FOREIGNERS CAN INVEST IN NAIA GARDEN RESIDENCES
following the guidelines set herein as part of the repatriation program for foreign and Filipino retirees
The NAIA GARDEN RESIDENCES is a joint venture project between the PYRAMID CONSTRUCTION AND ENGINEERING CORPORATION (PCEC) of the Philippines as Developer.
The PHILIPPINE RETIREMENT AUTHORITY (PRA) pra.gov.ph, an agency under the supervision of the Department of Tourism has accredited PYRAMID CONSTRUCTION AND ENGINEERING CORPORATION (PCEC) of the Philippines as Developer to realize this repatriation program of the government. The PRA is the government- owned and operated with the function of promoting the Philippines as a viable retirement haven with a network of real estate, healthcare and lifestyle and economic enterprise to especially designed to serve the foreign retiree community and boost the repatriation program for foreign and Filipino retirees
The visions behind this Project is to build an affordable residential community for foreign retirees and repatriating /retiring Filipino overseas workers looking for an investment property with rich potentials to appreciate in value while it serves their personal use.
The accreditation by the PRA of the NAIA Garden Residences is an added feature of the project and makes a distinction among other investment of the same nature.
With this accreditation, the Project aims to attract retirees from Korea, Japan, China, Taiwan, the United States, Canada and parts of Europe, as well as former Filipino citizens or balikbayans with dual citizenship or OFWs (overseas Filipino workers) that have become citizens of another country.
The main attraction of the retirement program of the PRA is the Special Resident Retiree’s Visa (SRRV), a special non-immigrant resident visa that provides its holder with multiple-entry and indefinite stay status in the Philippines by putting up an investment of US$20,000 to $50,000 in their name, with interest accrued in their favor. After the holding limit of one month, they can stay in this country already and can convert that deposit into an active investment.
In this program, a resident retiree can, without additional deposit, bring a spouse and an unmarried child below 21 years old or if the spouse is not joining, two (2) children (provided that they are unmarried and under 21 years of age). Additional children with the same qualifications may also be allowed to join the principal retiree provided there is an additional deposit.
The SRRV also grants tax-free incentives and privileges, as well as value-added services and benefits that foreign retirees can avail of from establishments such as hotels, resorts, retirement facilities, and restaurants. Children of registered retirees are exempt from student visas.
“Another advantage the Philippines has over other countries in the retirement business is the worldwide reputation for its highly efficient and professional doctors, nurses and caregivers.”
As a general rule, anyone regardless of nationality may invest in the Philippines. However, foreign nationals enrolled in the Retirement Program are, under the Authority’s existing Implementing Investment Guidelines, permitted after holding period of 30 days from the issuance of the SRR Visa, to convert their time deposit/s into active investment/s in any or a combination of the following Alternative Investment areas:
A retiree who has converted his dollar deposit into an active investment may opt to substitute the same with another form of investment that is allowed under the PRA program. In case of substitution, the value of the substituted one must at least be equal to or higher than the amount of the retiree’s requisite deposit after conversion.This repatriation program for foreign and Filipino retirees gives NAIA Garden Residences an edge as the most viable real estate investment.