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Nov 23, 2009
The Benefits of the Retirees in the Philippines
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The Benefits of the Retirees in the Philippines

 

 

Philippines- Asia’s best destination for foreign retirees.

 

Despite of the negative write-ups about the Philippines, being one of the most dangerous place for foreigners, more people from different countries still choose to live and retire in the pearl of the orient.

 

The Republic of the Philippines real assets is its people, second is the nature and its culture.

 

Let me dissect one by one the benefits that retirees would get if he/she chose to live in the Philippines.

 

  1. The Filipinos- Filipinos are known for being friendly and hospitable. As you set your feet to the Philippine soil, an inviting smile and warmth greeting will welcome you as show of respect and gratitude. The Filipino people are known for being friendly. This natural trait will help you feel welcomed and comfortable to the new environment. Filipinos love to chat and share stories, the sharing of personal experiences to make a visitor feel comfortable is one of the culture preserved by Filipinos.
  2. Cost of Living- Expect lower expenses in living here in the Philippines. Compared to other developed Asian countries such as Hong Kong, Singapore, China and Malaysia, the Philippine market is friendlier to its consumer.

 

    • House rents accommodation varies from a small room of USD40-up (Php2,000-up) a month, apartment or condo-unit USD200-up (Php9,000-up), or buy a house which cost only USD23,000 up (Php1,000,000-up)

 

    • Food- Philippines is known for mouth-watering delicacies. You may choose from elite-foods to mass-foods. You may choose to consume foods in a fine dine-in restaurant which offers different variety of mixed Filipino and international foods. Or if you’re on a tighter budget but still want to experience the best foods in the country, they you may choose to visit the downtown area where street foods and food chains lined up and ready to serve 24-hours a day.

 

    • Transportation- Philippine transportation is one of the cheapest in the world. The country’s main land transportation is through riding in jeepneys which only costs less than a dollar (Php7.00). Metro Manila also has other means of transportation through trains such as MRT and LRT which costs Php10.00-14.00 only. Through air, the nation offers 24/7 domestic and international flights which costs from USD-12 up (Php500.00-up). Through water, Philippines have a number of ports and ship that offers 24/7 service which costs almost the same as with air flights.

 

    • Leisure- Aside from the natural wonders, the country is also known for having multiple of shopping malls and resto-bars wherever you at. Basic needs like clothes and shoes are cheap but fashionable. You can also have fun and party at Metropolitan’s favorite night-out bars and clubs with cheaper prices.

 

  1. The Natural Wonders- The country is composed of 7,701 Islands. Each provinces or Islands in the Philippines has something to offer. Many tourists were mesmerized by the enchanting beauty of the Philippines. The country is a home for ancient cultural tribes, virgin forests that serves as a home for world’s greatest animals, plants and trees, marine forest which is home for the best corals and sea creatures and other natural beauty that can only be found in the pearl of the orient.
  2. Culture- The Philippines were colonized by different nations since its first discovery way back the Spanish era. The country was colonized by Spanish, American and Japanese which explains why Filipinos are very adaptive with people with different races. It is also why the country has a rich culture. Retirees may enjoy the colorful parades and festivities that are celebrated in different regions. Traditions plays a big role in shaping a Filipino in the Philippines, every Filipinos has a character and beliefs that they follow and pass on through the next generations.

A retiree may come to the Philippines via Special Resident Retiree’s Visa (SRRV) which gives a retiree a right to live permanently in the Philippines.

 

The SRRV application is through the Philippines’ Bureau of Immigration in connection with the Philippine retirement Authority’s Retirement Program to foreigners and former Filipinos.

Qualifications:

·         35 years old and above

·         Physically Fit

·         Not considered as “Restricted” by the Department of Foreign Affairs

 

Needed Documents:

  1. Accomplished Philippine Retirement Authority (PRA) Application form.
  2. Valid passport
  3. Department of Foreign Affairs (DFA) Medical Examination Form #11 accomplished by a licensed physician from the applicant place of origin, duly authenticated by the Philippine Embassy Consulate or PRA Medical Certificate (RSSC Form #002) accomplished by a licensed physician in the Philippines.
  4. Certification by a PRA shortlisted bank of the requisite deposit amount of US$1,500.00, US$50,000 or US$75,000.00 whichever is applicable.
  5. Police Clearance issued abroad and duly authenticated by the Philippine Embassy/Consulate, or National Bureau of Investigation (NBI) in the Philippines.
  6. Photographs, 1x1 and 2x2, six (6) pieces each.
  7. If the spouse is joining the applicant, original copy of Marriage Contract if the applicant's marriage was solemnized in the Philippines or original copy of Marriage Certificate duly authenticated by the Philippine Embassy/Consulate nearest to the applicant's residence abroad if the marriage was contracted abroad.
  8. If dependent/s is/are joining the applicant, original copy of Birth Certificate/s of dependent/s born in the Philippines or Birth Certificate/s or Household Register duly authenticated by the Philippine Embassy/Consulate nearest the applicant's residence abroad.
  9. Payment of a total of US$2,000.00 (for 35 to 49 years of age) of US$1,500.00 (for 50 years and above) as service and processing fees and US$1,500.00 for former and overseas Filipinos.

Other benefits:

  1. Permanent, non-immigrant status with multiple entry privileges through the SRRV.
  2. Exemption from customs duties and taxes for one time importation of personal effects, appliances, and household furniture worth US$7,000.00 which should not be of commercial quantity and must be availed of within 90 days upon issuance of SRR Visa.
  3. Exemption from exit clearance and re-entry permits.
  4. Exemption from payment of travel tax provided the retiree has not stayed in the Philippines for more than one (1) year from date of his last entry into the country.
  5. Conversion of the requisite dollar deposit into active investments, including purchase of condominium units.
  6. Interest on the foreign currency deposit is withdrawable anytime and payable to retirees in Philippine pesos. 
  7. Foreign currency time deposit can be converted into Philippine peso deposit after the issuance of SRRV with interest subject to 20% withholding tax.
  8. Pensions and annuities remitted to the Philippines are tax-free.
  9. Guaranteed repatriation of the requisite deposit including invested profits, capital gains and dividends accrued from investments upon compliance with rules and regulations of Bangko Sentral.
  10. Exemption from securing the Student's Visa/Special Study Permit. 

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