Q. HOW CAN ONE APPLY IN THE PROGRAM?

A.  If you are based in the Philippines, secure an application form from the following:
PHILIPPINE RETIREMENT AUTHORITY

29/F Citibank Tower
8741 Paseo de Roxas
Makati City, PHILIPPINES
Tel.Nos.: +63.2.848.1412
Fax No. : +63.2.848.1411
or from duly accredited Marketers of the PRA
If you are based abroad, secure an application form from the Philippine Embassy/Consulate or from PRA General Sales Agents.


Q. WHERE CAN THE RETIREE APPLICANT PAY THE    APPLICATION FEE?

A.  At the PRA office in Cash or remit directly to:

LAND BANK OF THE PHILIPPINES
For the account of: (Name of the Retiree/Applicant)
PHILIPPINE RETIREMENT AUTHORITY
FCDU Account No. 2204-0086-82
Buendia Branch
#319 Sen. Gil J. Puyat Avenue, Makati City, Philippines


Q. WHAT ARE MY PRIVILEGES AS AN SRRVisa HOLDER?

A.  A resident retiree or holder of the SRRV is accorded the following privileges/benefits
·  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, appliances and household furniture worth US$7,000.00;
·  Exemption from Bureau of Immigration (BI) exit clearance and re-entry permit;
·  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 investment, including purchase of a condominium unit;
·  Foreign currency time deposit can be converted into Philippine Peso deposit, but interest is subject to withholding tax;
·  Pension, annuities remitted to the Philippines are tax-free and;
·  Guaranteed repatriation of the requisite deposit including invested profits, capital gains and dividends accrued from investments, upon compliance with Bangko Sentral rules and regulations.


Q. WHAT ARE MY OBLIGATIONS AS AN SRRVisa HOLDER?

A.  An SRRVisa holder has the following obligations as a member of the PRA Retirement Program:
·   To give a written notice of any change of information supplied in the Application Form (e.g. status, name or address) within thirty (30) days from such change;
·     To give a written thirty (30) day notice of termination of his participation in the Program;
·    To pay by way of Visitorial/Monitoring fee, the amount equivalent to one (1%) percent of the total amount in Philippine Peso equivalent of the foreign currency deposit converted into investment or 1.5% (applicable only to retiree members using the pre-existing investment scheme - for the first year only) to be paid annually on the date of withdrawal/conversion of deposit into investment.
·   To secure an Alien Employment Permit (AEP) from the Department of Labor & Employment;
·     To comply with the rules and regulations of the Authority.


Q.  CAN I DIVIDE/SPREAD MY DOLLAR DEPOSIT REQUIREMENT TO ANY OF PRA’S ACCREDITED BANK?

A. Yes, for a minimum deposit of US$10,000.00.


Q.  AM I REQUIRED TO CONVERT MY DOLLAR DEPOSIT INTO AN ACTIVE INVESTMENT? OR CAN I JUST LEAVE IT INDEFINITELY AS AN INTEREST BEARING ACCOUNT?

A.  The retiree has the option to convert the required foreign currency deposit after six (6) months from date of deposit to any of the currently approved investment outlets or leave it indefinitely in an interest bearing account either in US dollar or peso time deposit with any of the accredited banks.


Q. WHAT IS VISITORIAL/MONITORING FEE?

A.  It is a fee for services rendered by the Authority to the resident retiree from the time he withdraws his requisite deposit into investment. The annual Visitorial/Monitoring fee is equivalent to one (1%) percent of the total amount invested. This is payable by the retiree-investor upon receipt by the Authority of the certified true copy or Photocopy of the original of the contracts, documents or instruments evidencing the investment.

Q.  IS IT POSSIBLE FOR AN SRRVisa HOLDER TO SET UP A BUSINESS OR WORK IN THE PHILIPPINES?

A.  Yes, he can set up his business provided it is not limited/prohibited by the Constitution, existing laws or by the Philippine Foreign Investment Act of 1991 (R.A. 7042). Working in the Philippines is allowed provided one has the necessary Alien Employment Permit (AEP) from the Department of Labor and Employment.


Q.  CAN FOREIGN NATIONALS WHO ARE MEMBERS OF THE PRA PROGRAM ACQUIRE LAND?

A.  No. The Constitution of the Republic of the Philippines prohibits foreigners to acquire land. However, under the existing investment policy of the Philippines and subject to foreign equity restrictions, foreigners are allowed to invest in corporations registered with the Securities and Exchange Commission. The corporation may then purchase/acquire land. He can also acquire land through hereditary succession.


Q.  ARE NON-RESIDENT ALIENS ENGAGED IN TRADE OR BUSINESS SUBJECT TO TAX?

A.  Non-resident aliens engaged in trade or business in the Philippines are subject to Philippine income tax in the same manner as resident citizen and aliens taxable income received from all sources within the Philippines.


Q. AS AN SRRVisa HOLDER, CAN I ALSO APPLY FOR PHILIPPINE CITIZENSHIP?

A.  Yes. In accordance with the Naturalization Law of the Philippines. One of the basic requirements for naturalization is the continuous residency in the Philippines for a period of ten (10) years.
The period may be reduced to five (5) years if the applicant has any of the following qualifications:
·   Has honorably held office under the Government of the Philippines or under that of any of the provinces, cities, municipalities or political subdivision thereof;
·   Has established a new industry or introduced a useful invention in the Philippines;
·   Has been married to a Filipino citizen;
·   Has been engaged as a teacher in the Philippines for a period of at least two (2) years;
·   Has been born in the Philippines.
Note: For Former Filipino citizens, the Citizenship Retention and Reacquisition Act of 2003 apply.


Q. HOW CAN ONE WITHDRAW FROM THE PROGRAM?

A.  If the resident retiree wishes to terminate his membership in the Program, he has to accomplish the Exit Interview Form, surrender his original/valid passport with the stamped SRR Visa for the cancellation of the visa and his PRA Identification (ID) Card. He also has to pay all taxes and duties due if he availed of the tax-free importation privilege, if he was a member of the program for less than three (3) years, and other financial obligations, if any.