Retire in the Philippines: the SRRV retirement visa, the USD 800 pension rule, and when a lifetime annuity beats the deposit
Written by Hans Goldstein, licensed insurance agent · CA 4273294Short answer: the Philippines retirement visa, the SRRV Classic, asks a pensioner in 2026 for proof of a lifetime pension of at least USD 800 a month if single or USD 1,000 a month with dependents such as a spouse, plus a USD 15,000 deposit at 50 and over; without a pension the deposit is USD 30,000, per the Philippine Retirement Authority (PRA). One deposit covers the principal and two dependents, so a couple does not need two. For the visa alone the USD 30,000 deposit is cheaper than buying a pension; a life-only SPIA bought in the US earns its place when you want lifetime income anyway, and you should ask PRA in writing whether a purchased annuity qualifies before buying for this purpose.
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Philippines retirement visa (SRRV) requirements in 2026
If you want to retire in the Philippines, the Special Resident Retiree’s Visa (SRRV) is the main route: a permanent, multiple-entry residence visa issued through the Philippine Retirement Authority. The principal must be at least 40. PRA restructured the program in 2025, and the Classic option now has two tracks: pensioner and non-pensioner. The only difference is the size of the dollar deposit you park in an accredited Philippine bank.
| SRRV Classic track | Age 40 to 49 | Age 50 and over | What else you show |
|---|---|---|---|
| Pensioner | USD 25,000 deposit | USD 15,000 deposit | Proof of lifetime pension: USD 800 a month single, USD 1,000 a month with dependents |
| Non-pensioner | USD 50,000 deposit | USD 30,000 deposit | Nothing on income |
Other PRA figures for 2026: a USD 1,500 application fee for the principal, USD 300 per dependent, and a USD 360 annual PRA fee covering the principal and two dependents (plus USD 100 a year for each dependent beyond two). The deposit covers the principal plus two dependents; each extra dependent adds USD 15,000. PRA also allows the deposit to be used for investments it approves under the program. Because these amounts are set in US dollars, there is no currency conversion on the requirement itself.
Single or married: how much pension you need for the SRRV
| Household | Lifetime pension (pensioner track) | Deposit at 50 and over | Who must show it |
|---|---|---|---|
| Single | USD 800 a month | USD 15,000 (USD 30,000 without a pension) | The principal retiree |
| Couple (spouse as dependent) | USD 1,000 a month | USD 15,000, covering principal and two dependents | The principal retiree |
| Each dependent beyond two | No published increase above USD 1,000 | Plus USD 15,000 each | The principal retiree |
PRA defines dependents as a spouse legally married to the principal and unmarried children under 21 at application. Each dependent pays a USD 300 application fee. Amounts are in US dollars, so no conversion.
When only one spouse has the pension. The spouse with the pension applies as principal (at least 40) and the other joins as a dependent. PRA’s published rules ask for the principal’s proof of pension and do not say a dependent spouse’s pension can be added, so do not count on combining; ask PRA. If neither of you reaches USD 1,000 alone, the lifetime annuity goes in the name of the spouse who applies as principal, priced on that spouse’s age and sex, and is bought while you both still live in the US.
US gift note (general information, confirm with a tax adviser): between two US-citizen spouses, gifts are unlimited. If the spouse receiving the money is not a US citizen, there is no unlimited marital deduction; for 2026 the annual exclusion for gifts to a non-citizen spouse is $194,000. Above that you file Form 709 and use part of your lifetime exemption, and generally no tax is due.
Why the pension track is worth a look
PRA’s checklist asks for “proof of lifetime pension.” Two words matter there. Lifetime means a 10-year or 20-year payout is the wrong shape. Pension is checked with a certificate from the paying organization, apostilled in the US. A life-only SPIA pays “for the lifetime of the annuitant” and the insurer can issue a benefit letter saying so, which is why it fits the purpose better than any savings account.
- Smaller deposit. USD 15,000 less tied up in a Philippine bank at 50 and over, USD 25,000 less at 40 to 49.
- Tax. PRA lists exemption from “tax on pensions and annuities” among SRRV benefits, and Philippine law already taxes a resident alien only on Philippine-source income (details below).
- Income to live on. The same check that qualifies you pays your rent every month, for life.
Social Security is a lifetime government pension too, so at 62 and over many Americans already clear USD 800 with their benefit letter alone. The SPIA earns its place for people who move before Social Security starts, or whose benefit falls short of USD 800 or USD 1,000.
Why I write about this. My mom is Norwegian, my dad is American, and they’re planning the move from the US to Norway. My mom is the sponsor (the host, or “reference person” in UDI’s words), so Norway’s income test falls on her income, not my dad’s. UDI told us in writing that money in an account does not count as income, and only lifelong income does. Their savings were not the problem; the paperwork wanted a monthly number in the host’s name. The rules in the Philippines are different, but the problem is the same one many retirees hit: the income test, not the net worth. I’m writing this to help others in the same boat as my parents. Read how we worked through the Norway income requirement.
In the same boat? Let’s run your numbers
See roughly what a lifetime annuity would cost to close your income gap, then get my personal read by email. I can help while you still live in the US.
Estimates use the September 9, 2026 ImmediateAnnuities.com payout survey (life only) and a 15% cushion. Illustrative, not a quote.
Being honest: when the deposit is the cheaper route
If all you want is the visa, the non-pensioner deposit is cheaper. USD 30,000 in a refundable deposit costs far less than the roughly USD 133,000 of annuity premium it takes a 62-year-old man to produce USD 800 a month. The deposit stays your money in a Philippine bank (PRA has published refund terms only in its regulations, so ask PRA how it is released when you give up the visa); the premium does not come back. The pension track makes sense when you were going to turn savings into lifetime income anyway, because then the smaller deposit and the tax treatment come along for free.
Example: a 62-year-old American retiring in the Philippines
Payout at 62: ImmediateAnnuities.com survey of September 9, 2026, life-only, per USD 100,000 a month: man $603 average ($660 best), woman $582 ($637 best). Illustrative, not a quote. Premium equals the monthly target divided by the payout per $100,000, times $100,000.
| Applicant, 62 | Monthly target | Premium at average rate | Premium at best rate |
|---|---|---|---|
| Single man | $800 | about $133,000 | about $121,000 |
| Single woman | $800 | about $137,000 | about $126,000 |
| Couple, husband as principal | $1,000 | about $166,000 | about $152,000 |
| Couple, wife as principal | $1,000 | about $172,000 | about $157,000 |
These figures assume no other income. Social Security can start at 62, and if your benefit letter already shows USD 800 or USD 1,000 a month, you may need no annuity at all; a smaller SPIA can top up a shortfall. A joint and survivor annuity covering both spouses pays less per dollar than single life, so get a quote. Payouts are lower at 40 to 49, and I still suggest 10 to 25% headroom in case PRA raises the bar.
Which annuity counts
PRA asks for proof of a lifetime pension. That points to a life-only SPIA, a joint and survivor SPIA, or an existing deferred annuity or MYGA converted to lifetime payments. A period-certain annuity ends, an income rider where an account value can still be cashed out reads as savings, and an annuity still accumulating is not paying a pension at all; expect none of those to pass.
Practical rules
- Ask PRA first. Email PRA (srrvinquiry@pra.gov.ph) and ask whether a lifetime annuity purchased from a US insurer is accepted as proof of lifetime pension. Keep the written answer.
- Buy while you still have a US address. US insurers sell to US residents; once you have moved, the door is usually closed.
- Life-only wording. No period certain that ends, no cash-out or commutation rider. The benefit letter should state the monthly amount “for the lifetime of the annuitant.”
- Plan for US withholding. Since January 1, 2026, a US citizen whose residence address on file is outside the US cannot opt out of federal withholding on annuity payments, even if the payments go to a US bank account (IRC 3405(e)(13), Treas. Reg. 31.3405(e)-1). Withholding is a prepayment of your US tax, not extra tax; you settle up on your return. A US bank account is still handy for receiving payments.
- Start payments 3 to 12 months before you file so bank statements back up the letter.
- Apostille the letter. PRA requires documents issued abroad to be apostilled by the issuing country.
- A MYGA still growing is savings, not a pension. Only a contract already paying lifetime income fits.
Who the pensioner track fits best
- Early movers, 50 to 61. Social Security has not started, so there is no government pension letter yet. A SPIA bridges that gap and keeps paying after Social Security begins.
- Couples bringing dependents. The bar rises to USD 1,000 a month. Social Security plus a small SPIA often clears it with room to spare.
- People who want to live on income, not principal. The SPIA covers the monthly basics in a country where USD 800 to 1,000 goes a long way, and the rest of your savings stays invested.
Who it does not fit: someone with a USD 2,000 Social Security benefit already. That letter qualifies on its own, and the SPIA would be a spending decision, not a visa decision.
The application, in order
PRA’s checklist includes a passport with a valid tourist visa, the SRRV application form, a medical certificate on PRA’s form, a police clearance from your last country of residence, the certificate of visa deposit, photos, and for the pensioner track the lifetime pension proof. Documents from the US are apostilled. Most applicants file in the Philippines after arriving on a tourist visa, so line up the US paperwork, including the SPIA benefit letter, before you fly.
How the annuity is taxed in the Philippines
Philippine side. Section 23(D) of the National Internal Revenue Code says an alien individual, “whether a resident or not of the Philippines, is taxable only on income derived from sources within the Philippines.” Payments from a US insurer are US-source, so a US citizen living in the Philippines does not pay Philippine income tax on them, and PRA separately lists exemption from “tax on pensions and annuities” among SRRV benefits. If you later become a Philippine citizen, the rule changes; get a local adviser’s view then.
Treaty. The US-Philippines income tax treaty (in force since 1982) covers annuities in Article 18: annuities paid to a resident of one country “shall be taxable only in that Contracting State.” US Social Security paid to a Philippine resident is taxable only in the US (Art. 19). The saving clause (Art. 6(3)) lets the US tax its citizens as if the treaty did not exist, and Article 23 gives the credit for double tax relief, which rarely matters here because the Philippines does not tax the annuity.
US side. The US taxes its citizens on worldwide income wherever they live. On a non-qualified SPIA, part of each payment is a return of your own premium and is not taxed, under the exclusion ratio; a SPIA bought with IRA money is fully taxable. The foreign earned income exclusion does not apply to annuities (IRC 911(b)(1)(B)(i)), and US withholding is a prepayment of your US tax, not extra tax. A US annuity is not a foreign account, so it does not go on an FBAR or Form 8938 and is not a PFIC. Your Philippine bank deposit is a foreign account; see FBAR, FATCA and double taxation.
Net result: the US tax is the only tax on the annuity, so the Philippines is tax-friendly for lifetime income compared with drawing down savings.
Does the Philippines have a wealth tax?
No. The Philippines has no net wealth tax, so a US annuity is not taxed on its value there. It does have a 6% estate tax, and for a resident alien it reaches property wherever situated (NIRC Sec. 85); a life-only SPIA ends at death and leaves nothing in the estate, but your other assets may be. Confirm with a Philippine tax adviser.
The trade-offs, once
A SPIA is irrevocable, level unless you add a cost-of-living rider, and backed by the issuing insurer’s claims-paying ability. Payouts are lower if you buy in your 40s or early 50s. Size it to what you need, keep the rest liquid.
Married? Make the income outlive either of you. In the Philippines the main applicant shows the income and the spouse joins as a family member, so the annuity sits with the main applicant. If a single-life annuity is on one spouse and that spouse dies first, the payments stop, and the surviving spouse may have to show income of their own at the next renewal. A joint and survivor annuity, which keeps paying until the second death, or a separate annuity on each spouse closes that gap. Joint and survivor pays less per dollar than single life, so ask for both quotes and compare.
Frequently asked questions
Free annuity gap analysis for the Philippines. Tell me your ages, your Social Security or pension, and whether you are single or a couple. I will show how far your income is from the the Philippines requirement and what a lifetime annuity would cost to fill the gap, in the sponsor’s or main applicant’s name where that matters.
Related reading
- Moving abroad on a fixed income: hub
- Retirement visa income requirements compared
- Thailand retirement visa income requirement
- Malaysia MM2H requirements
- The exclusion ratio for Americans abroad
- Moving abroad before 59 and a half
- Immediate annuity calculator
Sources
- Philippine Retirement Authority: Special Resident Retiree's Visa (SRRV)
- PRA Citizen's Charter: Processing of SRRV application (deposits, pension proof, fees)
- Philippine Retirement Authority: contact (srrvinquiry@pra.gov.ph)
- National Internal Revenue Code (RA 8424): Sec. 23(D) aliens taxed on Philippine-source income, Sec. 85 gross estate
- US-Philippines income tax treaty (IRS text: Art. 6(3) saving clause, Art. 18 annuities, Art. 19 social security, Art. 23 relief)
- PwC Worldwide Tax Summaries: Philippines, taxes on personal income
- PwC Worldwide Tax Summaries: net wealth tax rates by country
- IRS: tax inflation adjustments for 2026 (gifts to a non-citizen spouse)
- 26 U.S.C. 3405 (withholding on pensions and annuities)
- Treas. Reg. 31.3405(e)-1 (T.D. 10008): no withholding opt-out for a foreign residence address from 2026
- ImmediateAnnuities.com: immediate annuity rates by age (survey of September 9, 2026)
Goldstein & Co. LLC dba Goldstein Insurance Services · Hans Goldstein, licensed insurance agent, CA lic. #4273294 · NPN 20602398 · 213-414-2808 · hans@hansgoldstein.com
Education, not tax, legal or immigration advice. Rules, thresholds and exchange rates change; confirm with the consulate or immigration authority and a local tax adviser before you act, and get answers in writing. Hans Goldstein is a licensed insurance agent (CA 4273294) and can only offer annuities to residents of states where he is licensed. Annuity payments are guaranteed by the issuing insurer’s claims-paying ability, not by any government. Payout figures are illustrations from a published survey, not quotes. Immediate annuities are generally irrevocable.