(Philippine legal and regulatory context)

1) What the SRRV is (and why a “deposit” is required)

The Special Resident Retiree’s Visa (SRRV) is a long-stay, multiple-entry, non-immigrant visa arrangement administered through the Philippine Retirement Authority (PRA), with the visa authority ultimately exercised by the Bureau of Immigration (BI). In practice, PRA evaluates the retiree application and deposit compliance, then endorses the applicant to BI for SRRV implementation.

A core feature of the SRRV regime is the required remittance and maintenance of a bank deposit (sometimes described as a “time deposit” or “visa deposit”) placed with a PRA-accredited depository bank. The deposit functions as:

A financial qualification (evidence of capacity to reside in the Philippines without becoming a public charge); and
A policy lever allowing the government to encourage capital inflow and local spending/investment; and
An administrative compliance anchor—many SRRV privileges and continuing validity assume the deposit remains at required levels, unless validly converted into approved investments under the specific SRRV option.

Because SRRV categories and deposit schedules are largely administrative (program-based) rather than statutory, deposit requirements can be changed by PRA policy issuances. Legally, this matters: the “rules” that affect deposits are often found in PRA program guidelines, BI implementation practices, bank documentation, and the specific SRRV option you select.

2) “Non-pension” applicant: meaning and practical consequence

In SRRV usage, a non-pension applicant generally means an applicant not relying on a recognized lifetime pension stream to qualify for the lowest deposit tiers. Some SRRV options use pension status as a basis for lowering the required deposit. If you do not have a qualifying pension—or you prefer not to use it for qualification—the program typically requires a higher deposit.

The deposit requirement therefore depends on two core variables:

SRRV option/category (e.g., “Smile,” “Classic,” etc.); and
Age and/or investment intent (some options tie deposit to whether you will convert the deposit into a PRA-approved investment such as condo purchase, long-term lease, or similar).

3) Deposit amounts for common SRRV non-pension pathways (conceptual schedule)

Across PRA practice, the SRRV categories most relevant to non-pension applicants have generally followed these patterns:

A. SRRV “Smile”-type pathway (typical non-pension route)

Designed for retirees who primarily want residency convenience without an immediate investment conversion.
Requires a higher fixed deposit than pension-supported pathways.
Commonly framed for applicants 35 years old and above.

Deposit concept: a flat deposit amount that remains in the bank as long as the SRRV is active, unless the rules of that option allow conversion (many “Smile” structures are deposit-maintained rather than investment-converted).

B. SRRV “Classic”-type pathway (non-pension variant)

Often structured to allow the deposit to be converted into an approved investment, subject to minimum rules.
Non-pension applicants typically fall under higher deposit thresholds than pension-supported applicants.
Frequently used by applicants who intend to purchase a condominium unit (where legally permissible for foreigners) or engage in other PRA-recognized investments.

Deposit concept: higher deposit initially; once a compliant investment is completed and documented, the deposit may be reduced to a required residual amount, or fully converted depending on the option’s mechanics.

C. Other special or preferential SRRV types

Some SRRV sub-programs exist for narrow groups (e.g., certain former Filipinos, diplomats, specific military affiliations, or medically-oriented variants). These may have very different deposit logic, but many of them are not the typical “non-pension” route used by ordinary foreign applicants, or they have separate qualifying documents that replace pension criteria.

Key point: The “non-pension” label is not itself a visa category; it is a qualification posture that affects which deposit tier applies under the chosen SRRV option.

4) How the deposit is structured legally and operationally

4.1 Where the money goes: PRA-accredited depository bank

The SRRV deposit is placed with a PRA-accredited bank under documentation that typically gives PRA visibility/control consistent with program requirements. The bank paperwork is crucial because it defines:

The account name and signatory structure;
Whether the account is a time deposit or another permitted deposit instrument;
The restriction on withdrawals (commonly, withdrawals require PRA clearance/endorsement); and
The currency denomination (often maintained in a major foreign currency; practices vary by program rules and bank product).

4.2 Source of funds: remittance and compliance screening

Deposits are normally funded by inward remittance traceable through banking channels. This supports compliance with:

Bank know-your-customer requirements;
Anti-money laundering controls; and
Documentary proof that the funds are legitimately sourced and properly remitted.

In practice, banks may require a combination of SWIFT remittance proof, remitter identity documents, and forms for foreign clients, especially where the account is restricted.

4.3 What “maintain the deposit” means

Maintaining the deposit usually means:

The deposit must not fall below the required minimum for your SRRV option;
Interest (if any) may accrue according to the deposit product, but the principal must remain compliant;
Any conversion (investment use) must be expressly permitted by the chosen SRRV option and documented to PRA.

Failing to maintain the required deposit can trigger PRA non-endorsement actions and may compromise ongoing SRRV status in BI’s implementation.

5) Deposit conversion and permitted uses (for options that allow it)

Where a non-pension SRRV option allows conversion of the deposit into an investment, the legal and practical limits tend to revolve around foreign ownership restrictions and PRA program rules.

5.1 Condominium purchase (common investment conversion)

Foreign nationals may generally acquire condominium units subject to constitutional/statutory restrictions, most notably the rule that foreign ownership in a condominium project must not exceed the permitted foreign ownership threshold under Philippine law. PRA programs often accept condo acquisition as a qualifying investment, but the applicant must demonstrate:

Valid property title/condo documents;
Payment trail consistent with the deposit conversion rules;
Project eligibility (e.g., compliance with foreign ownership caps is usually handled at the project level); and
PRA documentary requirements for recognizing the investment as SRRV-compliant.

Land purchase by foreigners is generally restricted; many SRRV programs therefore focus on condominium units rather than land.

5.2 Long-term lease and other recognized investments

Some program variants recognize long-term lease arrangements or other investment forms. These can be document-heavy because PRA will typically require:

Executed contracts meeting duration/terms rules;
Proof of payments;
Property owner identity and authority documents; and
Confirmation that the structure fits PRA’s recognized investment menu.

5.3 Residual deposit requirement after conversion

Even when investment conversion is allowed, many SRRV designs retain a concept of a minimum residual deposit (or a required remaining balance) depending on your option. That residual is not a mere formality; it functions as continuing financial assurance.

6) Dependents: impact on deposit requirements

SRRV programs often allow qualifying dependents (commonly a spouse and dependent children within defined age/relationship rules). When dependents are included, programs may require:

An additional deposit increment per dependent; or
A higher overall deposit threshold for “family” applications.

This is one of the most important practical issues for non-pension applicants because the base non-pension deposit can be significantly increased by dependent inclusion, and the deposit must be maintained at that higher level unless reduced by a permitted and documented investment conversion (where applicable).

7) Documentary requirements tied to the deposit (what is usually scrutinized)

Although exact lists vary, deposit compliance typically requires documentation across four clusters:

7.1 Bank issuance documents

Bank certificate of deposit / time deposit certificate;
Account opening forms and signature cards;
Proof of inward remittance funding;
Any bank restriction/annotation confirming withdrawal controls consistent with PRA requirements.

7.2 PRA program compliance documents

PRA application forms and undertakings;
Proof that the deposit meets the required minimum for the selected SRRV option;
Where applicable, PRA pre-approval and post-approval documentation for investment conversion.

7.3 Immigration documents (BI implementation)

Passport, visas, entry records;
Medical and police clearances (as required by program rules);
BI forms as endorsed/required through PRA processing.

7.4 Anti-fraud and identity documents

Identity proofs, apostilled/legalized documents where required;
Marriage/birth certificates for dependents;
Consular or apostille authentication depending on the issuing country.

8) Legal character of the deposit: ownership vs. restriction

A recurring misconception is that the SRRV deposit is “paid to the government.” Typically, the deposit is placed in a bank account and remains the applicant’s funds, but it is restricted by the account structure and PRA program conditions.

Legally and practically, that means:

You retain beneficial ownership, but cannot freely withdraw without PRA clearance (and sometimes without satisfying investment/exit conditions).
The deposit’s restricted nature is an administrative condition attached to the SRRV privilege.
When you exit the SRRV program properly (cancellation/termination with clearance), the deposit can usually be released subject to completing the required steps and satisfying bank compliance.

9) Withdrawal, exit clearance, and cancellation mechanics

When an SRRV holder intends to leave the program and recover the deposit, the process usually involves:

PRA clearance confirming SRRV cancellation/termination processing;
BI implementation steps consistent with the visa’s legal closure;
Bank release of the restricted deposit upon PRA’s written authorization.

If the deposit was converted into an investment (e.g., condominium purchase), the “recovery” is not a simple withdrawal—it is tied to the asset disposition rules and any PRA conditions on maintaining qualifying investments during SRRV validity.

10) Common legal and compliance pitfalls for non-pension applicants

10.1 Choosing the wrong SRRV option for your financial posture

Non-pension applicants often select a deposit-heavy option and later realize they wanted an investment-conversion pathway, or vice versa. This matters because the deposit’s rigidity can differ substantially across options.

10.2 Funding the deposit incorrectly

Using informal channels, mismatched remitter names, or incomplete bank remittance documentation can lead to delays or rejection due to bank compliance and PRA traceability requirements.

10.3 Assuming “deposit conversion” is automatic

Investment conversion typically requires PRA-recognized documentation and sequencing (often including pre-approval and confirmation of eligible investment). Doing the transaction first and seeking recognition afterward can create compliance risk.

10.4 Foreign property law constraints

Non-pension applicants who plan to “use the deposit to buy land” often encounter the Philippines’ foreign ownership restrictions. Condominium purchase is the more typical route where allowed; land acquisition is generally restricted for foreigners.

10.5 Dependent additions after approval

Adding dependents later may require deposit top-ups and additional documentary compliance; failing to adjust the deposit can create continuing compliance issues.

11) Practical legal takeaways

The deposit is a program condition attached to a privileged residency scheme administered by PRA and implemented through BI.
For non-pension applicants, the SRRV route commonly requires higher deposits, especially where the program does not rely on pension qualification.
The deposit is typically restricted but owned by the applicant, and its release is tied to PRA clearance and proper visa closure steps.
Where investment conversion is permitted, the deposit can function as a capital source for a qualifying investment, but only within PRA rules and Philippine foreign ownership constraints.

12) Notes on stability of requirements

SRRV deposit schedules, eligible investments, and category rules are administrative and policy-driven and may be revised by PRA without legislative amendment. Any legal analysis of “deposit requirements” must therefore treat the specific amount and allowed conversions as current-policy dependent, even though the underlying framework (restricted bank deposit as a condition for SRRV privileges) remains consistent across program designs.