Special Investors Resident Visa Program
Investment immigration is where an individual can apply under the desired countries’ investment immigration program for a permanent residency visa, through investment of monetary funds. The residency visa is granted on approval of the individual’s investment plan and will enable the applicant to live and carry out business in that country, together with dependants. Generally, most jurisdictions provide the opportunity for the investor to sponsor his family to reside with him. Each jurisdiction has different requirements to be met in order to qualify for a residency visa through investment.
The Philippines is a popular location for many foreign investors seeking permanent residency. It boasts a high standard of living and features a strong political and financial infrastructure with a solid and prominent legal framework. Situated in a strategic geographical location for international business relations, particularly with America, the country boasts a strong economy with many international business relationships and investors welcomed. Education and healthcare are accessible and of a good standard, while living expenses are relatively low.
Under the Omnibus Investments code 1987, the Special Investors Resident Visa was established to enable the investor to remain in the Philippines for an indefinite period of time, provided that the conditions and regulations associated with the investment visa are adhered to.
Conditions to satisfy include:
The type of investments allowed under the SIRV program include investments or shares in new, proposed or existing business enterprises in the Philippines.
Such investments can be in the form of:
Service sector enterprises for the purpose of obtaining an SIRV through investment into this sector include: business services, distribution services, educational services, environmental services, healthcare, tourism and travel services and transport services.
Companies engaging in wholesale trading are not allowed to be invested in under the SIRV program, nor can investments in condominium units or partnerships be allowed.
The applicant applying for a SIRV will be granted one for an initial validity period of 6 months, however this initial visa can be extended to an indefinite SIRV where the applicant submits all the required documents to the Board of Investors. Upon receipt of the SIRV permanent visa, the applicant and his dependants will also receive an SIRV ID card exempting them from the Emigration Clearance Certificate and the Alien Certificate of Registration from the Bureau of Immigration.