Special Investor’s Resident Visa (SIRV) Program
An important aspect of this visa is it provides permanent residence in the Philippines. The process requires the applicant to be approved by the Board Of Investments then by the Bureau Of Immigration (BOI). The investment must be in a business or option outlined by the government. Deposits are usually paid through Land Bank of the Philippines (JBP) or the Development Bank of the Philippines (DBP) Age requirements are considerably less than other options. Twenty-one in the minimum age requirement. This visa is available to all foreign nationals of good character. Spouse and dependent under age 21 can be included in the application. Requirements for approval for this visa are investment(s) in ownership of existing or proposed corporations. Manufacturing and services
companies are also options.
Please note that ownership of shares in companies who are already involved in investing in condominium units or partnerships is prohibited.
What is the SIRV Program?
The SIRV Program is a government initiative aimed at attracting foreign investments into the Philippines. Investors are required to remit a minimum of US$75,000 into the country and invest in viable economic activities according to the Omnibus Investments Code.
Who Can Avail of the Program?
Any foreign individual aged at least twenty-one (21) years who meets specific qualifications can apply, including having a clean legal record, good health, and willingness to invest at least US$75,000 in eligible forms of investment.
How Can Foreign Nationals Remit Funds to the Philippines?
Applicants must submit an intention letter to apply for SIRV to the Incentives Administration Service of the BOI. The endorsed letter is then sent to an accredited depository bank where the applicant can remit funds. Assistance is provided by the bank in opening a time deposit account.
Can Investors with Existing Investments Apply for SIRV?
Yes, investors with existing eligible investments may apply for SIRV, provided they meet specific conditions, including proof of remittance and compliance with investment regulations.
Who are Considered Dependents Under the SIRV Program?
Only the spouse and unmarried children under 21 years old of the SIRV applicant qualify as dependents.
What Forms of Investment are Allowed?
Eligible forms of investment include shares of stock in corporations engaged in various sectors such as manufacturing, services, and government securities.
Are Restaurant Businesses Eligible for Investment?
No, restaurant businesses are considered retail trading and are not eligible under the SIRV Program.
How Can Investors Withdraw Funds for Investment?
Withdrawal for investment purposes is facilitated by the accredited bank, issuing a check directly to the designated corporation or stockbrokerage firm.
Where Can Applicants Obtain Application Forms?
Application forms and additional requirements can be obtained from the Incentives Administration Service at the Board of Investments or downloaded from their official website.
What is the Application Fee?
The application fee is US$300.00 per person for the principal applicant and each dependent.
What is the Processing Time for SIRV Application?
Processing time varies but typically takes around 7 working days for the initial application and conversion from Probationary to Indefinite SIRV.
What are the Grounds for Cancellation/Revocation of SIRV and SIRV ID Card?
Grounds include failure to meet investment requirements, fraudulent misrepresentation, and conviction of certain crimes.
Is Residency Obligation Required?
No residency obligation is required, but annual reports must be submitted to the BOI to maintain Indefinite status.
Invest in the Philippines with ease and explore the opportunities offered by the SIRV Program today!