Acquiring The Philippines Investor Visa (SIRV): A Detailed Guide
The Philippines is a country full of potential for investors due to its strategic location, rich natural resources, and vast market opportunities. The government has also made it easier for foreign investors to invest in the country through its Special Investor Resident Visa (SIRV) program. This program is meant to entice foreign investors to invest in the country long-term, and it offers several benefits, including indefinite stay in the Philippines, tax exemptions, and more.
In this guide, we will cover everything you need to know about the SIRV program, including eligibility requirements, the application process, and the benefits of the program.
Eligibility Requirements for the SIRV Program
To qualify for the SIRV program, applicants must meet the following eligibility requirements:
1. Investment amount: The applicant must have a minimum investment of USD 75,000. This can be either in the form of cash, stocks, bonds, mutual funds, or any other financial instrument that the Philippine Securities and Exchange Commission (SEC) approves.
2. Age: The applicant must be at least 21 years old and not be more than 50 years old.
3. Health: The applicant must be in good health and have no contagious diseases.
4. Background check: The applicant must have no criminal record and must not have been blacklisted by any government agency.
5. Proof of legal source of funds: The applicant must provide proof of the legal source of investment funds.
6. Compliance with other government regulations: The applicant must comply with all other government regulations regarding the investment, such as obtaining the necessary permits and licenses.
7. Execution of an investment agreement: The applicant must sign an investment agreement with a government agency.
Application Process for the SIRV Program
Here are the steps involved in applying for the SIRV program:
1. Submit an application to the Philippine Retirement Authority (PRA) with the required documents, including proof of investment, proof of health, and proof of legal source of funds.
2. The PRA will review the application and may require additional information or documents.
3. After the application is approved, the applicant must visit the Philippines and submit themselves for a fingerprint scan and photo at the Bureau of Immigration (BI).
4. The applicant can then start the process of acquiring an SIRV card, which is a biometric card that serves as proof of the investor’s long-term stay in the Philippines.
Benefits of the SIRV Program
The SIRV program offers several benefits to investors, including:
1. Indefinite stay in the Philippines: Investors can stay in the Philippines indefinitely as long as they maintain their investment.
2. Multiple-entry: Investors can enter and exit the country anytime they want.
3. Tax exemptions: SIRV holders are exempted from paying taxes on their foreign-earned income and capital gains.
4. No need to apply for work permit: SIRV holders are not required to obtain a work permit to work in the Philippines.
5. Affordable healthcare: SIRV holders can avail healthcare services at the same rates as the Philippine citizens.
1. Can I apply for the SIRV program if I have an existing criminal record?
No, the SIRV program requires applicants to have a clean record, and any criminal records can disqualify an applicant.
2. Do I need to have a Philippine sponsor to apply for the SIRV program?
No, you do not need a sponsor to apply for the SIRV program.
3. Can I invest in any company to qualify for the SIRV program?
No, the investment must be made in companies registered with the Philippine Securities and Exchange Commission.
4. Can my dependents also obtain an SIRV card?
Yes, dependents of SIRV holders can also obtain an SIRV card.
5. How long is the SIRV card valid?
The SIRV card is valid for one year and can be renewed annually.
In conclusion, the SIRV program is an excellent opportunity for foreign investors to invest in the Philippines and enjoy several benefits, including unlimited stay in the country, tax exemptions, and more. With the right investment and compliance with government regulations, investors can obtain the SIRV card and enjoy the perks it offers.