Megaworld International Condominiums are Perfect for Foreigners Who Retire in the Philippines with a Special Resident Retiree’s Visa (SRRV)
Do you know that foreigners can retire in the Philippines with a Special Resident Retiree’s Visa (SRRV) where they can also own Megaworld International condominiums?
- August 16, 2023
“I have been to 120 countries but the Philippines is the only one that made me want to stay.”
These were the words of Paolo Grazzini, an Italian citizen who has been living and has retired in the Philippines with a Special Resident Retiree’s Visa (SRRV) since the year 2014. He is featured in a video produced and released by the Philippine Retirement Authority in their website.
Yes, it has become attractive for foreigners to retire in the Philippines with a Special Resident Retiree’s Visa (SRRV), a special resident but non-immigrant visa for foreigners who choose to make the Philippines their second home or investment destination. It is considered a “lifestyle” visa that gives foreign nationals perks and benefits including multiple entries and indefinite, extended or permanent stays. It’s perfect for hassle-free and frequent business trips to the country and is proving to be an even better option for elderlies requiring special care for their special needs, especially because Filipinos are truly hospitable.
Here are 10 benefits that makes retiring in the Philippines with a Special Resident Retiree’s Visa attractive for many foreigners:
- The right to reside in the Philippines on a permanent basis
- The ability to come in and go out of the country as they please, much like a Filipino citizen
- An exemption from the Bureau of Immigrations’ (BI) exit clearances and re-entry requirements
- Travel tax exemptions if the SRRV holder has not stayed in the Philippines for more than a year from the date of last entry
- Tax-free importation of household goods and/or personal effects up to US$7,000
- Exemption from the special study permit
- The privilege to work in the Philippines upon issuance of the Alien Employment Permit or (AEP)
- Guaranteed repatriation of their Dollar Time Deposit and/or investment
- The right to lease a parcel of land for 50 years renewable once for another 25 years
- The right to own a condominium unit or townhouse with Condominium Certificate of Title (CCT)
And, yes – you read the last item correctly. Foreigners can own condominiums in the Philippines.
The Philippine Condominium Act allows foreigners to own condominium units, as long as foreign ownership of the building does not exceed 40%. For the top and the best real estate companies in the Philippines such as Megaworld International, the developer monitors ownership by nationality. So if you are a foreigner wishing to inquire, Megaworld has information readily available about which of their property developments you can still acquire. And whatever lifestyle you want to live at retirement, Megaworld will probably have one that suits your needs as perfectly as it can get.
The Key to a Perfect Retirement in the Philippines
You maybe Italian or Japanese, German, French, Canadian, Brit, Australian; wherever in the world you hold a nationality from, you may have just found the key to retire in the Philippines – a Special Resident Retiree’s Visa (SRRV).
The Philippines has a worldwide reputation for its warm and hospitable people, its wonderful beaches, warm climate, natural wonders. It’s marine life, being situated in the world’s coral triangle is enviable. And in fact, the center of the center of marine biodiversity in the coral triangle is in Batangas, south of Metro Manila and just about 2-3 hours drive.
The opportunities for business development are also growing given the affordable labor costs in the Philippines and a population that is
very conversant and good in the English language. The growing business and knowledge process outsourcing (BPO and KPO) industries has brought investments to the country’s shores. It is the perfect place for retirees to find work that is less mentally stressful and allows them still to share and transfer their expertise.
Whether you are into retiring in the Philippines for leisure or for business or for both, the SRRV alongside the ability to own condominiums arguably make retirement here perfect!
After many considerations, condominiums prove to be just the ideal home for foreign nationals. At retirement age, a condominium is just so much easier to manage – it can be the right amount of space with access to parks and gyms and event spaces but without the hassles of managing and maintaining the same by yourself. And with Megaworld International condominiums in townships plus live-work-play-learn concepts, there are even more benefits to retiring in the Philippines with a Special Resident Retiree’s Visa.
But first, what are townships? Townships are developments that are self-efficient and self-sufficient in the most essential aspects. These should be able to provide the basic needs of residents including quality homes, accessibility to work, schools, malls and even recreational and health amenities. For foreign nationals who want to retire in the Philippines with a Special Resident Retiree’s Visa as well as for all other Megaworld condominium property owners, this means living a walkable distance to their workplaces, residing within a few minutes of schools and groceries and entertainment and health complexes.
So, imagine, even for foreign nationals who have kids late in their lives, a Megaworld condominium can provide easy access to a quality learning institution for their children.
If you want to know what options are available with Megaworld, let us give you some perspective.
Foreign nationals who want to live in the center of business, governance and access can choose to stay in Metro Manila, the country’s National Capital Region. Here, Megaworld has a number of townships to consider, including Eastwood City, the country’s first ever cyber park along with Alabang West, McKinley Hill, Forbes Town, Uptown Bonifacio and Newport City.
Megaworld International also offers township options outside of the metro. Click here to see the full list of properties to consider now that hopefully, you are fully convinced about choosing to retire in the Philippines with a Special Resident Retiree’s Visa.
Don’t hesitate to get in touch with us for more information about condominium options and other properties to complement your Special Resident Retiree’s Visa. Speak soon!