Philippines announces residence visa scheme

Dubai - Apply for citizenship after residing in the country for 10 continuous years.

If you were looking to retire in an island country, here's the perfect opportunity.

The Philippines' Special Retiree's Resident Visa 'Classic' has few restrictions on nationalities and gives you flexibility making it the most popular visa for retirees.

Applicants as young as 35 to 49 years old can obtain this visa with an Dh184,000 deposit, while anyone 50-years-old and over can with a Dh37,000 deposit combined with proof of guaranteed monthly income (can be social security pensions) of Dh3,000 for individuals or Dh3,700 for couples. Without this proof, it costs a minimum deposit of AED 73,000.

This visa allows you to convert a the Dh184,000 deposit into an investment, including purchase of real estate that should be ready for occupancy. It gives you allowances and privileges, specially that you:

> Get guaranteed repatriation of your deposit if you cancel

> Get permanent residency, which means no need to get extensions for your residence beyond paying Dh1,300 annually, and this covers three family members

> Can include your spouse and one unmarried dependent below 21 years old with the original application. You can add as many dependents after for an Dh55,000 deposit each

> Your dependent children don't need to get study permits/visas any more

> Get a one-time tax-free importation of household goods and personal effects up to maximum Dh26,000

> Get Philippine government assistance for documents specially employment permits, drivers' licences and tax exemption/extension certificates

> Are entitled to PHILHEALTH benefits and privileges

> Don't need to apply for exit clearances and re-entry permits any more

> Don't need to get the ACR I-Card (Alien Certificate of Registration Immigration Card) any more, nor pay the Philippine travel tax when your stay is less than a year from your last entry

> Get tax-free remittance of your annuities and pensions

> Get paid interest tax-free on your foreign currency deposits

> And ultimately can apply for Philippine citizenship after residing in the country for 10 continuous years, shorter if you were in fact born in the country, or held a government office in the country, established a new industry or introduced a useful invention, married a Filipino, or taught in the country for minimum two years

English is widely spoken in the country, making it easy to get by day by day and form new friendships with Filipinos who rank in any index as one of the friendliest, most hospitable in the world. There are also large non-Filipino communities in the cities and beaches, and voluntary organizations where their information is online.

You'll be taxed only on income you earn within the Philippines. Paycheck income is taxed from 20 per cent to 35 per cent, passive at maximum 20 per cent. If you're in full retirement, you won't get taxed on your pension, individual retirement account or on other retirement plans.

• Philippines