Special Investor’s Resident Visa (SIRV)
The SIRV refers to the visa issued to foreign nationals and entitles the holder to an indefinite residence in the Philippines. The SIRV is issued by the BI after the applicant has been endorsed by the Board of Investment (BOI). The visa grants the holder multiple entry privileges provided that the foreign national investments subsist in the Republic of Philippine.
Foreign nationals can file applications for the SIRV in the Philippine embassy or consulate in the applicants’ home country or to the Board of investment if the investor is already in the Philippines. Not all foreign nationals are legible to the SIRV as they have to be a qualified department of foreign affairs. For the foreign nationals to be qualified, they have to be above 21 years of age, and those below are qualified as dependents of those qualified. SIRVs issued by the BI can either be a probationary SIRVs or an indefinite SIRV. Probationary SIRV is valid for six months while an indefinite SIRV is valid as long as the visa holder maintains the required investments in the Philippines. The remittances of the investments by the holders are made through accredited depository banks in the Philippines. Once the application of the SIRV is granted by the BOI, the holder undergoes a briefing as an SIRV holder followed by the issuance of SIRV ID renewable annually. The IDs are valid for three years and renewed by the BOI every three years. For security purposes, investments or shares of stocks in existing, new or proposed corporations are only allowed as eligible forms of investment.
Benefits of SIRV
- They are secure as investments are made in only existing, new or proposed corporations
- Holders enjoy residing in the Philippines indefinitely provided that their investments subsist in the Philippines
- Holders of the visa are entitled to import duty-free household goods and personal effects just like aliens settling in the Philippines for the first time.
- The investments made earn returns to the visa holders
- The visa covers the holder in addition to his or her dependent
Documentary Requirements for SIRV
- Application form duly filled up and notarized, with recent photographs
- Accomplished Personal History Statement Form (PHSF) from National Intelligence Coordinating Agency (NICA) together with either clearance from the Central Government Agency of 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 the INTERPOL Division of the National Bureau of Investigation (NBI) indicating that the applicant has not been convicted by final judgment of a crime involving moral turpitude.
- Medical Certificate from the Department of Health, 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. The Medical Certificate should be validated by the National Quarantine Office of the Department of Health within 10 days after arrival in the Philippines for those whose probationary SIRV was issued the Philippine Foreign Service Posts or prior to the filing of SIRV application for those whose application is filed at the Board of Investments.
- Certification from the Land Bank of the Philippines (LBP) or the Development Bank of the Philippines (DBP) as to the amount inwardly remitted by the applicant and its conversion to pesos.
- A certified true copy of the certificate of peso time deposit for a minimum maturity period of thirty (30) days.
- Birth Certificate/Family Registry/Household Registry authenticated by the Philippine consulate or embassy located in the applicant’s home country or the applicant’s embassy in the Philippines.
- If applicable, a marriage contract authenticated by the Philippine consulate/embassy located in the applicant’s home country or the applicant’s embassy in the Philippines.