Foreign nationals looking to retire in the Philippines will soon have additional investment options, following the signing of an agreement between the Authority of the Freeport Area of Bataan (AFAB) and the Philippine Retirement Authority (PRA).
PRA is mandated to develop and promote the Philippines as a retirement haven, in order to accelerate the social and economic development of the country, and strengthen its foreign exchange position
AFAB meanwhile has the power to endorse to the PRA, applications for Special Resident Retiree Visas, or SRRVs, for retirees who intend to reside and invest in the Freeport Area of Bataan.
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SRRVs are special non-immigrant visas that permit multiple entry, indefinite stay, and other benefits to foreign nationals opting to retire or reside permanently in the country.
Under the agreement, AFAB and PRA will develop an AFAB-PRA Retirement and Investment Program which will make available SRRVs to investor-retiree applicants.
The agreement between the two government agencies was signed by the Authority of the Freeport Area of Bataan Administrator and CEO Mohammed Hussein P. Pangandaman and Philippine Retirement Authority General Manager and CEO Roberto Z. Zozobrado.
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