SIRV Visa Explained: How Foreign Investment Can Secure Permanent Residency in the Philippines

A foreigner who has invested or is planning to invest in the Philippines with the intention of establishing a residence in the Philippines can avail of the Special Investor’s Resident Visa Program (SIRV).

This visa is open to anyone who is at least 21 years old willing to invest of US$75,000 into a viable economic activity pursuant to Book V of the Omnibus Investments Code. The foreign national hast to first submit a letter of intent to apply for the visa to the Incentives Administration Service of the BOI. The BOI then prepares and endorsement letter to any of the accredited depositary bank that the applicant would deposit to the bank. Instructions would be given to the applicant on how to make the deposit.

A foreigner who already has invested in an existing or newly formed can still avail of this visa. He has to show proof that he has remitted at least US$75,000.00 within twelve months prior to the application. If the inward remittance is below this amount, he can make an

additional remittance to cover the balance.

Spouses and children below 21 years old of a holder of the SIRV are qualified dependents who can also apply for the SIRV.

Investments/shares in existing or proposed corporations are the eligible forms of investment. These corporations may be in publicly- listed companies; in companies engaged in areas listed in the Investment Priorities Plan (IPP) of the Board of Investments; those engaged in the manufacturing and services sectors; or companies in the following major sectoral classifications:

a) Business services (such as BPO, consultancy, etc.);

b) Communication services;

c) Construction and related engineering services;

d) Distribution services;

e) Educational services; environmental services; financial services;

h) Health related and social services;

i) Tourism and travel related services;

j) Recreational, cultural and sporting services;

k) Transport services, and others.

When the foreigner decides to convert his deposit into an investment, the bank shall issue a check payable to the designated corporation where the investment will be made or to the stock-brokerage firm in case the investment will be into a publicly-listed corporation.

To apply, the foreigner shall need the following documents in three sets:

a) Application form filled up and duly notarized, with recent ID pictures;

b) Accomplished Personal History Statement Form (PHSF) from National Intelligence Coordinating Agency (NICA) (including dependents over 14 years old);

c) Police Clearance from the applicant’s country or place of residence, competent to give information about the criminal record that applicant may have, duly authenticated by the Philippine Embassy; or Certification of no criminal liability by the INTERPOL Division of the National Bureau of Investigation (NBI);

d) Medical Certificate from any government hospital or health facility or any licensed and accredited hospital or health facility in the applicant’s home country certifying that the applicant is physically fit.

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