Special Investor’s Resident Visa – SIRV

What is a Special Investor’s Resident Visa (“SIRV”)?

A Special Investor’s Resident Visa (SIRV) is a special non-immigrant visa that entitles the holder to reside in the Philippines for an indefinite period as long as the required qualifications and investments are maintained. It is issued by the Bureau of Immigration upon endorsement of the Board of Investments pursuant to the provisions of the Omnibus Investments Code of 1987 (Section 1, Rule 20, Implementing Rules and Regulations of Executive Order No. 226, as amended).

What is the purpose of the SIRV?

SIRV is one of the programs of the government to encourage and attract foreign investments in the Philippines (Executive Order No. 226, as amended).

Who may avail of the SIRV?

The SIRV may be availed of by any foreigner, at least twenty-one (21) years of age, who meets the qualifications under the law, except those foreigners determined by the Department of Foreign Affairs as not entitled to the visa. The SIRV may likewise be issued to the qualified foreigner’s spouse and unmarried children below twenty-one (21) years of age. (Section 2, Rule 20, Implementing Rules and Regulations of Executive Order No. 226, as amended).

Families – How it works

I was issued an SIRV, which also entitled my wife and 18-year-old son to be issued the same visa as my qualified dependents. We have been residing in the Philippines for two (2) years. Since my son is turning 21 in a few months, what will happen to his SIRV upon reaching that age?

Your son’s visa will automatically be cancelled upon reaching the age of twenty-one (21) since he will no longer be considered as your qualified dependent. (Section 2, Rule 26, Implementing Rules and Regulations of Executive Order No. 226, as amended). You, as the SIRV principal holder, may request for the cancellation of your son’s SIRV (if he is out of the country) or its downgrading (if he is within the country) at least one (1) month prior to his 21st birthday. In case your son wishes to continue residing in the Philippines, he should secure another visa independent from your SIRV, which may be a student visa, employment visa, his own SIRV, etc.

What are the qualifications that a foreigner must possess to be qualified for an SIRV?

A foreigner who wants to apply for an SIRV must possess the following qualifications:
a) He must be at least 21 years of age;
b) He has not been convicted of a crime involving moral turpitude;
c) He has not been institutionalized for any mental disorder or disability;
d) He is not afflicted with any loathsome, dangerous or contagious disease;
e) He is willing and able to invest the amount of at least USD75, 0000.00 in the Philippines; and
f) He is a holder of a tourist visa which is valid for at least 1 month (Article 74, Executive Order No. 226, as amended).

What are the privileges of having an SIRV?

The SIRV holder may indefinitely reside in the Philippines as long as his or her investment subsists, and he or she shall enjoy multiple entry privileges. In addition, he or she is entitled to import household goods and personal effects tax and duty-free as a foreigner coming to settle in the Philippines for the first time (Implementing Rules and Regulations of Executive Order No. 226, as amended).

What is the period of validity of an SIRV?

If an applicant is granted a probationary multiple entry SIRV, the same shall be valid for a period of six (6) months. Within that 180-day period, the SIRV holder must convert his or her peso time deposits into investments. Otherwise, he or she shall be subject to pay a penalty equivalent to Php 1,000 + Php 100 per day.

Upon submission of the applicant of all the necessary documents to prove actual investments, the Board of Investments shall endorse his application to the Bureau of Immigration for the issuance of an indefinite multiple entry SIRV. An indefinite SIRV shall be valid for as long as the holder maintains the required investment in the Philippines (Implementing Rules and Regulations of Executive Order No. 226, as amended).

What are the documentary requirements for a Probationary SIRV?

The following documents are required in applying for an SIRV:
a) Duly-accomplished and notarized application form (BOI Form SIRV-001A) attaching recent photographs thereto. The application forms can be downloaded in the Board of Investments website;
b) Signed and notarized Deed of Undertaking (for Principal only);
c) Duly-accomplished Personal History Statement Form (For Principal and for dependents who are 14 years old and above);
d) Police Clearance issued abroad and translated into English. This must be duly authenticated by the Philippine Embassy/Consulate, or Interpol Division of the National Bureau of Investigation (NBI) issued in the Philippines and valid for six (6) months (For Principals and dependents who are 14 years old and above);
e) Medical certificate issued abroad certifying the applicant’s physical and mental fitness and authenticated by the Bureau of Quarantine of the Philippine Department of Health valid for six months;
f) Proof of inward remittance from the Development Bank of the Philippines – Head Office or Land Bank of the Philippines – Sen. Gil J. Puyat Ave. Branch;
g) Certified true copy of the certificate of peso time deposit with a maturity period of at least thirty (30) days;
h) Birth Certificate/Family Registry/Household Registry authenticated by the Philippine Consulate/Embassy;
i) Marriage contract, if applicable, authenticated by the Philippine Consulate/Embassy; and
j) Original passport of the applicant (Implementing Rules and Regulations of Executive Order No. 226, as amended).

How much is the application fee for a probationary SIRV?

The application fee is the equivalent of US$300.00 in local currency for the principal applicant and another US$300.00 for each dependent. In addition, a Bureau of Immigration fee must be paid in the amount of Php 10,110.00 (for each person 14 years old and above) or Php 9,360.00 (for each person below 14 years old) (Implementing Rules and Regulations of Executive Order No. 226, as amended).

What are the documentary requirements for the conversion of a probationary SIRV to an indefinite SIRV?

The probationary SIRV may only be converted into an indefinite SIRV upon submission by the applicant of all the required documents to prove actual investment, at least thirty (30) days prior to the expiration of the one hundred eighty (180) day period to make the investment. The documentary proof shall be submitted as follows:

For investment in a new corporation (provide duplicate copies of each):
a) Certified true copy of Securities and Exchange Commission (SEC) Registration Certificate, with the Articles of Incorporation and By-Laws;
b) Sworn Certification by Corporate Secretary as to the proposed start of commercial operations of the corporation;
c) Treasurer’s affidavit as to the amount of investment of the applicant;
d) Certified true copy of official receipt issued by treasurer-in-trust;
e) Bureau of Internal Revenue (BIR) Certificate of Registration;
f) If available, BIR approved authority to print official receipts and invoices of the company’s official receipts;
g) Business/Mayor’s Permit valid for 1 year and the corresponding official receipt;
h) Lease contract or proof of ownership of office or factory/plant sites and its location plan;
i) Certified true copy of stock certificate issued in favor of the applicant; and
j) Current NBI/police clearance valid within six (6) months.
For investment in existing corporation not publicly-listed (provide duplicate copies of each):
a) Certified true copy of the Business Permit valid for 1 year and the corresponding official receipt;
b) Certified true copies of SEC registration with the articles of incorporation and by-laws;
c) If any, certified true copy of the Certificate of Registration with the Board of Investments;
d) Latest audited financial statements/income tax returns filed with the BIR;
e) BIR Certificate of Registration;
f) Latest BIR approved authority to print official receipts and invoices of the company’s official receipts;
g) Latest General Information Sheet filed with the SEC reflecting the SIRV holder as one of the stockholders;
h) If the shares acquired came from the unsubscribed portion of the corporation’s authorized capital stock, resolution from the SEC authorizing the issuance of shares from the unsubscribed portion and exempting said shares from the registration required by the Revised Securities Act;
i) If the shares acquired were purchased from existing stockholders (the purchase price per share shall not exceed 10% of its current book value), Deed of Assignment between the buyer and the seller of the shares of stock;
j) Lease contract or proof of ownership of office or factory/plant sites and its location plan; and
k) Current NBI/police clearance valid within six (6) months.
For investment in publicly-listed corporation (duplicate copies of each):
a) Certified true copy by stock broker of official receipts and buy invoice;
b) Certification from the stock transfer office that the SIRV holder is a stockholder on record of the company where the investment was made;
c) Certified true copy of the Stock Certificate issued in the name of the SIRV holder with the required annotation on the face thereof and duly signed by the Corporate Secretary
d) Current NBI/police clearance valid within six (6) months (Implementing Rules and Regulations of Executive Order No. 226, as amended).

How does a foreign national remit his US$75,000 to the Philippines?

a. The foreign national shall submit a letter stating his intention to apply for SIRV to the Incentives Administration Service of the Board of Investments (BOI).
b. Thereafter, the BOI shall prepare an Endorsement Letter addressed to the accredited depositary bank that such foreigner would submit to the said bank.
c. The SIRV applicant would then be provided with instructions on how to remit his money to the accredited depositary bank. The bank would also assist the applicant in opening a time deposit account where the inward remittance would be deposited.

What forms of investment are allowed for the purpose of securing an SIRV?

In securing an SIRV, only ownership of shares of stocks in the following shall be accepted as eligible forms of investments:
a) In existing corporations:
i. Publicly-listed companies;
ii. Companies engaged in the areas listed in the Investment Priorities Plan (IPP); or
iii. Companies engaged in the manufacturing and services sector.
b) In new corporations:
i. Companies engaged in manufacturing and services sectors; or
ii. Companies to be engaged in IPP projects (Implementing Rules and Regulations of Executive Order No. 226, as amended).
The companies whose activities fall in any of the following major sectoral classifications shall be deemed in the service sectors for purposes of evaluating the qualification of SIRV applicants:
a) Business services;
b) Communication services;
c) Construction and related engineering services;
d) Distribution services;
e) Educational services;
f) Environmental services;
g) Financial services;
h) Health related and social services;
i) Tourism and travel related services;
j) Recreational, cultural and sporting services;
k) Transport services, and
l) Other services not included elsewhere (United Nations Central Product Classification).
Investment in government securities shall also be allowed. However, ownership of shares of stock in corporations engaged in wholesale trading and investments in condominium units or partnerships are no longer allowed.

Is the SIRV holder required to reside in Philippines for a certain period of time to maintain his indefinite status?

There is no residency requirement for an SIRV holder to maintain his indefinite status. However, he or she is required to submit annual reports to the Board of Investments either personally or through an authorized representative. The SIRV holder will not be deprived of the privilege to stay in the Philippines indefinitely as long as the investments subsist and he or she submits his/ her annual reports.

Where can the SIRV applicant secure application forms and other additional requirements on SIRV?

The SIRV applicant can secure application forms and other additional requirements from either the Incentives Administration Service of the Board of Investments (BOI) or download it from the BOI website.

Where may the SIRV applicant file his application?

The applicant shall submit his documentary requirements to the Incentives Administration Service of the Board of Investments.

Does an SIRV applicant’s time deposit earn interest?

Yes, the SIRV applicant’s time deposit shall earn interest based on rates approved by the Development Bank of the Philippines.

What are the grounds for the cancellation/revocation of SIRV?

An SIRV may be cancelled or revoked on the following grounds:
a) Failure to file on time the annual report to prove that he has maintained his investment in the Philippines;
b) Failure to maintain the minimum USD 75,000 in Php equivalent investment at all times;
c) Fraudulent misrepresentation by the applicant or his authorized representative to the submitted documents or information in support of his/her application;
d) Submission of falsified or spurious documents in support of his/her application; and
e) Conviction of crime involving moral turpitude and/or violation of existing laws.

Will the SIRV automatically expire upon the holder’s non-compliance of certain requirements?

No, non-compliance with any of the requirements will not cause the automatic expiration of the SIRV. The SIRV holder would be formally notified about any such findings and shall be given opportunity to address the issues. However, if the SIRV holder consistently fails to respond to the notification letters, it may lead to the cancellation of the SIRV.

What is an SIRV Identification (ID) Card?

An SIRV ID Card is issued by the Board of Investments to exempt the holder thereof from securing the Special Return Certificate (SRC) and Emigration Clearance Certificate (ECC) from the Bureau of Immigration for purposes of travelling abroad and presented in lieu of the BI Alien Certificate of Registration (Section 7, Rule XXI, Rules and Regulations to Implement E.O. No. 226, as amended).

Who can be issued an SIRV ID Card?

An SIRV ID Card shall be issued only to applicants with actual investments, valid for one (1) year, renewable yearly (Section 7, Rule XXI, Rules and Regulations to Implement E.O. No. 226, as amended).

Can the validity of an SIRV ID Card be longer than one (1) year?

Yes, an SIRV ID shall be valid for three (3) years, renewable every three (3) years for SIRV holder whose investments are in any of the following:
a. Companies registered with the Board of Investments, Philippine Economic Zone Authority, Subic Bay Metropolitan Authority, Clark Development Authority and other Economic zones; or
b. For SIRV holders under the old rules, condominiums and shares of stocks in publicly listed corporations with annotation of a lien on the Condominium Certificate of Titles/Stock Certificates.

How much is the fee for the issuance of an SIRV ID Card?

The SIRV holder and his dependents shall pay Php 2,000.00 per person for the issuance of the SIRV ID Card.