Episode 6 of our Plan B series. The Philippines offers a retiree visa from age 40, an investor visa from USD 75,000 and long visitor stays. How each works now.
Status as of 11 October 2026: based on the current pages, checklists and service standards of the Philippine Retirement Authority (PRA, including its August 2025 checklist), the Board of Investments (BOI) and the Bureau of Immigration (BI), Executive Orders No. 408 (visa-free entry) and No. 86 of 2025 (digital nomad visa), BI Memorandum Circular SBM-2013-003 and the National Internal Revenue Code. The retiree visa rules changed in September 2025; many guides still say you must be 50 and quote the old deposits. We will update this guide when the rules change.
This is episode 6 of our series on a second residence outside the European Union. So far we have looked at Mexico, Paraguay, the UAE, Panama and Georgia. The Philippines is the farthest from Europe so far, and one of the easiest places in Asia to settle: English is an official language, the deposit for a permanent visa is modest, and family still sits at the centre of daily life.
Most of what you will read about moving there is wrong in one of two ways. It says you must be 50, which stopped being true in September 2025, or it sells a digital nomad visa that has existed on paper since April 2025 and still cannot be applied for. Between those errors sits a quieter fact: the Philippines runs one of the oldest residence-for-deposit programmes in Asia, and for a European over 40 it is one of the lowest-cost permanent visas you can hold without buying anything.
When your passport, bank account and right to live somewhere all depend on one state, that state holds a great deal of power over you. A second lawful residence spreads it a little: an extra door, built calmly, while nothing is on fire.
Why the Philippines keeps coming up
A permanent visa for a deposit, not a purchase. The Special Resident Retiree's Visa (SRRV) is open from age 40 and asks for a bank deposit of USD 15,000 to USD 50,000, depending on age and pension. You keep the money; it stays parked for as long as you hold the visa.
English everywhere. The Constitution makes Filipino and English the official languages. Contracts, courts, banks and doctors work in English.
A Christian country in Asia. Christianity arrived in 1521, and 78.8% of Filipinos told the 2020 census they are Roman Catholic. Four baroque churches, including Miagao on our cover, are on the UNESCO World Heritage list. Sunday Mass is full, Christmas starts in September, and grandparents live with or near their grandchildren. Faith and family here are not decoration.
A light touch on foreign income. Aliens, resident or not, are taxed in the Philippines only on income from Philippine sources. The limits matter more than most guides admit; we come to them below.
The other side, stated plainly: it is a long-haul flight from Europe, usually with one stop. The weather service PAGASA counts an average of 20 tropical cyclones a year in its area of responsibility, eight or nine of which cross the islands, most between July and October; earthquakes and volcanoes are part of the landscape too. Foreigners cannot own land. Public offices are paper-heavy and slow. Law and morality are not the same thing, here or anywhere: our job is to describe what the law requires, so you can decide with open eyes.
How the retiree visa got here, and why the rules move
Executive Order No. 1037 of 4 July 1985 created the PRA as a government-owned corporation with a plain mandate: attract foreign retirees, and with them foreign currency. The BI issues the visa, but the programme runs on executive rules and board decisions, not a detailed statute.
In 1993 the PRA lowered the minimum age from 50 to 35, so for almost three decades the "retiree" visa was in practice open to anyone in mid-career with a deposit. In October 2020 senators questioned that, citing jobs and national security, and in 2021 the floor went back to 50. After the 2024 ban on offshore gaming operators (Executive Order No. 74), the PRA disqualified their operators and workers and now cancels a visa if such a link surfaces later. In September 2025 the door reopened at 40, with higher deposits under 50 and extra documents (birth certificate, national ID, social insurance or retirement record) for applicants from countries the PRA identifies.
The lesson is not that the programme is unreliable, but that a door opened by executive policy can be widened or narrowed by board resolution. Walk through while it is open, keep your file clean, and never let your whole life hang on one decision in one capital.
Who actually uses it
According to the PRA's general manager, 3,812 foreigners enrolled in 2024, up from 3,108 in 2023; Chinese nationals were about 40%, followed by Americans, Indians and Koreans. Of roughly 59,000 active retirees, about 85% come from Asia, and many of the Americans are former Filipinos. The PRA now says openly that it wants more Europeans and North Americans, naming Thailand as the comparison. For a Dutch or British reader that means two things: you will be a welcome minority, and the paperwork was built for volume, so a complete, well-ordered file beats a clever one.
Visitor stays: a long test drive, with real limits
Citizens of the EU, the United Kingdom and Switzerland enter visa-free for 30 days under Executive Order No. 408. At the BI you can then add 29 days, followed by extensions of one, two or six months. Under BI Memorandum Circular SBM-2013-003, nationals who need no visa can stay up to 36 months in total, counted from their latest arrival.
Three limits apply. Anyone staying more than 59 days, visitors included, must hold an ACR I-Card, the BI's biometric alien card. After six months or more, a visitor needs an Emigration Clearance Certificate to fly out. And visitors are admitted for pleasure, short business visits or health, not work: Philippine law has no category built for remote work today, the gap Executive Order No. 86 was meant to fill.
Use the visitor months to live through a rainy season, a BI queue and a rented flat before any purchase. A Plan B needs a visa that does not depend on the next extension; the visitor route tells you whether you want one.
Two real routes to residence (and one that is not open)
1. The retiree visa: SRRV Classic (from age 40)
The SRRV is a special non-immigrant visa issued by the BI under the PRA's programme. The PRA describes it as permanent residency: it does not expire while you keep the deposit and pay the annual fee. Since the September 2025 guidelines, the principal applicant can be 40 or older. The deposits for SRRV Classic:
Age 50 and above: USD 15,000 with a lifetime pension of at least USD 800 a month (USD 1,000 with dependants), or USD 30,000 without a pension.
Age 40 to 49: USD 25,000 with such a pension, or USD 50,000 without one.
The deposit covers you and up to two dependants; each further dependant adds USD 15,000. A spouse must be legally married to you; children must be legitimate or legally adopted, unmarried and under 21 when they apply, and can join after your own approval. The PRA processing fee is USD 1,500, each joining dependant pays USD 300, and the annual fee is USD 360 for the principal and two dependants, plus USD 100 for each further one.
The PRA lists further benefits: no BI annual report and no ACR I-Card, no exit and re-entry permits, a one-off customs allowance of USD 7,000 for household goods, no travel tax, and an exemption from tax on pensions and annuities. It also lists an exemption from a separate work visa, but a local job still needs an Alien Employment Permit from the Department of Labor and Employment (DOLE) before you start.
SRRV Courtesy, with deposits of USD 1,500 to USD 6,000, is reserved for former Filipinos, retired diplomats, international officials and military, and "high achievers". Most readers will use Classic.
2. The investor visa: SIRV (from USD 75,000)
The Special Investor's Resident Visa is granted on the BOI's endorsement to foreigners aged 21 or over who invest at least USD 75,000 in shares of a publicly listed company, of a company in an Investment Priorities Plan project, or of a manufacturing or services company. The money arrives as an inward remittance through an accredited bank. You start with a probationary visa, which is converted into an indefinite one once the investment is documented. The visa lasts as long as the investment does. Some sectors are partly closed to foreign owners, so the target company has to be checked first.
Under the BOI's rules the money cannot leave the accredited bank without BOI authorisation, failing to invest it in time cancels the visa, the USD 75,000 must stay invested at all times, and late reports bring fines. A spouse and unmarried children under 21 can hold the same visa; a child's ends at 21 or on marriage.
Not open yet: the digital nomad visa
Executive Order No. 86 of April 2025 authorised a one-year, renewable digital nomad visa for people who work remotely for clients or employers abroad. As of October 2026 no implementing guidelines and no application channel have been published. Ignore anyone who offers to file it for you today.
Spouses of Philippine citizens have their own route, the 13(a) immigrant visa by marriage, for nationals of countries that grant Filipinos the same treatment; the BI's list includes the United Kingdom, the Netherlands and Germany. It starts with a one-year probationary visa, which can then be amended to permanent status.
The deposit: what really happens to your money
The SRRV deposit is not a fee. It is a dollar time deposit in your name at a PRA-accredited bank: the state-owned Development Bank of the Philippines or a short list of private banks (among them Philippine National Bank, Unionbank and selected BDO branches). For a private bank you first ask the PRA for a letter of introduction. The wire must come from a bank abroad and name the purpose (SRRV deposit, your name, date of birth, passport number), and source-of-funds questions are standard. Interest on the deposit is Philippine-source, and the bank withholds the final tax for your status (20% for resident aliens since July 2025; other rules apply to non-residents).
Conversion into a home. Once you hold the visa, the PRA can release the deposit into a condominium bought in your name for at least USD 50,000, or into a lease of at least 25 years on a condominium, townhouse or house and lot of at least that value. The PRA inspects the property and annotates the title: any sale, transfer or mortgage needs its approval. Think before converting: dollars in a bank are liquid, a flat in Cebu, on land you can never own, is not. It makes sense when you would have bought anyway.
Getting out. If you cancel the visa, the BI issues an order of cancellation and the PRA then releases the deposit, through a withdrawal clearance for a private bank or a wire from the state bank. For an application withdrawn before approval, the PRA puts the return at about four weeks; the processing fee is not refunded. If a holder dies, heirs need estate papers and, for deposits at the state bank, proof that Philippine estate tax was settled.
The real cost is not the deposit, which stays yours, but the yield you forgo, the dollar exposure and the fees.
SRRV or SIRV: the honest trade
The SRRV asks whether you can park money and stay out of trouble; the SIRV asks whether you will run, or own part of, a Philippine business. The SRRV starts at 40 and parks USD 15,000 to 50,000 in a bank deposit; the SIRV starts at 21 and puts USD 75,000 at business risk, with BOI reports. For most readers with a European base the SRRV is the better tool. The SIRV is for those who would have invested in the Philippines anyway.
Every trip, in order (SRRV)
At home, before you fly. Ask the PRA for a pre-evaluation by email. Gather your passport, a police clearance, marriage and birth certificates for dependants, and pension proof if you use the pensioner rate, all apostilled, in English and issued within six months.
First trip: enter visa-free and plan to stay. You apply inside the country and must remain in the Philippines for the whole processing period, which can take several weeks: the PRA's 2026 citizen's charter gives 10 working days for its own steps, and Bureau of Immigration processing comes on top; keep your visitor stay valid and extend it if needed.
Bank. Ask the PRA for a letter of introduction if you choose an accredited private bank, then wire the deposit from your bank abroad. The PRA receives the bank certificate within days.
Medical and clearances. The PRA medical form can be completed at a clinic in the Philippines; add BI clearance, and NBI clearance if you have stayed more than 90 days.
Filing. Submit the file, photos and fees at the PRA in Makati or a satellite office in Baguio, Clark and Subic, Cebu or Davao.
Visa and card. The BI stamps the SRRV in your passport and the PRA issues its ID card.
After that. Pay the annual fee each year, keep the deposit in place, and convert it into a condominium later if that suits you.
Presence rules: what the Philippines asks
Neither the PRA nor the BOI publishes a minimum number of days per year for the SRRV or the SIRV. The discipline is different: keep the basis alive. For the SRRV that means keeping the deposit (or the approved investment) and paying the annual fee; for the SIRV, keeping the investment and filing the annual report with the BOI. Withdraw the deposit or sell the shares and the visa goes with it.
What the Philippine visa does and does not do
It is a real right to live in the Philippines indefinitely, with an ID card, a family included and no re-entry permits to collect.
It does not decide your tax residence. For Philippine purposes, an alien is resident if they live in the country with no definite intention as to how long they stay; a non-resident alien who spends more than 180 days in a calendar year is treated as engaged in business there. Either way, aliens are taxed only on Philippine-source income, at graduated rates up to 35%. Your current country applies its own tests regardless. A British reader stays UK resident if the Statutory Residence Test says so; a Dutch reader who keeps home and family in the Netherlands stays resident under the Dutch all-circumstances test. The Philippines has tax treaties with the UK, the Netherlands, Germany and many other EU states, but not with Cyprus. Declare your real tax residence on every bank and CRS form.
Where you work decides where the income comes from. Under Section 42 of the Tax Code, pay for services performed in the Philippines is Philippine-source income. A consultant on a laptop in Cebu is not earning "foreign income" because the client sits in Amsterdam. Rent, local interest and a local salary are Philippine-source too.
Property means a condominium, not land. The Constitution reserves land to Philippine citizens and companies at least 60% Filipino-owned. Foreigners may own condominium units, as long as foreign owners hold no more than 40% of the project.
Banks are their own gatekeepers. The Philippines left the FATF grey list in February 2025, and its banks screen foreigners carefully. Strict bank secrecy laws remain (Republic Act 1405 for peso deposits, Republic Act 6426 for foreign currency deposits), with exceptions for money-laundering inquiries and, since 2010, for tax information requested under a treaty. Privacy is a legitimate good, not a reason to report less at home. Our guides to offshore banking in practice and to asset protection and privacy show what a clean file looks like.
It is not a road to a passport. Naturalisation is slow and narrow. Residence is the point.
Nobody but the Philippine authorities can approve it. No adviser can promise the outcome.
Faith, family and the law of the land
The 1987 Constitution recognises the sanctity of family life, calls the family a basic autonomous social institution, and protects equally the life of the mother and of the unborn from conception. Article XV names the family the foundation of the nation and marriage an inviolable social institution. That shapes the law: apart from Vatican City, the Philippines is the only state with no general divorce for its non-Muslim citizens. A bill passed the House in 2024; none has become law.
Daily life follows the same order. Children greet grandparents by raising the elder's hand to their forehead, and in the nine days before Christmas churches fill for the dawn Masses of Simbang Gabi. We do not recommend a country because its family law matches our convictions; but if you bring a family, it matters what the law assumes about marriage and children, and many readers will find it assumes what they do.
Two worked examples (illustrative, not clients)
Joost and Marieke: the deposit after 50. Joost, 52, and Marieke, 49, are Dutch. They sold their logistics firm in Utrecht and moved to Limassol three years ago; both are Cyprus tax residents and Joost is registered as Non-Dom. They want a second residence far from Europe's tensions, among people who still go to church on Sunday.
First, the test drive. Two winters in Cebu and Dumaguete on visitor extensions.
Then the SRRV. Joost applies for SRRV Classic as a non-pensioner over 50, with Marieke as his dependant: one deposit of USD 30,000 from their Cypriot bank, and USD 2,160 in first-year fees (1,500 processing, 300 for Marieke, 360 annual).
Later, a home. After a year they convert the deposit into a USD 85,000 condominium in Cebu, adding the difference themselves. The title carries the PRA annotation.
What stays the same: Cyprus remains their home and tax residence; they spend about ten weeks a year in the Philippines. Rent from the flat would be Philippine-source, taxed there and declared in Cyprus; with no treaty, relief depends on Cypriot domestic rules.
Callum and Fiona: the family under 50. Callum, 44, and Fiona, 42, are British and live in Larnaca with children aged 9 and 12. Callum runs a small consultancy.
The arithmetic. As a non-pensioner under 50, Callum needs USD 50,000 for himself and two dependants; Fiona and two children make three, so USD 15,000 more: USD 65,000 parked. Fees: USD 1,500 plus 3 x 300 plus the USD 460 annual fee in the first year, then USD 460 a year.
The calendar. The family must stay in the country for the whole processing period, which can take several weeks, so they file at the start of the school summer holiday.
The discipline. Callum keeps client work there to a minimum, because work done on Philippine soil can become Philippine-source income. Cyprus stays the base, the school and the tax home.
Who the Philippines suits
People aged 40 or over who want a permanent visa for a deposit rather than a property purchase;
pensioners who qualify for the lower deposit and want winters somewhere warm and English-speaking;
families who value faith, warmth and a culture built around the extended family;
investors ready to put USD 75,000 into a real Philippine company.
Who it does not suit
Anyone under 40 without a business plan. The retiree visa starts at 40, and the digital nomad visa is not open.
Anyone planning to work from a beach and call it foreign income. Work done there is Philippine-source.
Anyone who wants to own land or a villa outright. Foreigners own condominiums, not land.
Anyone hoping the visa ends tax residence at home. It does not.
Anyone who wants a short flight back to Europe, or cannot live with typhoon seasons and slow offices.
How it fits a European base
For most of our readers the main base stays in Europe. If that base is Cyprus, the order there does not change: housing, company, Yellow Slip, TIC (tax number), GESY, bank and, last, Non-Dom. Our guide to relocating to Cyprus walks through it, our piece on the Cyprus 60-day rule explains why days alone do not make you resident, and our article on international company structures explains why coherence beats cleverness. Next to the other episodes, the Philippines offers one of the lowest-cost permanent visas so far, held as a deposit that stays yours, and the farthest door. All English articles are in the blog.
FAQ
I am 45. Can I get the retiree visa, and what does it cost in total?
Yes, the minimum age is 40 since September 2025. The deposit is USD 25,000 with a qualifying pension or USD 50,000 without, plus USD 1,500 processing, USD 300 per dependant and USD 360 a year.
What happens to the deposit if I want out, or if I die?
Once the BI cancels the visa, the PRA releases the deposit; heirs claim it with estate documents. The processing fee is not refunded.
Can I sell the condominium after converting the deposit?
Only with the PRA's approval, because the title is annotated. The flat has replaced the deposit as the basis of your visa, so plan to restore the deposit or end the visa.
Can I work remotely from the Philippines on an SRRV?
A local job needs a DOLE Alien Employment Permit. Work for foreign clients done while you are in the country is Philippine-source income under Section 42 of the Tax Code.
Does it make me tax resident there, or end my residence at home?
Neither by itself. Aliens are taxed in the Philippines only on Philippine-source income, and your current country applies its own tests. The digital nomad visa, authorised in April 2025, still has no application channel as of October 2026.
Sources
Philippine Retirement Authority, SRRV options, requirements and fees: https://www.pra.gov.ph/SRRVisa
PRA, Expanded SRRV Program checklist (August 2025): https://pra.gov.ph/Uploads/Files/Expanded%20SRRV%20Program.pdf
PRA, conversion of the visa deposit into an active investment: https://pra.gov.ph/Uploads/CitizensCharter/6.%20CONVERSION%20OF%20VISA%20DEPOSIT%20INTO%20AN%20ACTIVE%20INVESTMENT.pdf
PRA, cancellation of the SRRV and withdrawal of the deposit: https://pra.gov.ph/servicing-request
PRA, return of the deposit after a discontinued application: https://pra.gov.ph/Uploads/MediaFile/FileUpload/REQUIREMENTS%20FOR%20RETURN%20OF%20VISA%20DEPOSIT.pdf
Executive Order No. 1037 of 1985, creating the PRA: https://lawphil.net/executive/execord/eo1985/eo_1037_1985.html
Executive Order No. 74 of 2024, ban on offshore gaming operations: https://lawphil.net/executive/execord/eo2024/eo_74_2024.html
The Philippine Star, review of the age-35 policy, 22 October 2020: https://www.philstar.com/headlines/2020/10/22/2051379/age-foreign-retirees-philippines-be-reassessed
Philippine News Agency, PRA enrolment figures and focus on Europe: https://www.pna.gov.ph/index.php/articles/1249787
TTG Asia, active SRRV holders by origin, 30 October 2025: https://www.ttgasia.com/2025/10/30/foreign-retirees-drawn-to-philippines-as-retiree-visa-approvals-near-4000/
Board of Investments, Special Investor's Resident Visa: https://boi.gov.ph/ufaqs/14-as-an-investor-what-visa-can-be-issued/
BOI, probationary SIRV service standard (2026): https://boi.gov.ph/wp-content/uploads/2026/06/IS_Probationary-Special-Investors-Resident-Visa.pdf
BOI, SIRV questions and answers: https://boi.gov.ph/wp-content/uploads/2023/08/SIRV-FAQ-ao-2023-v.pdf
BOI, revised rules of Book V of the Omnibus Investments Code: https://elibrary.judiciary.gov.ph/thebookshelf/showdocs/11/41709
Bureau of Immigration, FAQ on extensions, ACR I-Card, emigration clearance and 13(a) reciprocity: https://immigration.gov.ph/faqs/
BI Memorandum Circular SBM-2013-003: https://elibrary.judiciary.gov.ph/thebookshelf/showdocs/10/71736
Philippine eVisa portal, visa-free entry: https://evisa.gov.ph/page/policy?l1=Non-Immigrant+Visas&l2=Free+to+enter+the+Philippines+without+Visa
Bureau of Immigration, immigrant visa by marriage 13(a): https://immigration.gov.ph/visas/immigrant-visa-by-marriage-13a/
Executive Order No. 86 of 24 April 2025, digital nomad visa: https://elibrary.judiciary.gov.ph/thebookshelf/showdocs/5/98965
National Internal Revenue Code (Sections 22 to 25 and 42): https://www.bir.gov.ph/national-internal-revenue-code
Capital Markets Efficiency Promotion Act, Republic Act No. 12214: https://lawphil.net/statutes/repacts/ra2025/ra_12214_2025.html
Republic Act No. 1405 on secrecy of bank deposits: https://lawphil.net/statutes/repacts/ra1955/ra_1405_1955.html
Republic Act No. 6426, Foreign Currency Deposit Act: https://lawphil.net/statutes/repacts/ra1974/ra_6426_1974.html
Republic Act No. 10021 on exchange of tax information: https://lawphil.net/statutes/repacts/ra2010/ra_10021_2010.html
1987 Constitution of the Philippines: https://lawphil.net/consti/cons1987.html
Family Code of the Philippines, Executive Order No. 209: https://lawphil.net/executive/execord/eo1987/eo_209_1987.html
Condominium Act, Republic Act No. 4726: https://lawphil.net/statutes/repacts/ra1966/ra_4726_1966.html
PAGASA, tropical cyclone information: https://www.pagasa.dost.gov.ph/climate/tropical-cyclone-information
Philippine Statistics Authority, religious affiliation, 2020 census: https://psa.gov.ph/content/religious-affiliation-philippines-2020-census-population-and-housing
UNESCO, Baroque Churches of the Philippines: https://whc.unesco.org/en/list/677
FATF, jurisdictions under increased monitoring, 21 February 2025: https://www.fatf-gafi.org/en/publications/High-risk-and-other-monitored-jurisdictions/increased-monitoring-february-2025.html
If you would like a second pair of eyes on how a Plan B residence fits your situation, you can write to us.
General information, not tax, legal or immigration advice. Philippine authorities decide every application.
Cover photo: Bert Andone, Wikimedia Commons, CC BY-SA 4.0, cropped.
