Can I apply for the SRRV if I don’t have a pension?
Yes. Applicants without a regular pension can still apply for the SRRV through the time deposit option, where they place the required amount (usually USD 30,000 or USD 50,000, depending on the applicant’s age and category) into a PRA-accredited bank. This deposit satisfies the financial requirement and may later be used for investment or real estate under the SRRV Classic program.
What are the advantages of applying through an accredited agency like 998VISA?
Accredited service providers such as 998VISA simplify the entire SRRV process by handling document preparation, bank coordination, PRA submissions, and follow-ups. With nearly 20 years of experience, 998VISA ensures compliance with PRA rules, protects client privacy, and provides faster processing with less hassle.
Do SRRV holders need to renew their ID cards every year?
Yes, SRRV ID cards are renewed annually as part of the PRA membership renewal process. This renewal helps update your information and ensures that your residency status remains active. The process is straightforward and can be handled through the PRA or accredited partners.
Is there a medical exam requirement for the SRRV application?
Yes, all applicants must undergo a medical examination conducted by a licensed physician. The exam ensures that the applicant is physically fit to reside in the Philippines and does not pose a public health risk. The results must be included in the SRRV application.
Can SRRV holders open local investment accounts in the Philippines?
Yes. With the SRRV ID serving as proof of residency, retirees can easily open investment accounts in local or international banks within the Philippines. They can invest in time deposits, mutual funds, or other legal investment options allowed for foreign residents.
Does the SRRV program offer visa privileges for dependents after the principal applicant’s death?
In the event of the principal retiree’s death, qualified dependents may apply to convert the visa to their own SRRV or continue staying in the Philippines under a new status, subject to PRA approval. The financial deposit can also be transferred to the rightful heirs.
Can I switch from an SRRV visa to another visa type in the future?
Yes. SRRV holders who wish to switch to another visa category (such as a business or investor visa) may do so through the Bureau of Immigration, with coordination from the PRA. The SRRV must be officially canceled before the new visa takes effect.
Is it possible to hold both SRRV and dual citizenship?
Yes, former Filipino citizens who reacquire Philippine citizenship under Republic Act 9225 can still retain their SRRV if they wish. This allows them to enjoy both the privileges of a Filipino citizen and the benefits of the SRRV program.
How does the SRRV differ from other retirement visas in Southeast Asia?
The SRRV is one of the most flexible and permanent retirement visas in Asia. It grants lifetime residency, allows multiple entries, and has no minimum annual stay requirement. Unlike other countries that impose strict renewals or high fees, the SRRV remains valid indefinitely as long as the member maintains good standing with PRA.
Can SRRV holders buy health insurance locally in the Philippines?
Yes. Many local and international insurance companies offer health plans to SRRV holders. Options include PhilHealth, Pacific Cross, and AXA Philippines, which provide hospitalization and medical coverage tailored for foreign retirees residing long-term in the country.
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