PRA, AFAB sign Bataan retirement haven deal

The Philippine Retirement Authority (PRA) and the Authority of the Freeport Area of Bataan (AFAB) have recently signed a memorandum of agreement that will make the Freeport a retirement haven for foreign nationals.

According to the PRA, foreign nationals looking to retire in the Philippines will soon have additional investment options inside the Freeport Area of Bataan.

PRA is mandated to develop and promote the Philippines as a retirement haven, in order to accelerate the social and economic development of the country, and strengthen its foreign exchange position.

SRRV endorser

AFAB is authorized to endorse applications for Special Resident Retiree Visas (SRRVs) to the PRA submitted by foreign nationals who wish to retire, reside and invest inside the Freeport Area of Bataan.

SRRVs are special non-immigrant visas that permit multiple entry, indefinite stay, and other benefits to foreign nationals opting to retire or reside permanently in the country.

Under the agreement, AFAB and PRA will develop an AFAB-PRA Retirement and Investment Program, which will make available SRRVs to investor-retiree applicants.