The Special Resident Retiree's Visa (SRRV) is the Philippines' retirement visa, and for decades its terms barely changed. Then, on September 1, 2025, the Philippine Retirement Authority (PRA), which runs the program, lowered the minimum age from 50 to 40, raised the deposits, and closed most of the visa's options to new applicants.
If you've researched the SRRV online, there's a good chance the figures you found are out of date. Many pages still give a deposit of $10,000 or $20,000, a minimum age of 50, and options called Smile and Human Touch. None of that applies to a new applicant today. Some of the confusion is understandable: the PRA's own 2025 Citizen's Charter still showed the old deposits after the change.
This article details what the SRRV costs now, what the deposit actually is, what the visa gives you, and when another route makes more sense.
What the SRRV costs now
New applicants now choose between two options. SRRV Classic is open to anyone aged 40 or over and is the one almost every foreign retiree uses. SRRV Courtesy is a low-deposit option for a few specific groups, covered further down.
The Classic deposit depends on your age and on whether you have a lifetime pension of at least $800 a month, or $1,000 a month if you bring dependents. These are the amounts on the PRA's SRRV page:
| Your age | With a qualifying pension | Without one |
|---|---|---|
| 50 and over | $15,000 | $30,000 |
| 40 to 49 | $25,000 | $50,000 |
For anyone 50 or over, that's a 50% increase on the old $10,000 and $20,000 deposits.
One deposit covers you and up to two dependents: a legally married spouse and unmarried children under 21. Each further dependent adds $15,000.
On top of the deposit you pay fees, which don't come back:
- Processing fee: $1,500, paid once.
- Each dependent who joins: $300.
- Annual fee: $360 a year for you and two dependents, plus $100 for each further dependent.
The pension has to be a lifetime pension, proved with a statement from the payer that's been apostilled in the country that issued it. Savings, investment income and a pension that ends at a set age don't count. For many people the simplest answer is the non-pension deposit: $30,000 at 50 or over, with no income to prove.
What the deposit is, and what it isn't
The deposit is not a fee. It stays your money, held in a time deposit at one of the banks the PRA has accredited, and it has to arrive there by wire from a bank abroad. As long as it stays in place, so does your visa. When you give up the SRRV, you can withdraw it, and the PRA guarantees it can be converted back into foreign currency and sent home.
That said, it isn't free money either:
- It's tied up for as long as you hold the visa. You can't draw on it for living costs or a medical bill without giving up your residence.
- The interest is taxed. Interest on Philippine bank accounts carries a 20% final tax, withheld by the bank, and time-deposit rates on dollar accounts are modest.
- It's in a Philippine bank. Deposit insurance covers up to 1 million pesos (about $16,000) per depositor per bank, which is less than most Classic deposits.
Converting the deposit into a home. From 30 days after the visa is issued, a Classic deposit can be put toward a condo, or a lease of at least 25 years on a ready-to-occupy house, townhouse or condo. The property has to be worth at least $50,000, the PRA inspects it first, and its restriction is noted on the title, so selling or mortgaging the property later needs the PRA's approval.
This is often presented as a selling point, and for someone who was going to buy anyway it can be. But the numbers deserve a closer look. A pensioner aged 50 or over deposits $15,000, so converting means finding at least $35,000 more. With a lease, the deposit goes to the owner as rent paid in advance, and 25 years of rent paid up front is gone if you leave early, unless the PRA approves a transfer. Most people are better off renting for their first year and deciding later. Don't buy a condo or sign a long lease you wouldn't otherwise want just to put the deposit to work.
The PRA's checklists for conversions predate its September 2025 guidelines, so confirm the current terms with the PRA before you sign anything.
What you get for it
For the price, the SRRV is one of the better retirement visas in the region:
- Permanent residence with multiple entry, for as long as the deposit stays in place. There's no yearly renewal and no proof of funds to show again.
- Less paperwork than other foreign residents. SRRV holders are exempt from the Annual Report that other foreign residents file early each year, and from the exit and re-entry permits they need to travel.
- A one-time duty-free import of household goods worth up to $7,000.
- You can apply yourself. The PRA deals with applicants directly, and an agent isn't required.
The visa doesn't let you work without a permit, and it isn't citizenship.
If you're applying as a couple, read the dependent rules carefully. A spouse on your SRRV holds a visa that depends on yours, so if your visa is canceled, theirs goes with it. The rules let a surviving spouse take over the principal's place, but a government study of the PRA's records found few have done so, and nearly half of all cancellations were of spouses and dependents. A spouse who wants a visa of their own can apply as a principal from age 40, with a separate deposit and fees. At the least, ask the PRA in writing how your spouse would keep the visa and the deposit if you died, and keep the answer with your will.
When another route makes more sense
The SRRV Classic is the default for most foreign retirees, but not for everyone.
If you're married to a Filipino, look at the 13A immigrant visa first. You can convert a tourist stay into a 13A inside the Philippines, with no deposit, no income test and no minimum age. The trade-off is paperwork the SRRV avoids: 13A holders file the Annual Report and need an emigration clearance and a re-entry permit for each trip abroad.
If you're a former Filipino, you have two cheaper options. You can take back Philippine citizenship, which ends the visa question altogether. Or, if you'd rather not, you can apply for SRRV Courtesy, which needs a deposit of just $1,500 at age 50 and over, an annual fee of $50, and no extra deposit for additional dependents.
If you're a retired diplomat, a retired officer of a recognized international organization, or retired military from a country with recognized ties to the Philippines, you may also qualify for SRRV Courtesy. For foreign nationals the deposit is $1,500 at 50 and over, with a $100 annual fee. Unlike the Classic deposit, a Courtesy deposit can't be converted into property.
If you're not sure you'll stay, you don't have to commit $15,000 to $30,000 on arrival. Tourist visa extensions allow up to 36 months in the country, and many people spend their first months that way before deciding. Extensions aren't a long-term plan, and the Bureau of Immigration has been interviewing long-staying tourists more closely, but they're a reasonable way to test the country first.
Before you send the money
The SRRV is still one of the most straightforward retirement visas in Asia: one deposit, one application, and permanent residence with no yearly renewal. The 2025 changes made it more expensive, not more complicated. What has become harder is finding accurate figures, because so much of what's online describes a program that no longer exists.
Before you wire a deposit, check the current amounts on the PRA's own site, and get anything that matters to your situation, such as whether your pension qualifies or how your spouse is covered, confirmed in writing.
Our Philippines guide covers the SRRV application step by step, along with banking, renting, healthcare and the rest of the move. To compare the Philippines with Thailand, Vietnam and the other countries we cover, see our country overviews or try our country match tool.