CEBU, Philippines — Chinese nationals top the foreign retirees staying in Cebu and availing of special resident retirees Visa (SRRV) from the Philippine Retirement Authority (PRA).
A record from the PRA Cebu satellite revealed that of the 3,900 special retiree visa holders in Cebu, majority of whom are Chinese nationals, followed by Koreans, and Taiwanese.
PRA-Cebu Satellite office, officer-in-charge Elma Corbeta revealed that aside from the good quality of life in Cebu, these foreign nationals opt to acquire of special Visa accommodation due to other interests like investments and other incentives.
According to Corbeta, these retirees are mostly buying properties and putting investments here, aside from enjoying the cheaper cost of living in a tropical setting.
SRRV holders are entitled to enjoy privileges such as permanent residency status, indefinite visa, exemption from Bureau of Immigration Alien Certificate of Registration Card, Tax Free Importation of Personal Household goods worth up to US$7,000, among others.
SRRV holders in Cebu are aged 35 years and up. Chinese retirees stay and do business here, Koreans apply for permanent residency and other benefits for long vacation, and enrolling their children in school in Cebu.
Applicants are required to put in Visa deposit with PRA from US$50,000 to US$20,000 depending on the age bracket.