In line with government efforts to promote the Philippines as a preferred retirement destination, the Philippine Retirement Authority (PRA) opened its Baguio Satellite office that will service Northern Luzon.
Officer In Charge, Frederick Pati, explained in a local radio program, that the PRA is promoting and granting Special Resident Retirees Visa (SRRVisa) to retirees and would- be retirees who are former Filipino citizens and foreign nationals. This visa entitles the holder to multiple-entry privileges with the option to reside permanently in the Philippines.
A SRRVisa holder is also exempted from the Bureau of Immigration's Exit Clearance/Re-entry permits and annual registration requirements; exempted from custom duties and taxes for the importation of personal effects and household goods up to $7,000.
The retiree is also exempted from travel tax if the stay in the Philippines is less than one year from the last entry date; exempted from special study permit and tax-free remittance of annuities and pensions, according to PRA's Nap Manguiat.
As the PRA aims to attract retirees to make the Philippines their second home where they can have good life at affordable cost, the office is offering a $500 incentive for every approved referral, under the SRR Visa Program.
Pati explained that interested marketeers/agents, should be accredited first by the PRA and need to pay an accreditation fee of $300 or they can also bring a referral, upon applying for accreditation, for the off-setting of the fee.
According to Pati, there are already about 400 SRRVisa holders/members in Northern Luzon and the majority of them are residing in Baguio City.
Pati also bared that the PRA thru its Chairman Edgar Aglipay had signed a Memorandum of Agreement with Baguio City Mayor Reinaldo Bautista Jr, in connection with extending the SRRVisa to indigent Filipino retirees.
The PRA is also set to enter into an agreement with Baguio Country Club for the possible purchase or lease of its units for SRRVisa holders.
For additional information, on the SRRVisa program, interested persons may log on to www.pra.gov.ph or visit the PRA Baguio Satellite Office at DTI-CAR NERBAC, PTA compound, Governor Pack Road, Baguio City.