5 Things About The Filipino Special Investor Visa Program

Residence by Investment Schemes in Asia can be a tough bargain at times. There are expensive options available that require the applicant to expend an extravagant sum to reside in the country. Such is the case with other places in other parts of the world as well. However, if you are determined to explore options in Asia (which you should actually), the Philippines should make up for an excellent choice.

The island nation in Southeast Asia operates its Special Investor Visa Program, which is relatively less expensive, provides a more significant number of options to invest in, and has reasonable requirements for the applicants. In case your interest is piqued, you should read along. Over here, I have written down five things you should know about the Filipino Special Investor Visa Program. 

The Eligibility Criteria

Before anything else, you should consider the eligibility criteria. While the program is accessible to any person with no exception to any nationality, there are certain restrictions to be considered. However, these restrictions are not exclusive to this program and are generally stipulated worldwide.

• • The applicant must be at least 21 years old to make an application. 
  • There must not be any criminal antecedents; proof of the same in the form of a police clearance report will have to be furnished. 
  • The applicant must not have any contagious disease. 
  • There should be no record that the applicant had been in a health facility or had a mental illness. 
  • It is mandatory to show that sufficient financial health is maintained, especially access to a minimum of USD 75,000 at a time. 
  • You can only add your spouse and unmarried children who are under 21 and are dependent on you. 

Where You Can Invest

As I noted earlier, there are many options for investment under the program. You must invest a minimum of USD 75,000 in certain pre-approved industries. These industries include business and financial services, communication services, construction and engineering, distribution services, education services, environmental, health, and social sectors, tourism, transport services, and recreation and sports.

The only exception you have is having a shareholding in companies involved in wholesale trading or the sale of condominiums. Otherwise, you are free to invest in listed companies, companies engaged in activities mentioned in the Investment Priorities Plan (IPP) of the Board of Investments, or companies involved in manufacturing sectors. 

What documents should you submit?

Once you apply for the visa at the nearest embassy or consulate, you will be required to submit a set of documents. These documents are: 

• • A medical certificate certifying that the applicant is of sound mental and physical health.
  • The birth certificate/household registry/family registry should be authenticated by the Philippine Consulate or Embassy in the home country. 
  • In case the spouse is added to the application, a duly authenticated marriage contract will have to be submitted. 
  • Original passport of the applicant. 
  • Proof of the payment of the application fees.
  • A personal history statement.

What about citizenship

Now, it may seem to be a case that this visa makes it easier to get Filipino citizenship. Well, unfortunately, such is not the case. Getting citizenship over here is not easy and is a rather prolonged process. You are eligible to apply for citizenship by naturalization after ten years; this is not the sole criterion, as you will also have to show that you have gained reasonable knowledge of the local history and language. If you are targeting Filipino citizenship, you should consider it very well before doing anything. 

Why the Philippines in the first place

This should have been the first point, but we shall get down to it nevertheless. Simply put, the Philippines offers the right kind of international lifestyle without making a hole in your pocket. It has a reasonably stable economy, robust growth prospects, an excellent tourism industry, a highly literate English-speaking population, and stable political conditions. The country has been attracting record foreign investments in the past few years. Despite its government receiving flak for the anti-drug war and political intrigue, the general conditions of the country are well-suited for those who do not wish to stay here for long but want to enjoy a cosmopolitan lifestyle comfortably. 

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