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THE PHILIPPINE RETIREMENT AUTHORITY

 

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

2.) 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.

3.) Who may join the Retirement Program of the PRA?
The Retirement Program is open to all foreign nationals, who are fifty (50) years old or over (with exceptions as to age), and former Filipinos, here and abroad, who wish to acquire permanent and special resident status via the Special Resident Retiree's Visa (SRRV), and to overseas Filipinos who have gone abroad as immigrants or under a visa category allowing legal stay and have resided therein continuously for at least seven (7) years.

4.) Can a foreign national who is less than fifty (50) years old join the Retirement Program?
Foreign nationals who are less than 50 years old but not less than 40 years old may still qualify to join the Retirement Program. However, their requisite deposit is increased to US$125,000. The US$75,000 of this amount may be converted into investments or used to purchase condominium unit immediately after the issuance of his Special Resident Retiree's Visa. The US$50,000 may only be converted into investments after six (6) months.

5.) Where can a retiree apply for the Special Resident Retiree's Visa?
(i) Philippine Retirement Authority
2/F Producers Bank Building
Sen. Gil J. Puyat Avenue, Makati
Metro Manila, Philippines

(ii) Any of the Philippine embassies and consulates abroad

6.) What benefits will a resident retiree get from joining the Program?
A resident retiree or holder of the Special Resident Retiree's Visa (SRRV) is accorded the following benefits, viz: (i) permanent, non-immigrant status through a special visa called the "Special Resident Retiree's Visa"; Iii) exemption from customs duties and taxes for the importation of US$7,000 worth of personal effects, appliances and household furniture; (iii) exemption from Emigration Clearance and Re-entry permit requirements; (iv) conversion of the US$50,000 deposit into investment, including purchase of condominium unit/s; (v) interest on US$50,000 deposit is tax-free and payable to retiree in Philippine peso at an interest rate higher than prevailing bank rates; (vi) guaranteed repatriation of US$50,000 deposit, including invested profits, capital gains and dividends accrued from investments, provided the retiree registers the investment with the Central Bank (CB) and in accordance with CB's rules and regulations; and (vii) free assistance from the Resident Retiree Servicing Center (RRSC).

7.) Can a retiree in the Philippine Retirement Program apply for citizenship in the
Philippines?
Yes. A retiree in the Retirement Program may apply for citizenship in the Philippines. The present requirements include that the applicant for 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:
i.) Has honorably held public office under the Government of the Philippines;
ii.) Has established a new industry or introduced a useful invention in the Philippines;
iii.) Being married to a Filipino woman;
iv.) Has been engaged as a teacher in the Philippines for a period of at least two (2) years;
v.) Has been born in the Philippines.

8.) What are required from a retiree before he can join the Program?
A prospective retiree-participant shall submit to the PRA the following:
i.) Philippine Retirement Program Application;
ii.) Birth Certificate or Xerox of Passport Page showing Date of Birth;
iii.) Department of Foreign Affairs Medical Examination Form accomplished by a licensed physician abroad including AIDS test duly authenticated by the Philippine Embassy or Consulate or PRA Medical Certificate;
iv.) Certification by PRA accredited bank of the US$50,000 deposit;
v.) National Bureau of Investigation (NBI) Clearance or Police Clearance duly authenticated
by the Philippine Embassy/Consulate, if issued abroad;
vi.) Photographs, (12 pieces 2 x 2 and 6 pieces 1 x 1);
vii.)If the spouse is joining the applicant, Marriage Certificate or Marriage Contract if Applicant's marriage was solemnized in the Philippines, or Marriage Certificate duly authenticated by the Philippine Embassy/Consulate nearest the applicant's residence abroad if marriage was contracted abroad;
viii.) Passport, including photocopy showing passport details and current visa;
ix.) If dependent(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;
x.)Payment of US$1,000 application/processing fee.

9.) Aside from the US$1,000 application/processing fee, what other fees will a retiree pay?
The amount of approximately one-thousand-four-hundred Philippine pesos (P1,400) charged by the Commission on Immigration and Deportation (CID) for the Change of Admission Status of the applicant into a special resident retiree is included in the US$1,000 application/processing fee, but the additional fee of approximately P1,400 for the spouse and for each dependent shall be for the account of the applicant.

Furthermore, for services rendered by the Authority, the retiree-investor is charged, by way of visitorial fee, an amount equivalent to one-half percent (1/2%) per annum, of the deposit converted into investment(s).

10.) Can a retiree bring his family members with him into the country?
Yes. A qualified retiree can bring with him, without additional deposit, his spouse and a child or two (2) children, provided they are unmarried and under 21 years old at the time of their entry into the country. Additional children with the same qualifications may also be allowed entry into the country under a permanent non-immigrant status, provided there is an additional deposit of US$15,000 per child.

11.) Can one apply for participation 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 Commission on Immigration and Deportation (CID).

12.) Do former Filipinos or overseas or immigrant Filipinos have special privileges?
Former Filipinos or overseas or immigrant Filipinos have the option of depositing US$30,000 which entitles them to all the incentives and benefits. The 50-year age requirement does not apply to them.

13.) Where will the US$50,000 of the resident retiree be deposited? In whose name will it be deposited?
A resident retiree may deposit the money in his own name with any of the branches of our
accredited banks in the Philippines. These are the following:
1.Philippine National Bank
2.Bank of America
3.Hongkong and Shanghai Bank
4.Boston Bank of the Philippines
5.Interbank
6.Philippine Commercial International Bank
7.Equitable Banking Corporation
8.Philippine Bank of Communications
9.Standard Chartered Bank
10.Far East Bank and Trust Company
11.Allied Bank
12.Rizal Commercial Banking Corporation
13.Bank of the Philippine Islands
14.United Coconut Planters Bank
15.Solid Bank Corporation
16.Prudential Bank
17.China Banking Corporation
18.Union Bank of the Philippines
19.Metropolitan Bank and Trust Company
20.Philbanking Corporation
21.Citibank
22.Land Bank of the Philippines

14.) Is the deposit withdrawable? Will it earn interest?
Yes. The US$50,000 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 importation(s), if any, through the PROGRAM.

Yes. The deposit earns interest at a rate higher than prevailing bank rates and it is withdrawable without PRA clearance.

15.) When can the US$50,000 or US$30,000, as the case may be, be converted into investments?
The US$50,000 or US$30,000, as the case may be, can be converted into investments six (6) months from the date of deposit as a retiree account.

16.) What are the obligations of a resident retiree?
1.To give the AUTHORITY a written notice of any change of information supplied in the application form (e.g. status, name or address) within 60 days from such change;
2.To give the AUTHORITY a written sixty (60) day notice of termination of his participation
in the PROGRAM;
3.To notify the AUTHORITY in writing 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;
4.To fill up a Retiree's Departure Form prior to his departure at the port of exit; and
5.To comply with the rules and regulations of the AUTHORITY.

17.) How can the private sector participate in the Program?
PRA limits its role to that of providing the legal system and framework and the promotional
efforts for the Program, leaving to the private sector the initiative to service the retirement market.

Private sector participation in the Program can be any of the following or combination thereof:
1.Marketer - Any person, natural or juridical, duly registered with the AUTHORITY who renders services to the retiree to facilitate his enrolment in the Program.
2.Packager - Any person, natural or juridical, duly registered with the AUTHORITY who creates a packaged lifestyle from the service and facilities of an Offeror or a combination
of Offerors.
3.Offeror - Any person, natural or juridical, duly registered with the AUTHORITY, responsible for the delivery of a service to, or use of a facility by, the retiree.



Source:
Philippine Retirement Authority
2nd Floor, Producers Bank Building
Sen. Gil J. Puyat Avenue, Makati
Metro Manila, Philippines

Tel. nos. 817-92-56; 817-42-03
817-42-13; 817-76-07
817-40-41; 817-76-07
Telex no. 63199 ETPIMO PN
Cable PHILRETA
Fax no. 632-817-4041



 

 

 



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