Ret. Gen. Edgar B. Aglipay, chairman of The Philippine Retirement Authority (PRA), said that they are working hard to position the Philippines as a haven for foreign retirees who will be drawn to the country by its lower cost of living (and tropical climate, I might add).
Steps for applying for a Philippine Retirement Visa can be found here. This is different from the recently signedExecutive Order No. 758 or the Special Visa for Employment Generation (SVEG), which allows a foreigner to stay indefinitely in the country if they employ 10 or more people in a business that they have set up in the Philippines.
The chairman was in Davao recently to open the PRA’s fifth satellite office that will cater to the whole of Mindanao. The four other offices are located in Baguio, Clark, Subic and Cebu.
The Philippines already has about 20,000 foreign retirees enrolled at PRA and the agency wants to entice more since for every foreign retiree coming to the country at least four jobs are created.
Davao City has about 210 retirees while the entire island of Mindanao plays host to about 2,000 to 3,000 foreign retirees.
Foreign retiree’s can be given a special resident visa with a fee of US$1,400 for the principal applicant and US$300 for each dependent. There are required a deposit of $50T for applicants ages 35 to 49 years old and $20T for 50 years old up and deposited in any accredited bank of PRA. The retiree, after one month, may withdraw the required deposit provided that said money be invested for property acquisition (foreigners aren’t allowed to own land or houses but can purchase a condominium).
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