Immigrate to Philippines and apply for Special Resident Retiree’s Visa (SRRV) (2024)

Visa-free or Visa on arrival to 86 countries, including Southeast Asia, Hong Kong, Brazil

Access to educational and healthcare benefits

The right to live and work in Philippines at all times

Able to buy landed properties

Fast and easy process

Low cost of living

Low cost program

English speaking country

Warm climate

The right to live and work in Philippines, without any time limit

National Flag ofPhilippines

CurrencyPHP

Area Code63

CapitalManila

ContinentAsia

Native Languages, English,

Population99,900,177

The Republic of the Philippines is a Southeast Asian country, located in the Pacific Ocean, and is a member of the ASEAN. It is formed by an archipelago made up of 7,107 islands, divided in three islands groups: Luzon, Visayas Islands and Mindanao.

To the north the Philippines is separated from the island of Taiwan by the Strait of Luzon, to the west from the South China Sea and Vietnam, to the south, the island of Borneo and the sea of Celebes which separates it from other islands of Indonesia, and to the east stretches the Philippine sea. Its location in the Pacific’s 'Ring of Fire', making it prone to earthquakes and volcanic eruptions, while its tropical climate and island topography leaves it with some stunning beaches and landscapes, but also very susceptible to typhoons.

It has a population of over 102 million inhabitants, making it the 12th most populated country worldwide. In addition, there are 11 million Filipinos that live abroad. Its capital is Manila, located in the island of Luzon. Metro Manila is the most populated metropolitan area in the Philippines and the tenth largest in the world, with a population estimated at 20.5 million, which includes Quezon, its most populated city. Its official languages are English and Filipino besides 8 regional languages. Its official currency is the Philippine Peso (PHP).

An individual may be considered a tax-resident in the Philippines if he or she stays more than 180 days in the country during a calendar year.

Tax-residents are subject to personal income tax on their worldwide income, whereas non-residents are taxed on Filipino-source income.

SRR visa holders are exempted from taxation on their pension and/or annuities earned abroad, whether they are remitted or not.

Tax-residents’ personal income is taxed at progressive rates up to 32% on income exceeding PHP500,000. Non-residents are subject to a flat rate of 25% on their income accrued in the Philippines. Expatriates employed by certain entities or industries may be taxed at a reduced rate of 15%.

Investment income earned by tax-residents is usually taxed at 20%. However, this excludes interest on residents’ deposits under the expanded foreign currency deposit system (FCDU) accounts, which are taxed at 7.5% and dividends received from resident entities, which are subject to a 10% final tax.

Capital gains from the sales of shares listed and traded in the stock exchange are taxed at 0.5% on the gross amount. Net gains derived from unlisted shares are subject to a 5% tax on the first PHP100,000 and 10% on the excess. Immovable property gains are taxed at a 6% of the higher of its gross sales price or fair market value.

The Philippines has not enacted controlled foreign company (CFC) rules, therefore passive income earned and retained in foreign entities own by tax residents may not be attributable.

Real property tax is levied up to 3% of the assessed value. Transfers of immovable properties are subject to local taxes up to 0.3%. Other transfer taxes may apply for certain transactions.

Inheritance is subject to a progressive tax rate that ranges from 5% to 20%. There are no taxes on net wealth.

The sale of certain goods and services are subject to V.A.T. at a 12% rate.

Regarding corporate taxation, resident entities are subject to a 30% tax on their worldwide income. Regional operating headquarters (ROHQ) are subject to a reduced 10% tax rate. To learn more about Filipino corporate taxation, legal framework and tax treaties, check out incorporatios.io/philippines.

This should not be construed as tax advice. We have access to a global network of qualified attorneys and accountants who can give you the proper advice for your particular circ*mstances. Contact us for further information.