June 17, 2020
The Bureau of Internal Revenue (BIR) has taken out the mayor’s permit as one of the requirements in business registration.
Commissioner Cesar Dulay pointed out that the BIR aims to expedite the process of establishing businesses in the Philippines.
It is continuously making reforms to ease the burden of entrepreneurs in submitting required documents.
A Special Resident Retiree’s Visa (SRRV) is a visa issued by the Bureau of Immigration (BI) upon endorsement by the Philippine Retirement Authority (PRA). It entitles the holder to multiple-entry privileges with the right to reside permanently in the Philippines.
For foreign nationals aged 50 years and older who are wishing to apply, are required to make a deposit of at least US$20,000.00; those aged 35 to 49 years old, at least US$50,000.00; and retirees 50 years and older with pension, at least US$10,000.00.
Certain categories – former Filipinos, employees of international organizations like the United Nations, its affiliate agencies, or the Asian Development Bank, and former members of the foreign diplomatic corps who have served in the country – are required to deposit at least US$1,500.00.
A resident retiree may include, as dependents, his spouse and unmarried children under 21 years old, provided that he makes an additional dollar deposit of USD15,000.00 for each dependent – in excess of two. Additional deposits shall be subject to the same terms and conditions as the principal deposit. The additional dollar deposit requirement does not apply to former Filipinos.
Advantages of SRRV :
• Permanent non-immigrant status with multiple-entry privileges through the Special Resident Retiree's Visa;
• Exemption from customs duties and taxes for the importation of personal effects;
• Exemption from Exit Clearance and Re-entry Permits;
• Exemption from payment of travel tax provided the retiree has not stayed in the Philippines for more than one year from date of his last entry into the country;
• Conversion of the requisite deposit into active investments, including purchase of condominium unit;
• Interest on the foreign currency deposit is tax-free and payable to retiree in Philippine Pesos;
• Foreign currency time deposit can be converted into Philippine Pesos deposit, but interest is subject to withholding tax;
• Pension, annuities remitted to the Philippines are tax-free; and
• Guaranteed repatriation of the requisites deposit including invested profits, capital gains and dividends accrued from investments, upon compliance with Bangko Sentral rules and regulations.
1. Filled-out and notarized PRA application form;
2. Authenticated copy of passport showing passport details and current visa;
3. Medical Examination (Form #11) accomplished by a licensed physician abroad, duly authenticated by the Philippine Embassy or PRA Medical Certificate (RRSC Form A#002) accomplished by a licensed physician in the Philippines (applies to all members of the family joining the program);
4. National Bureau of Investigation (NBI) Clearance;
5. Marriage Contract, Birth Certificate, and Family Registry (duly authenticated if issued abroad);
1. Submit PRA application form and other documentary requirements to local PRA or Philippine Embassy;
2. Endorsement by the BI upon receiving the application from PRA;
3. Payment of fees, upon arrival in the Philippines
4. Secure passport stamped with SRRV within 5 working days of arrival; and
5. If processed through Philippine Embassy, Department of Foreign Affairs (DFA) in the Philippines will transmit to the PRA; the latter shall evaluate said documents and return the same to the DFA which in turn authorizes the Philippines Embassy to issue a single entry SRRV to the applicant. The applicant must enter the country within 1 year from date of issuance of visa. Upon arrival in Manila, PRA shall recommend to BI the conversion of single-entry SRRV to indefinite, multiple–entry stay.
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