Living in the Philippines as an Expat: SRRV, Healthcare, Property and Financial Planning

The Philippines offers one of the most accessible long-stay visa programmes in Asia — the Special Resident Retiree's Visa (SRRV) — making it a genuine option for early retirees, semi-retired professionals and lifestyle-driven HNW individuals who want a warm, English-speaking base with low costs and a welcoming culture. This guide covers the financial and practical planning essentials for expats considering or already living in the Philippines.

The Special Resident Retiree's Visa (SRRV)

Administered by the Philippine Retirement Authority (PRA), the SRRV is one of the world's more straightforward residency-by-deposit schemes. It provides multiple-entry privileges, indefinite stay rights and exemption from certain exit formalities.

SRRV variants as of 2026: The PRA restructured the SRRV with effect from 1 September 2025. The minimum age was lowered from 50 to 40, the older SRRV Smile and SRRV Human Touch categories were abolished, and the programme now consists of two main categories — Classic and Courtesy — with higher and age-tiered deposit requirements. A Bureau of Immigration clearance is now mandatory for every applicant.

SRRV Classic — the standard programme. Requires a time deposit of:

• USD 15,000 for applicants aged 50 or older with a qualifying monthly pension
• USD 30,000 for applicants aged 50 or older without a pension
• USD 25,000 for applicants aged 40 to 49 with a qualifying monthly pension
• USD 50,000 for applicants aged 40 to 49 without a pension

The deposit must be placed with a PRA-accredited bank and can subsequently be invested in PRA-approved assets including property or long-term lease.

SRRV Courtesy — for retired former diplomats, retired military personnel and certain "high achievers"; a reduced deposit of USD 1,500 applies for qualifying applicants aged 50 or older.

The deposit earns interest (typically modest — around 1–3% per annum depending on the bank) and can be repatriated when you exit the programme, subject to completing the process correctly.

Key SRRV benefits:

• No annual visa renewal required
• Multiple-entry privileges
• Exemption from the Bureau of Immigration's Emigration Clearance Certificate (ECC) on departure
• Conversion of the deposit into property or other investments after qualifying period

Important caveats: The SRRV does not grant the right to work in the Philippines. Those wishing to work must obtain a separate work permit (Alien Employment Permit). The SRRV is also not equivalent to permanent residency in all respects — it does not provide a path to citizenship.

Tax Residency in the Philippines

The Philippines taxes on a source basis for non-resident foreigners and on a worldwide income basis for resident aliens (foreigners domiciled in the Philippines).

You are considered a resident alien (tax-liable on all worldwide income) if you reside in the Philippines for an indefinite period and have not established a clear intent to return to your home country. The SRRV holder's status depends on intent and length of stay — most long-term SRRV holders are treated as resident aliens for Philippine tax purposes.

Personal income tax rates for resident aliens (2026):

The Philippines operates a graduated scale from 0% (on income up to PHP 250,000, approximately £3,500) to 35% (on income above PHP 8 million, approximately £112,000). The TRAIN reform package raised the top rate from 32% to 35% on very high earners while significantly expanding the zero-tax band for lower earners.

Foreign-source passive income (dividends, interest, capital gains from overseas assets) received by a resident alien is taxable in the Philippines at standard rates. However, enforcement of overseas income reporting is weak and there are no comprehensive exchange of information agreements with all countries.

The Philippines has a double taxation treaty with the UK. Relief for UK nationals is generally available through the credit method — UK tax suffered offsets Philippine tax due on the same income.

Capital gains tax: A 6% CGT applies on gains from the sale of real property located in the Philippines. Gains on shares are taxed differently. There is no CGT on overseas property sales for Philippine tax purposes (though your home country may tax such gains).

Banking in the Philippines

Banking for expats in the Philippines is relatively accessible compared with many South-East Asian neighbours.

Peso accounts are easy to open with valid passport and visa. Major banks — BDO, BPI, Metrobank, UnionBank — have widespread branch networks and reasonable digital banking apps.

USD and multi-currency accounts require a longer relationship or additional documentation in some banks; foreign currency deposits (FCDs) are permitted and can be repatriated freely.

Remittance: The Philippines has relatively liberal foreign exchange controls compared with Vietnam or Indonesia. Remittances of up to USD 50,000 per transaction generally do not require advance Bangko Sentral ng Pilipinas (BSP) approval, though documentation is required above certain thresholds.

International banking recommendation: Maintain a Singapore or Hong Kong account for international wealth management alongside a local Philippine account for living expenses. The Philippine banking system, while improving, is not yet the natural home for significant offshore wealth.

Property Ownership for Foreigners

Foreigners cannot own land in the Philippines. This is a constitutional restriction, not merely a policy — the 1987 Philippine Constitution limits land ownership to Filipino citizens and corporations at least 60% owned by Filipinos.

What foreigners can own:

• Condominium units — foreigners may own condominium units provided the total foreign ownership in any given condominium project does not exceed 40%. This is the primary route for foreign residential property ownership.
• Long-term leases — foreigners can lease land for up to 50 years, with an option to renew for a further 25 years (total 75 years).
• Corporate structure — a Philippine company (corporation) can own land if at least 60% is owned by Filipinos. Some investors use this structure but it carries governance complexity and risk.

SRRV and property: SRRV holders can convert their qualifying deposit into a condominium purchase or a long-term lease of land, enabling them to effectively "use" their deposit capital in a property investment.

Typical property prices (Metro Manila, 2026): Quality condominiums in Makati, BGC (Bonifacio Global City) and Ortigas range from USD 2,500–5,000 per square metre. Cebu and Davao offer lower entry points. Rental yields on well-managed condominium units in Metro Manila typically run at 4–7% gross.

Healthcare in the Philippines

Healthcare quality varies significantly. Private hospitals in Metro Manila — particularly Makati Medical Center, St. Luke's Medical Center and The Medical City — deliver good-quality care and are the preferred choice for expatriates. Standards outside the major cities are more variable.

PhilHealth (the national health insurance scheme) covers foreign residents including SRRV holders. Voluntary membership costs are low (around PHP 2,400–4,800 annually as of 2026) and provides basic coverage at accredited hospitals.

Private health insurance is strongly recommended for expats. A comprehensive international health insurance policy (including medical evacuation cover) is essential; healthcare costs at private facilities are manageable by regional standards but can mount significantly for complex treatments. Medical evacuation to Singapore or Bangkok is a realistic consideration for serious conditions.

Cost of Living

The Philippines remains genuinely affordable by developed-world standards. A comfortable Metro Manila lifestyle — private apartment in BGC or Makati, regular dining out, healthcare and transport — costs approximately £1,800–£3,500 per month for a single professional, somewhat more for a family with international schooling.

Cebu, Dumaguete and Davao offer considerably lower costs than Manila; these cities have established expat communities and lower property prices.

Key Risks and Compliance Caveats

• Tax laws and enforcement are evolving. The BIR (Bureau of Internal Revenue) has been increasingly active in scrutinising undeclared foreign income. Seek advice from a Philippine-qualified tax adviser.
• Property rights for foreigners are constitutionally limited. Do not purchase land in your own name regardless of advice to the contrary — the risks are severe.
• The Philippines is exposed to natural disaster risk: typhoons, earthquakes and occasional volcanic activity. Insurance (property and health) must account for this.
• Currency risk: the PHP has been a relatively stable but gradually depreciating currency against USD and GBP over time. Keep significant savings in USD or GBP.
• Political and regulatory risk exists as with any emerging market. Investments can fall as well as rise; property markets are illiquid by developed-world standards.
• SRRV conditions and deposit amounts may change. Always verify current requirements with the Philippine Retirement Authority before committing funds.

How Global Investments Can Help

The Philippines is an exciting destination and the SRRV makes it one of the most accessible long-stay destinations in Asia. Our international wealth team can assist Philippines-based expats with:

• Tax residency structuring — reviewing worldwide income exposure under Philippine tax law and mapping against UK treaty positions
• Offshore investment management — maintaining a well-diversified portfolio outside the Philippines in established jurisdictions
• Cross-border estate planning — ensuring that assets in the Philippines are properly covered in your will and that the interplay between Philippine succession rules and UK or Irish succession law is managed
• Healthcare and insurance — introductions to international PMI providers with strong Asia-Pacific coverage

Speak to our team about your financial planning as a Philippines-based expat.

All information is correct to the best of our knowledge as of June 2026. Tax, visa and legal rules change frequently; this guide does not constitute professional advice. Seek qualified advice tailored to your circumstances.