srrv - Philippine Retirement Authority

II. REQUIRED VISA DEPOSITSRRVCLASSICSRRVSMILESRRVCOURTESYSRRVHUMAN TOUCH35 to 49 years old:US$50,000.0050 years old &above:35 years old & aboveUS$20,000.0035 years old & above:US$ 1,500.0035 years old &above:US$10,000.00A. With PensionUS$10,000.00B. Without PensionUS$20,000.00*Above visa deposit is for the Principal Retiree and 2 dependents. In excess of two (2) dependents, anadditional visa deposit of US$15,000.00 is needed for each additional dependent This rule does notapply to SRRV Human Touch since only one (1) dependent is allowed, and to Former Filipino citizenssince the additional deposit is waived.*The With Pension and Without Pension Schemes under the SRRV Classic are for those Principalretirees who are 50 years old and above.*If a Principal Applicant will join under the With Pension Scheme, Pension documents must bepresented as additional requirements including a proof of monthly pension of US$800 for a retiree orUS$1,000 for a couple.III.CONVERTIBILITY OF VISA DEPOSITSRRVSRRVCLASSICSMILESRRVCOURTESYSRRVHUMAN TOUCHThe Visa Deposit maybe used forinvestment/s in realestate properties(purchase/lease ofready for occupancycondominium units,lease of house/ house& lot) which is valuedat a minimum ofUS$50,000.00.The Visa Deposit isREQUIRED to bemaintained in a PRAdesignated bank andMAY only be withdrawn:-Upon cancellation of theSRRV-To satisfy end of termneeds or catastrophicobligations e.g. extrememedical condition, death,repatriationThe Visa deposit may beused for investment inreal estate properties(purchase/ lease ofcondominium units, leaseof house/ house & lot).An annual Visitorial Feeof US$15.00 must bepaid to PRA once the visadeposit has beenconverted to investment.The Visa Deposit MUSTonly be maintained in aPRA designated bankand MAY only bewithdrawn :-Upon cancellation of theSRRV-To satisfy end of termneeds or catastrophicobligations e.g. extrememedical condition, death,repatriation*A retiree that will opt to convert the visa deposit into active investment must submit the documentaryrequirements enumerated at the PRA Checklist.*For purchase/long-term lease of condominium units or other real estate properties, the CondominiumCertificate of Title (CCT) or Transfer Certificate of Title (TCT) must be annotated with the PRArestriction*Where the retiree opts to sell the investment made, retiree must re-deposit the proceeds of the sales(equivalent to the original visa deposit) to a PRA designated bank.8