SRRV Smile vs. SRRV Classic: Philippine Retirement Visa Requirements and Benefits

This explainer is written for the Philippine context and compares the Special Resident Retiree’s Visa (SRRV) Smile and SRRV Classic administered by the Philippine Retirement Authority (PRA). It is a practical, legal-style guide. Rules, fees, and age thresholds do change; treat specific amounts below as typical benchmarks and verify the latest PRA circulars before acting.

What the SRRV Is (and Isn’t)

Legal nature. The SRRV is a special non-immigrant visa issued under the authority of the Philippine Immigration Act (commonly implemented via special-visa authority and PRA rules). It grants indefinite multiple-entry and stay while you maintain program compliance.
Not citizenship or permanent residency in the constitutional sense. It’s a PRA-administered stay privilege; it can be revoked for cause and lapses if you fail to maintain deposits, report annually, or breach conditions.
Who runs it. The Philippine Retirement Authority (PRA), coordinating with the Bureau of Immigration (BI), banks, and, where applicable, property registries.

The Two Flagship Options at a Glance

Feature	SRRV Smile	SRRV Classic
Core idea	Keep a time deposit parked with a PRA-accredited bank; deposit may not be converted to a property or business investment.	Start with a time deposit that you may convert (fully/partly) into an eligible condominium purchase or long-term land lease (house/lot via lease; foreigners can’t own land).
Typical age eligibility	35+ (PRA has revised age thresholds from time to time).	Commonly 50+, with a higher-deposit track for 35–49.
Deposit (typical)	US$20,000 (baseline).	If 50+ with pension (e.g., ≥US$800/month single or ≥US$1,000 couple): US$10,000. If 50+ without pension: US$20,000. If 35–49: US$50,000.
Pension requirement	None (deposit is higher because it stays intact).	Lower deposit is possible with a qualifying lifetime pension.
Convert deposit to investment	No.	Yes—to an eligible condo or long-term lease (subject to PRA rules, minimums, and appraisal/registration).
Best for	“Try-and-see” residents, renters, or those not ready to buy/lease property.	Settlers who want to anchor the visa to property/long-term lease or diversify into investments allowed by PRA.

PRA has, at times, paused or adjusted some sub-categories (including Smile) or age brackets. If timing is critical, confirm current intake status directly with PRA.

Who You Can Bring

Dependents. Your lawful spouse and unmarried children (typically under 21) may be included as dependents if documentary proof is provided (birth/marriage certificates duly apostilled/consularized).
Deposit coverage. PRA rules set how many dependents a base deposit covers and the additional deposit (if any) for extra dependents; the annual PRA fee often covers the principal + up to two dependents with a per-dependent add-on thereafter.

Money, Fees, and Bank Mechanics (Typical)

Application fee (one-time, typical): US$1,400 for the principal; US$300 per dependent.
Annual PRA fee (APR): US$360/year covers the principal + up to two dependents; US$100/year per additional dependent.
Time deposit. Placed with a PRA-accredited Philippine bank in USD or PHP equivalent; must remain unencumbered and free of holds unrelated to the program. Interest, tenor, and early-termination rules are per bank.
Access to deposit.
- Smile: deposit must remain intact while the visa is active.
- Classic: you may apply to convert the deposit to an eligible investment (e.g., condo title in your name; or a long-term lease—commonly 25 years, renewable—registered and compliant). If you later sell the property or the lease ends, you must replenish the deposit or re-invest per PRA rules to keep the visa alive.

Documentary Requirements (What You’ll Prepare)

Valid passport (with adequate validity and latest entry stamp).
Police clearance from your country/last country of residence; and NBI clearance (or BI clearance) if you have been in the Philippines beyond the threshold period set in PRA/BI rules.
Medical certificate on PRA form from a licensed physician/clinic.
Proof of pension (if applying for Classic with the lower deposit tier).
Civil status and dependency proof: apostilled/consularized marriage and birth certificates for spouse/children.
Photos meeting PRA specs.
Bank certification of the time deposit (from a PRA-accredited bank).
Application forms and fee receipts as required by PRA.

Immigration & Lifestyle Benefits (Common to Both)

Indefinite stay & multiple entry. Remain in the Philippines as long as you keep your SRRV current; re-enter freely without separate re-entry permits.
BI convenience. SRRV holders typically do not need the Emigration Clearance Certificate (ECC) for departures tied to temporary travel; the SRRV ID and PRA coordination cover many BI formalities.
Household goods import. One-time duty-free importation of personal/household goods (commonly cited at up to ~US$7,000), subject to customs rules and timelines from visa issuance.
Travel-tax handling. SRRV holders may qualify for travel-tax exemption or reduced travel tax depending on residence duration and PRA certification at time of departure (apply through PRA before flying).
Local integration. Open local bank accounts, get local phone/internet, rent or buy a condominium (title in your name), and lease land long-term (house ownership is possible; land remains restricted).

Ongoing Obligations

Annual PRA Reporting (APR). Pay the annual fee and update your address, contact info, and dependents’ status.
Keep deposit/investment compliant. Deposit must remain intact (Smile) or the property/lease must remain valid and properly registered (Classic).
Status changes. Report marriage, divorce, child reaching age limit, or death of a dependent; update passports; replace lost SRRV ID promptly.
Good conduct. Criminal convictions, immigration violations, or misrepresentation can lead to cancellation.

Work, Business, and Tax Basics

Employment. The SRRV itself does not authorize employment. To work for a Philippine employer, obtain an Alien Employment Permit (AEP) and any required work visa/authority (BI process).
Doing business/investing. You may invest, sit on a board, or operate a business subject to the Foreign Investments Negative List, equity caps, special industry laws, and standard registrations (SEC/DTI, BIR, LGU permits).
Taxes. Philippine tax residence is a separate analysis (days of presence and other rules). Resident aliens are taxed on Philippine-sourced income under current law; non-resident categories differ. Keep personal tax advice tailored and current.

How the Classic Investment Path Works (in practice)

Condominium purchase. Title in your name (foreigners can own condo units; total foreign ownership in a building is capped). PRA will require proof of ownership, title/condo cert, and often an appraisal/valuation.
Long-term land lease. You can enter a 25-year lease (renewable for another 25) to build/own a house; the land remains with the lessor (often a Filipino owner). Register the lease and improvements properly.
Converting the deposit. Apply with PRA to convert the time deposit into the investment. After approval/registration, the visa remains anchored to the property/lease; if you dispose of it, re-deposit or reinvest to stay compliant.

Step-by-Step Application Flow

Choose your track: Smile (keep deposit) or Classic (plan to invest).
Open the PRA-accredited bank deposit and fund the required amount.
Compile documents (police & medical clearances, civil docs, pension proof if applicable).
File the SRRV application with fees; undergo BI/PRA vetting.
Issuance of SRRV ID and registration.
(Classic only) If converting deposit to property/lease, complete purchase/lease, register titles/contracts, and file the conversion with PRA.

Changing Your Mind Later

Smile → Classic. Common and feasible: acquire an eligible condo/lease and apply to convert (subject to minimums and documentary proofs).
Classic → Smile. If you sell or your lease ends, you may shift back by re-establishing the required time deposit (approval required).
Cancelling SRRV. You may voluntarily cancel and recover your deposit after clearances and surrendering the SRRV ID; expect processing time and possible bank charges.

Practical Decision Guide

Pick SRRV Smile if you want maximum liquidity, plan to rent, or are still exploring locales; you accept that the deposit stays locked while the visa is active.
Pick SRRV Classic if you aim to settle, wish to own a condo or secure a long-term lease, and prefer your deposit to work as an investment anchor for the visa.

Common Pitfalls (and How to Avoid Them)

Relying on outdated age/deposit tables. PRA tweaks these; double-check before wiring funds.
Un-apostilled civil documents. Apostille/consularization saves weeks later.
Buying ineligible property. Not all condos/leases qualify; verify before signing.
Missing annual reporting. The APR is mandatory—calendar it.
Assuming work rights. Obtain AEP/work authorization first.
Letting deposit lapse at bank rollover. Keep the time deposit active and unencumbered.

Quick Reference (Typical Numbers)

Application fee: US$1,400 (principal) + US$300/dependent (one-time).
Annual PRA fee: US$360 covers principal + up to two dependents; +US$100 each additional dependent.
Deposits:
- Smile: US$20,000.
- Classic: US$10,000 (50+ with qualifying pension), US$20,000 (50+ without pension), US$50,000 (35–49).
Key benefits: multiple-entry/indefinite stay, streamlined BI formalities (no separate re-entry permits; ECC usually not required), one-time duty-free import of household goods (commonly cited up to ~US$7,000), property/lease options under Classic.

This guide provides general legal information, not legal advice. Because PRA circulars and BI practices evolve, confirm current requirements, fees, and category availability with the Philippine Retirement Authority or a Philippine immigration lawyer before you apply.