Philippines Retirement Visa: Eligibility, Deposits, and Documents

The Philippines retirement visa, officially the Special Resident Retiree’s Visa (SRRV), is open to foreign nationals and former Filipino citizens aged 40 and above who place a qualifying time deposit in an accredited Philippine bank and pass health and background checks. The deposit runs from $1,500 for former Filipinos on the Courtesy track to $50,000 for younger foreign retirees without a pension. Once approved, the visa allows indefinite stay with unlimited entries and exits.¹

Who Qualifies

Two groups can apply: foreign nationals of any country, and former Filipino citizens who have naturalized elsewhere. Both must be at least 40 years old when they apply.¹ Older program materials and some consulate pages still list 50 as the minimum, but the Philippine Retirement Authority’s current site sets 40 across all categories.

Beyond age, you must have no criminal convictions involving moral turpitude, no dangerous or contagious disease, and no history of institutionalization for mental illness. These standards come from the Implementing Rules and Regulations of Executive Order No. 1037, the 1985 decree that created the PRA.²

Your nationality also matters at the border. Philippine immigration classifies countries as “restricted” or “non-restricted.” Restricted nationals need a pre-arranged visa before arriving; non-restricted nationals from countries with visa-free agreements can enter and begin the SRRV process more easily.

Dependents You Can Include

The visa covers a legally married spouse and unmarried children under 21, including legally adopted children.¹ The annual fee for Classic holders covers the retiree plus up to two dependents, with an added fee for each dependent beyond that.

Deposit Requirements by Category

The time deposit is the core financial requirement. It sits in a dollar-denominated account at a PRA-accredited Philippine bank and functions as a residency guarantee. How much you place depends on your category, your age, and whether you draw a pension.

SRRV Classic

This is the main track for foreign nationals. The tiers are:¹

Age 50 and above, with pension: $15,000 deposit. You must document a lifetime pension of at least $800 a month if single, or $1,000 a month with dependents.
Age 50 and above, without pension: $30,000 deposit.
Age 40 to 49, with pension: $25,000 deposit, with the same pension proof.
Age 40 to 49, without pension: $50,000 deposit.

The Classic category’s advantage is that once your visa is approved, you can convert the deposit into qualifying investments under the SRRV program, such as a condominium purchase.¹ Retirees who want to buy property usually choose this track for that reason.

SRRV Courtesy

Former Filipino citizens who have naturalized abroad and have not reacquired Philippine citizenship fall under Courtesy, with much lower deposits:¹

Age 50 and above: $1,500 deposit.
Age 40 to 49: $3,000 deposit.

Courtesy also carries a far lower annual fee of $10 per member, against $360 for Classic.³

What About SRRV Smile

Some consulate pages still describe an SRRV Smile category with a flat $20,000 non-convertible deposit.⁴ The PRA’s own SRRV page no longer lists Smile as an option for new applicants, though existing holders still appear in the annual fee schedule. If you’re starting fresh, confirm directly with the PRA whether Smile is accepting new enrollees.

Where the Deposit Goes

The money has to sit in a PRA-accredited bank. The current list includes BDO Unibank, Philippine National Bank, Security Bank, UnionBank, Development Bank of the Philippines, Bank of Commerce, KEB Hana Bank, and Shinhan Bank.⁵

Documents You Need

Gather everything before you arrive in Manila. The package mixes Philippine forms with documents from your home country:

PRA application form, available on the PRA website or at its offices, covering your personal history, contacts, and medical background.
Valid passport, current at the time of application.
Original medical clearance from a licensed physician, including chest X-ray and blood work.
Police or background clearance from your home country’s national police. U.S. applicants submit an FBI Identity History Summary. If you’re already in the Philippines, a Philippine National Bureau of Investigation clearance substitutes.
Proof of pension, if you’re applying under a pension-based deposit tier: documentation showing a lifetime pension of at least $800 a month (single) or $1,000 a month (with dependents).

Apostille, Not Embassy Legalization

The Philippines is a party to the Hague Apostille Convention, so foreign-issued documents generally need an apostille from the issuing country’s designated authority rather than embassy legalization. For U.S. applicants, that means getting the FBI background check apostilled by the U.S. Department of State. Clearances are usually expected to be recent, within three to six months of submission. Handling the apostille before you travel is far simpler than arranging it from abroad after you’ve landed.

How and Where to Apply

Applications are filed in person. The main processing center is the PRA Head Office at BDO Towers Valero (formerly Citibank Tower) on Paseo de Roxas in Makati City.⁶ Satellite offices in Baguio, Cebu City, and Davao City also take applications, though they forward paperwork to Manila for final review, which stretches the timeline. Bring originals and photocopies.

After approval, the Bureau of Immigration places an endorsement stamp in your passport, activating your residency status. You also receive an Order of Approval, your formal legal notice of the new status.

Fees and Timeline

One-time processing fee: $1,500 for the principal applicant and $300 per dependent. Some older consulate pages still cite $1,400; the PRA’s own documents list $1,500.⁷
Annual fee for Classic (and existing Smile) holders: $360 covering the principal plus up to two dependents, with $100 for each dependent beyond two.³
Annual fee for Courtesy holders: $10 per member.³

Payment is typically by manager’s check or direct bank transfer to PRA accounts. Applications filed in Makati generally finish in about 20 working days. Satellite offices run 30 to 45 working days because files travel to Manila for final approval.

Keeping the Visa Active

Approval isn’t the end of the paperwork. Three obligations keep your status current.

The annual membership fee is due every year. Your PRA ID card, the main proof of residency, must be renewed annually; the current one-year validity was set by PRA Circular No. 004, issued in October 2024.³ And your time deposit must stay in the accredited bank for as long as you hold the visa, unless you’ve converted it into an approved investment under Classic. Withdrawing the deposit or letting the balance fall below the required threshold triggers cancellation.

If you decide to leave the program, the PRA runs a formal discontinuance process: you file a cancellation request, the PRA verifies your membership, coordinates with the bank to release the deposit certificate, and prepares the refund endorsement.⁸ Your visa status ends on cancellation, and the overall timeline often depends on how quickly the bank releases the funds.

Working on an SRRV

The visa gives you residency, not the right to work. To take a job you first need an Alien Employment Permit from the Department of Labor and Employment. While that permit is pending, you can apply for a temporary Special Work Permit from the Bureau of Immigration, valid for three months at a time and renewable up to one year.⁹ The requirement reaches any executive, advisory, supervisory, or technical role. Working without the required permit can lead to arrest and deportation, though the Bureau of Immigration’s Board of Commissioners sometimes imposes a PHP 50,000 fine instead.

Tax Treatment

Under Philippine tax law, SRRV holders are classified as resident aliens and taxed only on income sourced within the Philippines. Foreign pensions, overseas dividends, interest from foreign bank accounts, and gains from selling property abroad are not subject to Philippine income tax. The treatment follows the source of the income, not the account it lands in: a U.S. Social Security payment or a U.K. pension deposited into a Manila bank remains non-taxable in the Philippines.

Other Privileges

SRRV holders travel in and out of the Philippines without separate re-entry permits, and they can enroll in PhilHealth, the national health insurance system.⁴ PhilHealth covers part of the cost at accredited hospitals, though many retirees pair it with private insurance because benefit caps won’t cover full private-hospital bills.

1
Philippine Retirement Authority. PRA – SRRVisa
2
Philippine Retirement Authority. Implementing Rules and Regulations of Executive Order No. 1037
3
Philippine Retirement Authority. PRA – ID Services
4
Philippine Consulate General in New York. Special Resident Retiree’s Visa (SRRV)
5
Philippine Retirement Authority. PRA – Accredited Banks
6
Philippine Retirement Authority. Philippine Retirement Authority – Contact Us
7
Philippine Retirement Authority. Expanded SRRV Program
8
Philippine Retirement Authority. Discontinuance of SRRV Application / Refund Fees
9
Supreme Court E-Library. BI Memorandum Order No. ADD-02-058 – Work Permits