SPECIAL VISA WITH INDEFINITE STAY AND MULTIPLE ENTRY PRIVILEGES | PHILIPPINE IMMIGRATION

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Are you a foreign citizen who desires to reside in the Philippines. But you are not yet 50 years old or older, so you won’t qualify for the Special Resident Retiree’s Visa or SRRV. You are not married to a Filipino citizen or a former natural born Filipino citizen, so you won’t qualify for 13A or 13G Visa. Does it mean that you cannot become a permanent resident in the Philippines?

Why not take a look at the SIRV – the Special Investor’s Resident Visa? If you are a foreigner looking to start a business in the Philippines, the SIRV is something that you should definitely look into.

The Special Investor’s Resident Visa or SIRV is for foreign nationals who desire to reside and invest in the Philippines. It is a special non-immigrant visa that enables its holder to reside in the Philippines indefinitely and have multiple-entry privileges, provided that the foreign citizen meets the requirements in terms of investments and qualifications.

This special visa is issued by the Bureau of Immigration upon the endorsement from the Board of Investments or BOI.

Just like in SRRV or Special Resident Retiree’s Visa, the holder of the SIRV enjoys the exemption from the Exit Clearance and Re-Entry requirements of the Bureau of Immigration (BI) and from the Alien Certificate of Registration or ACR-I Card.

The holder of SIRV may also import used household goods and personal effects, tax and duty-free, as an alien coming to settle in the Philippines for the first time.

For you to qualify for SIRV, you must be at least 21 years old, with no criminal record, with no contagious disease, without a record of being hospitalized in a health facility for having a mental disorder, and with proof of having at least $75,000 that you can freely access and use.

Under that same investment amount that I will discuss, you will also be able to bring your family to reside in the Philippines if you would desire. Your spouse and your dependent children, who are under the age of 21 and unmarried, can join you.

The main feature of the SIRV is the requirement that you must invest a minimum of $75,000 in a business in the Philippines. But take note that it cannot just be in any business or company. It must be one in an industry that has been pre-approved by the BOI.

It can be an existing, new, or proposed corporation. These corporations must be publicly-listed and either engaged in areas listed in the BOI’s Investment Priorities Plan or the manufacturing and services sectors.

Simply put, you will have to invest by acquiring shares of stocks in any of the domestic companies that belong to any of those industries. Take note, however, you cannot invest in owning stock in companies that do wholesale trading or sell condominiums. Also, investment in real estate or partnerships is not permitted.

So, as part of the requirements, you will need to deposit by way of an inward remittance, at least US$75,000.00 into a Peso Time Deposit for a minimum maturity period of 30 days and a maximum maturity period of 180 days with the accredited depository bank, which could be the Development Bank of the Philippines or the Land Bank of the Philippines.

If everything goes well and your application gets approved, you will be issued with a probationary SIRV that will be valid for 180 days or 6 months.

You will then be given 180 days from the date of the issuance of your probationary visa to convert such deposit into an investment in an eligible domestic enterprise and to report the investment to the Board of Investments.

The probationary SIRV can be converted into an Indefinite SIRV only once you shall have submitted all the required documents to the BOI to prove your actual investments. It means that that there is another set of documentary requirements for that.