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Special retirement visa

(@Patrick)
New Member
Joined: 1 month ago
Posts: 1
Topic starter  
Hello I am interested in the special Resident Retirement Visa and have a few questions:
1. With this visa can you return to the US as many times as desired and return to the Philippines without issue? I would like to spend 3 months in the Philippines and 3 months in the US and repeat that sequence.
2. What is the safest bank in the Philippines  where your money is deposited. Do they have deposit insurance? What amount is required to open and keep a bank account in the Philippines. 
3. What health insurance programs are available and what is the cost?

   
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(@marco-expat)
Joined: 5 years ago
Posts: 592
 

Hi Patrick,

Some things need to be separated and clarified because your answer changes how the question should be framed. I included links in my answers for additional information and clarification. 

1. With this visa can you return to the US as many times as desired and return to the Philippines without issue? I would like to spend 3 months in the Philippines and 3 months in the US and repeat that sequence.

Yes, you can leave and return as many times as you like. The SRRV is a multiple entry visa and, unlike other retirement visas, doesn't require a minimum stay in the Philippines. 

However, if you only plan on staying 3 months at a time, a simple "tourist visa" might be a better option for you. As a US citizen, you can enter the Philippines visa-free for 30 days. At the end of 30 days, you can extend your visa for 29 days (technically a visa waiver) for a total of 59 days. After 59 days, you can extend your visa for 1, 2, or 6 months at a time for up to 3 years. 

 

2. What is the safest bank in the Philippines  where your money is deposited. Do they have deposit insurance? What amount is required to open and keep a bank account in the Philippines.

If you are talking about the SRRV deposit, you don't really have a choice in banks. You can only use a PRA-accredited bank for the SRRV deposit.

To clarify, the actual account is not in your name; it's held in a PRA bank account that you can only access under very specific conditions.

3. What health insurance programs are available and what is the cost?

You would be eligible for PhilHealth, which is the government subsizided universal healthcare plan, for less than $300 annually. However, I don't recommend this as your ONLY healthcare in the Philippines.

I recommend additional Philippines private health insurance or if you plan on traveling back and forth to the US, buying an international health insurance plan. You can get free insurance quotes here


   
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