How much it costs to retire in this Asian country in 2026

Manila: As retirement destinations go, the Philippines is ramping up efforts to attract overseas retirees with its Special Resident Retiree’s Visa (SRRV) — a residency programme that combines affordable long-term stay privileges with a tropical lifestyle and low cost of living. 

The visa, administered by the Philippine Retirement Authority (PRA), has become a pillar of the government’s push to position the country as a

premier retirement hub in Asia.

What is SRRV?

At its core, the SRRV offers foreign nationals and former Filipinos the opportunity to live indefinitely in the Philippines with multiple entry and exit privileges, and exemptions from certain immigration requirements.

More importantly, it allows access to benefits such as tax breaks on imported household goods and Philippine Health Insurance (PhilHealth) coverage, as per the Philippine Consulate General in New York.

How much it costs

The cost of retiring under the SRRV depends on age, pension status and chosen visa category:

• SRRV Classic
  

  • With pension (age 50+): Deposit of $15,000

  • Without pension (age 50+): Deposit of $30,000

  • Younger retirees (40–49) face higher deposits, typically $25,000 – $50,000 depending on pension status.
    

Can these funds be used by retirees?

Yes. Once the required deposit is remitted to a PRA-accredited bank, retirees can often use these funds toward pre-approved investments — for example, purchasing a condominium unit or leasing property — subject to rules set by the PRA.

Processing fee

Applicants must pay an application processing fee (around $1,400 for the principal retiree and $300 for dependents) and an annual fee (about $360 for the principal and up to two dependents), as per the PRA.

Why it’s attractive

Government officials have highlighted the dual appeal of the SRRV: a relatively low financial barrier to entry vs other Asian retirement visas, and the Philippines’ affordable lifestyle that stretches retirement savings further.

With monthly living costs substantially lower than in many Western countries and warm weather year-round, the Philippines offers a lifestyle that appeals particularly to retirees from the United States, Canada and Europe.

Dependents such as a spouse and unmarried children under 21 can also be included in the SRRV at no additional deposit for the first two, making it a family-friendly option.

Looking ahead

The PRA continues to streamline the SRRV process, including modernising documentation requirements and clarifying pathways for younger retirees (40–49 age bracket) introduced in recent updates. 

As competition for global retiree dollars grows, the Philippines is banking on the SRRV — backed by strategic marketing and cost-effective residency terms — to draw an increasing number of retirees seeking an accessible yet enriching retirement destination in Southeast Asia.

With predictable costs and clear benefits, the SRRV remains a cornerstone of Manila’s long-term plan to boost tourism, attract foreign savings and grow the retirees community in the country’s scenic cities and islands.

Note: All rates in US dollars. This is for general information only. For more updated information, please refer to the Philippine Retirement Authority website (pra.gov.ph/srrvisa)