J. Antonio Leviste, chairman of the Philippine Leisure and Retirement
Authority (PLRA) said that the new benefits have been extended to
balikbayans by the Philippine government under the Investors and Retiree Resident (IR2) Balikbayan Visa which is PLRA’s latest product.
“For a start, the normal $50,000 to $75,000 deposit requirement for
foreigners to avail of a permanent visa has been reduced to $1,500 for all
balikbayans availing of the program,’’ Leviste said.
He added, “More importantly, IR2 Balikbayan Visa holders can own real
estate up to 5,000 sq. meters, whether they be residential, urban or
agricultural.’’
Further, Leviste disclosed that they can engage in business under Republic
Act No. 9178 otherwise known as “An Act to Promote the Establishment of
Barangay Micro-Business Enterprise,’’ which is government-funded at R30
billion.
Under the IR2 Balikbayan Visa program, former Filipinos can purchase $1,500
worth of goods from government-owned and controlled duty-free shops.
They can also avail of additional tax exemptions for the purchase of
livelihood tools under the “Kabuhayan Shopping Privilege’’ of up to
$2,000.
“It’s the least we can do for our former compatriots, which are
rightfully dubbed the modern heroes of our country. While working abroad,
most of them have remitted money to their relatives at home, thus helping
bolster our country’s foreign exchange reserves,’’ Leviste said.
The PLRA has been set up by the government to set up a program to entice
foreigners and former Filipinos to use the Philippines as a ‘retirement
haven.’
“Because of its warm climate, beautiful natural scenery, modern health
and leisure amenities, and other advantages, the Philippines is an ideal
retirement haven for foreigners from America, Europe, Japan, Korea and
other cold countries,’’ Leviste disclosed.
He especially emphasized health care for the elderly as “Filipinos are
noted as excellent and loving care givers.’’
Balikbayans are also enticed back to their country of origin because after
earning hard-earned currency abroad, they deserve a rest and leisure with
some considerations by their countrymen who have benefited from their
remittance of foreign currency, he said.
Other benefits available to balikbayans under the PLRA program are:
availment of an alien employment permit authorizing them to work in the
Philippines; coverage of spouse and dependents under 18; exemption from
student visa and study permits; exemption from taxes and pensions remitted
to the Philippines; guaranteed repatriation of deposits and investments,
including profits.
Foreigners who deposit at least $50,000 in a Philippine designated bank can
also acquire an IR2 Visa, providing for multiple entry and extended stay in
the Philippines and tax free privileges. (PNA)