Cullster
See below
There are four types of SRRV visas.
The most basic is the “SRRV Smile,†which allows you to remain in the Philippines as long as you wish provided you deposit US$20,000 in a Philippine bank and keep it there for the duration of your stay. This visa is available to anyone who is 35 or older. The deposit is fixed and may not be converted into an investment for a long-term lease or condominium purchase.
With the “SRRV Classic,†you can use your funds to purchase a condo or a long-term property lease. Applicants age 35 to 49 must deposit US$50,000 in a Philippine bank or buy a ready-to-occupy condo costing US$50,000 or more. Applicants age 50 or above need to invest only US$10,000 if they have an individual pension of at least US$800 per month. (A couple would need a combined pension income of at least US$1,000 per month.) Applicants who are at least 50 years old who can not meet the pension requirements can still qualify for the “SRRV Classic†visa by maintaining a deposit of at least US$20,000 in a local bank.
The “SRRV Human Touch†offers the benefits of permanent Philippine residency to any retiree with a pre-existing, non-contagious medical condition who is in need of ongoing medical care or services. The minimum investment amount is just US$10,000 for any applicant age 35 or older, and the conditions are the same as for those in the “SRRV Smile†program. “SRRV Human Touch†applicants must be able to show a pension of at least US$1,500 per month and give proof of health insurance. This makes residency in the Philippines a great option for people with disabilities or chronic medical conditions.
The “SRRV Courtesy†visa is for individuals aged 50 or older who are either former citizens of the Philippines or ambassadors or diplomats who have served in the Philippines. The terms and conditions for the courtesy visa are the same as for the “SRRV Classic†program.
Retirees who have any of the four SRRV visas are allowed to remain in the Philippines for as long as they want without needing to re-qualify or leave the country for any reason. If you do want to leave the country, though, you can come and go as you wish.
Retirees in the Philippines are permitted to hold employment, own a business, attend school, buy a condominium or house , receive mortgage financing, and enjoy most of the same benefits offered to any citizen of the country.
The duty-free importation of household belongings valued up to US$7,000 is another benefit of retiring to this country. The SRRV visa never expires: once you have it, it’s a simple matter of reporting to immigration once a year and paying US$10 to get your ID card renewed.
Your overseas pension or social security is exempt from Philippine taxes, and any interest earned on bank deposits may be withdrawn at any time. If you ever decide to relinquish your Philippine residency status, your entire qualifying deposit is returned to you