Retired foreigners can pay P1.5M for unlimited legal stay in PH

[Lee]

My neighbor has stayed in the PI for over 15 years on a PRA. He does do an annual check in but nothing else. His wife died over 2 years ago and he's still waiting for his PRA to be updated.

Quote

 

Senator Loren Legarda expressed dismay Tuesday over the regulation of the Philippine Retirement Authority (PRA) allowing retired foreigners to stay legally in the Philippines for as long as they want in exchange for a US$20,000 fee, saying it's no wonder that many criminal syndicates are able to exploit this to find safe haven in the country.

Legarda made the statement during the Senate finance subcommittee hearing on the Department of Tourism and its attached agencies' proposed P3.394-billion budget for the next fiscal year on Tuesday.

The PRA is an attached agency of the DOT.

According to PRA General Manager and CEO Roberto Zozobrado, the agency is offering foreigners who plan to retire in the Philippines non-immigrant visas for a fee of US$20,000, which can be deposited to any of its accredited banks.

If the foreigners are receiving pension ranging from US$800 to US$1,200, Zozobrado said they are required to deposit US$10,000.

For former Filipino citizens or officers of multinational organizations that are accepted by the Department of Foreign Affairs, Zozobrado said they are required to pay US$1,500.

"That's all that they need. It's a non-immigrant visa that they get and they can stay for as long as they want unless they want to change their status and go back to their countries. The benefit they get is they can enter and exit out of the country," Zozobrado said.

This prompted Legarda, who chairs the Senate subcommittee, to say: "That's why there's so many syndicates here."

Legarda asked again the PRA chief to confirm his statement, "For 1.5 million pesos, they can legally stay in the Philippines?"

Zozobrado responded, "yes."

"No wonder. I think this should be reviewed," Legarda said, adding that the fee was so "cheap" and that this should be updated.

Zozobrado said his office would work on increasing the fees.

According to the PRA chief, about 58,000 foreigners retired in the Philippines from 1997 up to the present.

Most of this number are from China, followed by South Korea, Zozobrado said.

Legarda stressed the need to balance attracting foreign retirees and security issues "brought about by foreign nationals who do criminal activities in our country," considering the Philippines' porous borders.

Tourism Secretary Christina Frasco said the DOT fully supports President Ferdinand "Bongbong" Marcos Jr.'s position with regard to the nation's security, although the department also recognizes the "trend" that other countries have adopted, especially the Philippines' competitors in the ASEAN pertaining to the liberalization of the issuance of long stay visas.

She mentioned "security blankets" that are instituted to ensure that this type of visa won't be utilized by syndicates.

However, Legarda still raised the need to vet and check the background of the foreign nationals who want to retire in the Philippines.

Zozobrado said the PRA has access to the database of the International Criminal Police Organization (Interpol), and that the former also requires foreign nationals to secure police clearance from their country of origin.

Legarda then asked PRA to submit the data of the 58,000 foreigners who retired in the Philippines, including the information of their countries of origin, as well as the information on the agency's vetting process. — VDV, GMA Integrated News

 

Retired foreigners can pay P1.5M for unlimited legal stay in PH (msn.com)

 

 

[scott h]

22 minutes ago, Lee said:

That's why there's so many syndicates here

This has been humanities problem since man moved out of caves into thatched huts. No matter how well intentioned or well crafted a policy is there will be elements in society that will fold, bend, spindle and mutilate it to take advantage of it, usually for nefarious purposes. While the good intentioned folks suffer the consequences. 

[BrettGC]

It's either starting down the xenophobia road, randomly pointing fingers looking for someone to blame other than their own ineptitude, or a combination of both. Raising the deposit amount would not stop the criminal element unless it's a massive amount thus ruling out the people they're trying to attract. Add to that PI is the nation being left behind compared to its neighbours in terms of infrastructure, which is something many potential retirees that don't have the option of a 13a do take into account.

If you take the ex-military etc out of the equation, SRRV is cheaper than some and more expensive than others compared to other retirement visas offered in the region and in other areas of the world.

TL;DR:  There's a lot of competition for the retirement dollar in SE Asia. 

Malaysia (MM2H retirement visa) recently dramatically changed income/deposit amounts after raising it in 2021 and seeing a decline in applications of 90%.  Add to that you can buy land for residence purposes and further property as an investment, not just a condo, and you can work or open a business. It's valid for 10 years with a streamlined renewal process.  Malaysia is still a considered developing country in terms of income/capita but infrastructure is what we'd expect in the West in the vast majority of areas and cost of living significantly lower than that of the West. Deposit/Income amounts are age dependant but you can apply for the visa as young as 25. 

Indonesia is cheaper with no deposit amount, you can own purchase any property for residence purposes but can't work or own a business.  The upside is that it is a path to permanent residency and citizenship if desired.  The oddity is you have to have a maid/helper or driver in your employ for the duration and provide your CV.  The income requirement is $1500USD/month but only lasts 5 years; not sure if you re-apply after that or apply for permanent residence.  I suspect the both are an option.  60+ years old. Depending on the area infrastructure is wildly variable as is cost of living.   

Thailand is basically the same as it always has been with the income requirement being 65,000THB/month (2,900K AUD, roughly15,00GBP or 1,950USD) for 1 year and no deposit if you meet that income threshold.  Easily renewable.  Basically the same property ownership laws for foreigners as PI.  I haven't been to Thailand since 2006 so can't speak to infrastructure/cost of living but there's plenty of videos breaking it down.  There's also some concern with foreign income and tax coming into play in the near future but it's fuzzy as to how it will affect expats. 50+

Cambodia also offers a retirement visa but the financial requirement is vague and along the lines of "Sufficient to sustain yourself". Valid for one year and renewable infinitely. Corruption is rife and rates in the second  highest category in Transparency International's latest report.  Cost $300USD. 55+

Vietnam and Laos don't offer retirement visas but I know guys in both countries that have been doing "visa runs" for years.  How much longer they're able to do that?  Good question.  

Myanmmar:  No chance would I ever consider it.  I did visit there before the coup and it is a beautiful country but even then very unstable.  

As always, do your own research.  I found the basics in about 30 mins so may be incorrect on some points and things are changing rapidly in the region eg:  Malaysia has changed it's requirements twice in 3 years. 

 

 

 

Edited Wednesday at 01:27 AM by BrettGC

[OnMyWay]

40 minutes ago, BrettGC said:

Malaysia (MM2H retirement visa) recently dramatically changed income/deposit amounts after raising it in 2021 and seeing a decline in applications of 90%.  Add to that you can buy land for residence purposes and further property as an investment, not just a condo and you can work or open a business. It's valid for 10 years with a streamlined renewal process.  Malaysia is still a considered developing country in terms of income/capita but infrastructure is what we'd expect in the West in the vast majority of areas and cost of living significantly lower than that of the West. Deposit/Income amounts are age dependant but you can apply for the visa as young as 25. 

We are putting some thought into Malaysia.  We enjoyed out trip there last year.  Our neighbor is Malaysian married to a Filipina, with two daughters.  They are planning to move there in 2026, and one of the big reasons is better education for the daughters.  I need to find out more about the education system.

[Gator]

In an effort to combat the so called “syndicates” and Chinese who were abusing the system, didn’t they just raise the minimum age for an SRRV to 50 years old? The article failed to mention that. 

[BrettGC]

On 10/16/2024 at 8:33 AM, OnMyWay said:

We are putting some thought into Malaysia.  We enjoyed out trip there last year.  Our neighbor is Malaysian married to a Filipina, with two daughters.  They are planning to move there in 2026, and one of the big reasons is better education for the daughters.  I need to find out more about the education system.

It's on our radar as well once for various reasons once Momma passes.  Perhaps a subject in another area of the forum is appropriate.  

Edited yesterday at 02:41 AM by BrettGC

[Mike J]

21 hours ago, OnMyWay said:

We are putting some thought into Malaysia.  We enjoyed out trip there last year.  Our neighbor is Malaysian married to a Filipina, with two daughters.  They are planning to move there in 2026, and one of the big reasons is better education for the daughters.  I need to find out more about the education system.

I thought you had plans to move to Texas? 

[OnMyWay]

12 hours ago, Mike J said:

I thought you had plans to move to Texas? 

We postponed indefinitely, mainly due to the cost of living and the fact that the place, especially schools, is a woke freak show.  Even Texas sometimes.  I would go into detail but I think I would be censored here.  Hopefully the tide is reversing and it returns to being a good place to raise kids.

[earthdome]

30 minutes ago, OnMyWay said:

We postponed indefinitely, mainly due to the cost of living and the fact that the place, especially schools, is a woke freak show.  Even Texas sometimes.  I would go into detail but I think I would be censored here.  Hopefully the tide is reversing and it returns to being a good place to raise kids.

Those both played a big part in our decision to return to the Philippines and enroll our daughter in a quality international school. After 3 months and finally getting all settled in, all three of us are happy with this change.

Back in the states we lived in a small midwest university city that was a blue dot in a red sea going full woke. Blue haired mayor hosting drag queen story hours so the schools could schedule field trips for kids to attend.

[Snowy79]

I was a bit taken back reading Facebook comments about foreigners being allowed to retire in the Philippines, the vast majority were very racist. 

I was tempted to comment that anyone with a brain would realise a criminal isn't going to apply for an SRRV and get his/her fingerprints and personal details recorded when they can just enter as a tourists and come and go as they please. 

Maybe if they were concerned about criminals they should look into certain individuals who make the rules finances.