Form prior to his departure at the port of exit; and
(v) To comply with rules and regulations of the AUTHORITY

CAN A RETIREE IN THE PHILIPPINE RETIREMENT PROGRAM APPLY FOR

CITIZENSHIP IN THE PHILIPPINES ?
Yes. A retiree in the Retirement Program desiring to become a citizen of the Philippines may
apply for citizenship of the Philippines may apply for citizenship in accordance with the
"Revised naturalization law" of the Philippines. The present requirements include that the
applicant for the Philippine citizenship must have resided in the country for a period of not less
than ten(10) years.

This period may be reduced to five (5) years if the applicant has any of the following
qualifications:
a) Has honorably held public office under the Government of the Philippines;
b) Has established a new industry or introduced a useful invention in the Philippines;
c) Being married to a Filipino citizen;
d) Has been engaged as a teacher in the Philippines for period of at least two (2) years;
e) Has been born in the Philippines