Question & AnswerQ&A (PHILIPPINE RETIREMENT AUTHORITY)
The Philippine Retirement Authority (PRA) is a government agency created pursuant to Executive Order No. 1037 dated July 4, 1985, responsible for implementing retirement programs in the Philippines.
The SMILE Enrollment Program is an SRRV retirement product under the PRA that is simplified, marketing-oriented, integrated, long-lasting, and efficient.
A retiree is an applicant for the Special Resident Retiree's Visa (SRRV) who is at least 35 years old.
The required visa deposit is $20,000, covering the principal retiree, his legitimate spouse, and one dependent, which must be inwardly remitted to a PRA designated bank under PRA account in the retiree's name.
The principal retiree must submit a passport with valid visa status, accomplished application form, police clearance from the country of origin, NBI clearance (if stayed more than 30 days in the Philippines), medical certificate, bank certification of visa deposit, and pay the application fee and annual PRA fee.
Failure to pay the Annual PRA Fee after due notice is ground for revocation of the SRRV and inclusion of the retiree's name in the Bureau of Immigration Watchlist.
Dependents are unmarried children under 21 years of age, whether legitimate or legally adopted, of the principal retiree.
Yes, existing SRRV holders can migrate subject to conditions such as maintaining the $20,000 visa deposit in a designated bank and paying the PRA Annual Fee.
In the event of death, the visa deposit shall be released or withdrawn in accordance with Philippine succession law.
No, the visa deposit is inconvertible into investments and cannot be used to satisfy creditors' claims or be subjected to garnishment or levy.
An adult dependent who turns 35 must apply for his own SMILE SRRV; failure to do so shall result in revocation or cancellation of his SRRV.
The PRA Annual Fee is $360 yearly and covers the principal retiree, his spouse, and one dependent; an additional $100 applies for each additional dependent beyond two.