The Special Resident Retiree’s Visa (SRRV) is widely regarded as one of the most accessible retirement visa programmes in the world. The Retirement Abroad Index 2026 ranked the Philippines #1 globally, with a score of 17 out of 20 for visa accessibility. But “accessible” does not mean “cheap.” Understanding exactly what you will pay—and what happens to your money—is essential before you start the application process.
This guide breaks down every cost associated with the SRRV in 2026: the deposit, the fees, the annual charges, and the critical details that most online guides gloss over.
The Visa Deposit: Your Money, Held in Trust
The SRRV deposit is not a fee. It is a time deposit held in a PRA-accredited Philippine bank, and it remains your property. The deposit is fully refundable when you surrender your visa.
The required deposit amount depends on two factors: your age and whether you receive a qualifying lifetime pension.
Age 50 and above with a qualifying pension
You are required to place a deposit of USD 15,000. To qualify for this lower tier, you must also demonstrate a minimum monthly pension of USD 800 for a single applicant or USD 1,000 if you are applying with a spouse. The pension must be a lifetime pension, not a drawdown account.
Age 50 and above without a pension
You are required to place a deposit of USD 30,000. No pension is required. This is the standard deposit for retirees who have savings but no regular monthly pension.
Age 40 to 49 with a qualifying pension
You are required to place a deposit of USD 25,000. Like the 50+ pensioner tier, you must demonstrate a minimum monthly pension of USD 800.
Age 40 to 49 without a pension
You are required to place a deposit of USD 50,000. This is the highest deposit tier in the SRRV Classic programme.
Important: The minimum application age for new SRRV applicants was lowered from 50 to 40 in September 2025. Applicants aged 40 to 49 face significantly higher deposit requirements than those aged 50 and above.
The SRRV Courtesy Category
The SRRV Courtesy is a separate category designed for former Filipino citizens, retired diplomats, international organisation officers, and recognised achievers. Deposits for this category start as low as USD 1,500 for applicants aged 50 and above.
The Courtesy category is not available to ordinary foreign nationals. If you do not fall into one of the eligible groups, you must apply under the SRRV Classic programme.
The Application Processing Fee
The processing fee is a one-time, non-refundable payment to the Philippine Retirement Authority. This fee covers the cost of evaluating your application and issuing your SRRV.
Principal Applicant
The processing fee for the principal applicant is USD 1,600. Some sources still reference the previous fee of USD 1,400, but the PRA confirmed in late 2025 that the fee had increased to USD 1,600 for principal applicants.
Each Dependent
Each dependent included in your application—your spouse and each unmarried child under 21—incurs an additional processing fee of USD 300.
Total Application Fee Example
A married couple with no children would pay USD 1,600 for the principal applicant and USD 300 for the spouse, for a total processing fee of USD 1,900.
The Annual Fee
Once your SRRV is approved, you must pay an annual fee to maintain your visa status.
Standard Annual Fee
The annual fee for the SRRV Classic is USD 360 per year. This fee covers the principal applicant and up to two dependents.
Additional Dependents
If you have more than two dependents, an additional fee of USD 100 per year applies for each extra dependent.
Payment Requirements
The annual fee must be paid every year to keep your SRRV active. Non-payment can result in suspension of your visa status.
Can You Use the Deposit?
This is one of the most misunderstood aspects of the SRRV programme. Yes, you can use your deposit—but only under specific conditions.
For Property Purchase
If you intend to use your visa deposit to buy a condominium unit or acquire a long-term lease of a house and lot, the deposit may be withdrawn for conversion into an investment after a holding period of thirty days from the date your SRRV is issued.
For Living Expenses
You can technically use the deposit for living expenses, but there are rules. The deposit is intended to remain in the bank as a demonstration of your financial capacity. Withdrawing it for day-to-day expenses may affect your visa status.
Important Restriction
During the period your SRRV is active, the deposit cannot be withdrawn. It is tied to your visa status.
Refundability: Getting Your Money Back
The deposit is fully refundable if you decide to cancel your SRRV.
The Process
Once your SRRV is officially cancelled and all obligations are cleared—such as tax or property ownership issues—the PRA will authorise the release of your time deposit.
The Timeline
The refund process typically takes around 2 to 3 months.
Currency
The deposit is held in US dollars and is returned in US dollars, which protects you from currency fluctuations.
PRA-Accredited Banks
Your deposit must be held in a PRA-accredited bank. As of 2026, the list includes:
Government Banks
- Development Bank of the Philippines (DBP)
Private Banks
- Philippine National Bank (PNB)
- Banco de Oro (BDO)
- Bank of the Philippine Islands (BPI)
- Unionbank
- Security Bank
- Yuanta Savings Bank (Philippines)
The PRA has continued to expand its network of accredited banks. In early 2026, Yuanta Savings Bank rejoined the list of PRA-designated banks. Security Bank also partnered with the PRA to provide priority banking services to SRRV applicants.
Important: The deposit must be remitted as an inward transfer from a bank abroad. Funds deposited from within the Philippines are not accepted.
The PRA’s Revenue Picture
Understanding the PRA’s financial structure provides useful context. The agency is targeting ₱1.3 billion in revenues for 2026.
About one-third of PRA revenues come from application fees. Another one-third comes from management fees and interest earned on retiree visa deposits held by government banks. The rest is generated from annual dues of existing SRRV holders.
Retirees currently maintain roughly USD 20 billion in visa deposits with the Development Bank of the Philippines and Land Bank.
The PRA has also partnered with hotels, restaurants, and leisure establishments nationwide to offer 20 percent discounts to SRRV holders.
Common Pitfalls and Red Flags
Outdated information. The SRRV programme underwent significant changes in September 2025. The Smile and Human Touch categories were abolished. The minimum age was lowered to 40. Deposit tiers were restructured. Many online guides still reference the old rules.
Processing fee confusion. Some sources still quote the old processing fee of USD 1,400. The current fee is USD 1,600 for principal applicants. Always confirm the current fee with the PRA directly.
Pension documentation. The PRA requires proof that your pension is a lifetime pension, not a drawdown account. Bank statements showing regular deposits help significantly.
The apostille requirement. Your police clearance must be apostilled in your country of residence, not just any country. This takes time, so sort it before you fly.
The physical presence requirement. All SRRV applicants must be physically present in the Philippines for the whole duration of the application process. You cannot apply entirely from abroad.
Deposit source. The deposit must be remitted as an inward transfer from a bank abroad. Funds deposited from within the Philippines are not accepted.
Summary of Costs
Here is a complete summary of what you will pay for the SRRV in 2026.
Visa Deposit (Refundable)
Age 50 and above with pension: USD 15,000
Age 50 and above without pension: USD 30,000
Age 40 to 49 with pension: USD 25,000
Age 40 to 49 without pension: USD 50,000
Application Processing Fee (One-Time, Non-Refundable)
Principal applicant: USD 1,600
Each dependent: USD 300
Annual Fee (Ongoing)
Standard fee (principal + up to 2 dependents): USD 360 per year
Each additional dependent: USD 100 per year
The Honest Bottom Line
The SRRV is genuinely one of the most accessible retirement visa programmes in the world. The deposit requirements are reasonable compared to countries like Malaysia, which requires around USD 200,000 under its retirement programme. The processing time of 4 to 8 weeks is competitive. And the benefits—permanent residency, multiple entry privileges, tax exemptions, and discounts from partner establishments—are substantial.
But the programme has become more expensive and more complex since the September 2025 reforms. The abolition of the Smile and Human Touch categories means fewer options. The new 40-49 age tier comes with significantly higher deposits—USD 50,000 without a pension versus USD 30,000 for the 50+ group.
If you are 50 or older with a pension of at least USD 800 per month, the SRRV remains an exceptional deal: USD 15,000 deposit, lifetime residency, and a host of benefits. If you are between 40 and 49 without a pension, be prepared for a USD 50,000 deposit and a more expensive application process.
My advice: Work with a PRA-accredited consultant if you can afford one. The PRA has a network of accredited marketers who can guide you through the process, help with document preparation, and ensure your remittance is properly credited. If you choose to apply independently, download the latest forms from pra.gov.ph, read the checklists carefully, and confirm all fees with the PRA directly before you start.
The SRRV is a genuine path to permanent residency in one of the world’s most affordable and welcoming retirement destinations. Just go in with your eyes open, your documents in order, and your budget accurate.
Sources & Methodology: This guide is based on official Philippine Retirement Authority (PRA) announcements, verified industry reports, and accredited consultant disclosures as of June 2026. Key policy changes effective September 2025 have been incorporated. All deposit amounts and fees are sourced from PRA documentation and accredited consultant disclosures. The processing fee of USD 1,600 is sourced from the Manila Standard’s December 2025 report on PRA revenues. This guide is intended for informational purposes only and does not constitute professional financial or legal advice. Always confirm current requirements and fees directly with the PRA before beginning your application.
Author
John Paul Ybañez Paquibot
Licensed Real Estate Broker | PRC No. 00014132 | DHSUD No. CVRFO-B-03/18-2672
Bachelors Realty and Brokerage, Inc. Cebu
G/F Cap Building, Brgy. Corner, Osmeña Blvd.
Arlington Pond St. Extension, Cebu City, 6000 Cebu
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