Do you see yourself spending retirement in sun-drenched isles? With the recent trend of people living longer these days, retirees have also become adventurous as you would most likely be active during the major part of your retirement years. And if you hate the cold winter climate, the thought of retiring into a warm tropical climate with sunny beaches all-year round, such as those in the Philippines, is a welcome prospect.
The Philippine government has recognized this trend and made it a real option for foreign nationals to spend their retirement in the country by offering a special resident retirees visa (SRRV). There are minimum qualifications that you must meet to get a retirees visa, however. The two most important requirements are your age and your affordability to pay for the visa deposit.
Age Requirement
You don’t have to be an elderly to qualify for a retirees visa. If you dream of
retiring early in life, then you would most likely qualify for the SRRV as the
minimum age requirement is only 35 years old. This special Philippine visa does
not only allow you to live in the country, but it also allows you to work and
study in any of its universities.
Visa Deposit Requirement
Visa deposit refers to the amount required for you to deposit to a Philippine
bank. Depending on the product that you’d like to, or can only, avail, there
are four different visa deposit requirements.
The first option is the SRRV Smile, which requires a foreign national aged 35 years old to make a USD 20,000 to a designated bank. You cannot convert your USD 20,000 deposit to any form of investments, however. And you’re only allowed to withdraw the amount if you decide to cancel your retiree visa.
The second option is the SRRV Classic, which requires a foreign individual between 35 and 49 years old to make a minimum bank deposit of USD 50,000. If you’re at least 50 years old and currently receiving a minimum monthly pension of USD 800, then you are only required to make a USD 10,000 bank deposit. If you don’t have any pension or your pension is below USD 800, you must deposit USD 20,000 in a designated bank. This deposit is convertible to an investment after the lapse of 30 days.
The third option is the SRRV Human Touch, which is applicable only to individuals with pre-existing medical conditions and who still need medical attention. You are only required to deposit USD 10,000, provided that you are receiving a USD 1,500 monthly pension. Like the SRRV Smile, you cannot convert the deposit into any investment.
The last option is the SRRV Courtesy, which is applicable to former Filipino citizens and ambassadors or diplomats who were assigned to the Philippines. The visa deposit requirement for those qualified to this option is only USD 1,500. Under this option, you are allowed to convert your deposit into any form of investments.
While other Southeast Asian countries also offer attractive incentive programs for retirees, the Philippines presents a number of advantages. In addition to cheaper cost of living over its neighbors, the Philippines has English as its official language and the country is famous for the hospitality of its people. And you would not run out of things to do while in the Philippines. With some of the best travel and tourism destinations in the world, you’ll realize that it’s indeed more fun in the Philippines.
Jessica Ann Martin writes about tips on how to retire in the Philippines. You can visit and participate in the forum threads at [http://www.boracaystories.com] if you have any questions or concerns about retiring in Boracay Island and the rest of the Philippines.
Article Source: https://EzineArticles.com/expert/Jessica_Ann_Martin/324885
