Foremost is the weather. Temperature are in range of 25-35 degrees centigrade.

The cost of living and leisure is one of the lowest in the world. Transportation, communication, housing and recreation, both in the countryside and in the cities, are very affordable as are medical services - so much so that the Philippines is a favoured destination for medical tourists.

The Philippine Retirement Authority is the specialised government agency set up to assist retirees to ensure a comfortable adjustment.

The Special Resident Retiree's Visa (SRRV) is a special resident, non-immigrant visa with multiple entry/indefinite stay privileges and comes with a number of services, privileges and benefits.

The Philippine Leisure & Retirement Authority (PLRA) describes it as 'designed for those who wish to live in the Philippines on an extended or permanent basis. It is a 'lifestyle' visa for those who enjoy perks and privileges, a 'hassle-free' visa for the frequent business traveller, and a 'retirement visa' for the elderly.

Requirements

The requirements are basic: ID documents and medical/police checks. Bank certification of dollar time deposit as followed are required:

- 35-49 years old - US$ 75,000
- 50 years old and above - US$ 50,000
- Additional dependent (in excess of two) - additional US$ 15,000 each

One-time fees are US$1,500 processing and service fee and US$10 for the annual PRA ID card fee (waived for the first year). Spouses must provide the ID/medical/police information and pay a reduced (US$300) processing and service fee plus US$10 for the annual PRA ID Card.

Benefits

A resident retiree or holder of the SRRV receives the following privileges/benefits:

- Permanent, non-immigrant status with multiple entry privileges.
- Exemption from customs duties and taxes for the importation of personal effects, appliances and household furniture worth US$7,000.
- Exemption from exit clearance and re-entry permit.
- Exemption from travel tax provided the retiree has not stayed in the Philippines for more than one year from date of his last entry.
- Conversion of the requisite deposit into active investment, including purchase of a condominium unit.
- Foreign currency time deposit can be converted into Philippine peso deposit, but interest is subject to withholding tax.
- Pension, annuities remitted to the Philippines are tax-free.
- Guaranteed repatriation of the requisite deposit including invested profits, capital gains and dividends accrued from investments, upon compliance with central bank rules and regulations.
- Tight to own a condominium unit or townhouse with Condominium Certificate of Title (CCT).
- The right to lease a parcel of land for 50 years renewable once for another 25 years.

Other features in the process of being created include call centre facilities and the services of PLRA Travel Agency; the use of PLRA membership in golf clubs; membership of the PLRA Executive Club; and discounts in PLRA-authorised establishments and shops.

Investment Assistance

The PLRA offers help with processing of the application for the conversion of the dollar time deposit into investment, registration with the Securities and Exchange Commission, etc. Investments can include the purchase of a condominium unit, the purchase of stocks or shares or the long-term lease of a parcel of land or house or the construction of a residential unit on a leased parcel of land and the purchase of proprietary shares in golf clubs.

Additional assistance promised by the PLRA includes help with obtaining a Philippine driver's license; application for Alien Employment Permit; obtaining a Tax Exemption Certificate for the tax-free importation of household goods/personal effects; getting a permit for the importation of pet/s; facilitating the enrolment of dependents in school; and providing free legal advice and assistance on general matters related to the SRRV. The retiree has the option to convert the required foreign currency deposit after six months from date of deposit in any of the currently approved investment outlets or leave it indefinitely in an interest bearing account either in US dollar or peso time deposit with any of the accredited banks.

Holders of Special Resident Retiree Visas (SRRV) are entitled to additional privileges on medical insurance as well as various home and emergency assistances that the PRA arranged with insurance companies and service providers. The PRA is the government office whose mandate is to promote the country as a retirement destination and, towards this end, to undertake activities to develop the retirement industry.

PRA has arranged with Blue Cross Inc., for medical care and hospitalisation coverage of retirees up to 99 years old without pre-existing condition limit to such coverage.

Retirement Facilities

There are a number of retirement facilities, including those with caring capabilities. Monthly rates are around US$700-900 which includes lodging, food, medical care and physical therapy. Filipinos are naturally caring and respectful to the elderly, owing to the inherent culture and care-giving is a growing sector in the Philippines, both in terms of training institutions and providers.

More info
Philippine Leisure & Retirement Authority
29th Floor, Citibank Tower
8741 Paseo de Roxas
1200 Makati City
Philippines
Tel: 848-1412 to 16
Fax: 848-1411
www.plra.gov.ph/
Email: inquiry@plra.gov.ph
You can obtain application forms from the Philippine Embassy in London or download them from the website.

Further information:

Many Westerners, predominantly Americans - it was, after all, their only colony - have retired to the Philippines. However, with the attraction of the Special Resident Retiree's Visa, more and more Britons are being attracted to at least take a look.

The general manager of the Philippine Leisure & Retirement Authority (PLRA) Dr. Nelson P. Collantes, has established a target of 7,000 enrollees in the retirement programme this year and should reach it if only a small per cent of the number of visitors take up the offer.

In January-July this year, 37,000 Britons visited the Philippines, a 11.4 per cent growth from the 2004 figure.

The price you pay for a low cost of living is managing in a country where the infrastructure needs a lot of work, where streets are potholed and you have to wait for things like a phone top be installed.

Aside from infrastructure deficiencies, there are other - more basic - issues that need to be addressed as well. Fritz Kahler, general manager of Alegre Beach Resort in Cebu, says that from the time he first came to the country in 1978 to the time he decided to settle here with his Filipino wife, and up to the present, general cleanliness has always been a key concern, and so has the 'horrendous traffic' in densely populated areas. He would also like to see more and cleaner public toilets, updated and easily accessible information about the Philippines' historic and other sights, plus directional markers for tourists. And he adds: 'Beggars also can become real, unpleasant nuisances. Some of them are very insistent and pushy'. Having said all this, it is relatively easy to get around and most Filipinos have a high respect for visitors,

Added March 2007 by John:
I would just like to point out that the amount one has to deposit when joining PRA scheme has been reduced to $20,000 for 50yr olds and above.

Also I think it good to mention that PRA is the fastest, easiest and probably cheapest way to get a resident visa. Even Bureau of Immigration personnel tell me "don't change to another type of visa, the PRA visa is the best one to have".

The interest on your deposit is easily accessed and is paid at a very good rate compared with rates offered to a normal investor.