Special visas for foreign retirees okayed

The Bureau of Immigration has approved in principle the issuance of special visas for foreign retirees who want to stay in the country for at least one year.

Board of Investments (BOI) governor Antonio Leviste said the approval came after an agreement was reached during a conference among officials of the BI, BOI, Department of Tourism and representatives from the private sector in the tourism industry.

The implementing rules and regulations of the special visa are now being worked out by an inter-agency committee composed of BI, BOI and DOT.

Leviste said the government could attract retirees in the United States receiving a monthly pension of $1,000 a month but cannot enjoy comfortable living due to the high costs of living in their country.

According to the American Association of Retired Persons, about 54 million are retirees in the US.