A Comprehensive Guide to Long-term Residency in The Philippines

last updated: Aug 15th, 2024

Home > Asia > Philippine > A Comprehensive Guide To Long-Term Residency In The Philippines

Capital: Manila

Population: 114,163,719 (2024, 12th)

Ethic Group: 33.7% Visayan, 24.4% Tagalog, 8.4% Ilocano, 6.8% Bicolano

Area: 343,448 km² (64th)

Offical Language: Filipino & English

Currency: Philippine peso (as of Mar 20th, 2024, 1 peso = 0.018 USD)

GDP per Captial: $12.192 (2024 estimated, 116th)

Human Development Index: 0.710 (113rd)

(This map is sourced from Nations Online Project)

Country Profile:

The Philippines is an archipelagic country located in Southeast Asia, consisting of 7,107 islands. The country frequently experiences typhoons and earthquakes, but its climate has also contributed to rich natural resources and biodiversity.

The Philippines is a member of ASEAN and the OECD, and it is recognized by the World Bank as the 36th largest economy in the world. Its economy is primarily based on agriculture, industry, and mining, and the average age of its population is only 25, providing a significant demographic dividend.

For many years, the Philippines has maintained an open visa policy. On one hand, a large number of local workers work overseas in countries and regions such as Hong Kong, Southeast Asia, and the Middle East; on the other hand, the government has introduced various low-threshold, low-requirement special residency visas to attract foreigners to visit and live in the country.

Visa and Immigration System:

The Philippines offers a normal visa system for foreigners, including work visas and family reunification visas. However, what attracts most foreigners to the country is its range of special visa programs.

These special visa programs generally have simple requirements and procedures, allowing you to quickly obtain permanent residency in the Philippines by investing tens of thousands of dollars.

This kind of permanent residency does not require you to actually live in the Philippines, but it is usually linked to your investment: if you withdraw your investment, the visa may be revoked.

Special Visa Programs:

Common Types of Special Visas in the Philippines include the following:

1. Special Resident Retiree’s Visa (SRRV): The SRRV is one of the most popular options for foreigners seeking Philippine residency. By depositing a sum of money into a local bank, you can obtain permanent residency linked to this deposit.

There are two main categories within the SRRV program:

Smile Card: For individuals aged 50 and above, a deposit of USD 20,000 in a local bank qualifies you for a Smile Card.

Classic Card: For those without a pension, a deposit of USD 50,000 (or USD 20,000 for applicants over 50 years old) grants eligibility for the Classic Card.

One key benefit of the Classic Card over the Smile Card is that the deposited funds can be used for purchasing real estate or investing in property locally.

2. Special Investor Residence Visa (SIRV): The SIRV is an investment-based visa that requires a minimum investment of USD 75,000 in a business. The business must not be involved in real estate or foreign trade sectors.

3. Aurora Economic Zone Special Resident Visa (ASRV): The ASRV, also known as the APECO Special Resident Visa, is a residency program based on donations promoted by the Aurora Economic Zone. The program was temporarily suspended by the Philippine Bureau of Immigration at the end of 2023, and there is currently no information on whether it will be reopened or permanently canceled.

This visa was available only to citizens of four countries: China, Japan, South Korea, and India. In the past, paying a membership fee between USD 40,000 and USD 52,000 would grant you a permanent ASRV membership card, allowing unlimited stay, residence, and entry into the Philippines.

4. FIP Investor Visa: Launched in 2024, the FIP Investor Visa is a special investment program designed to boost the economy of the Freeport Area of Bataan (FAB). By depositing a minimum of USD 75,000 with a FAB partner, investors can directly obtain permanent residency in the Philippines.

This new visa program offers several benefits, including minimal restrictions for participants (no requirements for net worth, income, or residency), a fast approval process, and the potential for naturalization after a period of residence.

Dependents:

For most Philippine visas, the main applicant’s spouse and unmarried children under 21 can join as secondary applicants to relocate to the country.

Citizenship:

After legally residing in the Philippines for ten years, if you can demonstrate integration into Philippine society, a basic understanding of the local political system, history, and culture, and the ability to speak Filipino, you may choose to apply for naturalization and become a citizen of the Philippines.

For foreign investors who establish new industries or introduce new technologies in the Philippines, the residency requirement can be reduced to five years.

Passport Power:

The Philippines recognizes dual citizenship, with its passport ranked 74th globally. Passport holders can freely travel (visa-free or visa on arrival) to 69 countries and regions worldwide, including Russia, Southeast Asia and some South American countries.

Useful Links:

The Philipplines’ board of investment： https://boi.gov.ph/

The Philippines FIP visa: https://philippinesfiv.com/#media

the Freeport Area of Bataan: https://afab.gov.ph/

SRRV: https://pra.gov.ph/SRRVisa

Home > Asia > Philippine > A Comprehensive Guide To Long-Term Residency In The Philippines