In recent years, retirees from around the world have been choosing the Philippines as their destination for settlement. The warm hospitality of Filipinos, the rich culture, and the reasonable cost of living are some of the reasons why retirees opt to settle in the Philippines.
The Philippine Retirement Program is managed by the Philippine Retirement Authority, whose main task is to promote and approve special resident retirement visas for retirees. It also provides services, benefits, and a comfortable living environment during their stay.
Retirement options and required deposits
Retired residents can bring their spouse and one child without additional deposits. If the spouse does not accompany them, they can bring two children. Additionally, for each additional child, a deposit of US$15,000.00 must be added. The children must be unmarried and under 21 years of age to qualify.
Note: Banks accredited by the PRA agree to accept any currency for deposit savings, as long as the amount meets the requirements and they are willing to convert it into US dollars or Philippine pesos.
