Philippines Investment Immigration: How the SIRV Works, Who Qualifies and What Holders Must Do

What Philippines investment immigration means: the SIRV under Book V of the Omnibus Investments Code

The Philippines has no visa literally called "investment immigration". When people use the term, they almost always mean the Special Investor's Resident Visa (SIRV): a program run by the Board of Investments (BOI) under which a foreigner remits a prescribed amount, puts it into an eligible investment, keeps it there, and in return may stay indefinitely on a visa implemented by the Bureau of Immigration (BI).

Legal basis. Question 1 of the BOI SIRV Questions & Answers describes the SIRV as a government program to attract foreign investment. Investors must remit at least the prescribed amount and invest it in viable economic activities under Book V of the Omnibus Investments Code (Executive Order No. 226, as amended). The minimum is set by the BOI; we do not quote a figure here, so check the BOI's current notice.

Two stages. The BOI's SIRV application page divides the visa into a Probationary stage and an Indefinite stage and publishes 11 forms and checklists: the letter of intent, the endorsement request to the depository bank, the probationary checklist, principal and dependent application forms, the deed of undertaking, the letter on converting the time deposit to investment, the conversion checklist, the annual report, the SIRV ID application and the checklist for adding dependents.

Two agencies. The BOI Incentives Administration Service receives, evaluates and endorses applications. Item 25 of the BI Citizen's Charter 2026, 1st Edition says the visa itself is handled by the Makati Immigration Extension Office, and that applications must carry a BOI endorsement. The BI visa list has no separate SIRV page, which is why people searching the BI site come up empty: the program sits with the BOI.

What it is not.

• It is not a property visa. Question 6 says condominium units are no longer eligible investments; see whether buying property gives you residency.
• It is not citizenship, and it is not a permanent resident visa under the immigration law. For what people mean by a Philippine "green card", see the Philippine green card explained.
• It is not a deposit-only status. The money must actually be invested within a set period and kept invested.

Who it suits. People who already plan to invest in or run a Philippine business and can leave the capital in place for years. If you simply want to live here, other routes are usually more direct; start with long-term visa options in the Philippines. For the latest entry, Annual Report and work permit changes, see the 2025–2026 Philippine immigration policy timeline.

Who qualifies: age 21+, clean record, health conditions and a valid 9(a) visa

To qualify you must be at least 21, have no conviction for a crime involving moral turpitude, meet the health conditions, be willing and able to invest the prescribed amount in an eligible form, and hold a 9(a) tourist visa with at least 1 month of validity left.

The principal applicant's 5 conditions (Question 2):

1. at least 21 years old;
2. never convicted of a crime involving moral turpitude;
3. not afflicted with any loathsome, dangerous or contagious disease;
4. never institutionalized for a mental disorder or disability;
5. willing and able to invest at least the prescribed amount in an eligible form, while holding a 9(a) visa valid for at least 1 month.

How the money comes in (Question 3). You first send a letter of intent to the BOI Incentives Administration Service. The BOI prepares an endorsement letter to an accredited depository bank, which you hand to the bank. The bank gives remittance instructions and helps you open a time deposit account for the inward remittance. If the money arrives through a non-accredited correspondent bank, the minimum amount must be moved to the accredited bank immediately. The FAQ names the specific branches; confirm the current list with the BOI.

If you have already invested (Question 4). Foreigners who already hold an actual investment in an existing or new local company may still apply if bank certifications show at least the prescribed amount was remitted within the 12 months before filing. Any shortfall must be topped up. Income or dividends reinvested in that period, which could otherwise have been sent home, count as inward remittances. You must also meet the Book V requirements. With Board approval, such applicants may go straight to an Indefinite SIRV and skip the probationary stage.

Dependents (Question 5). Only the spouse and unmarried children under 21 qualify, and they may apply for their own SIRV. Parents are not included.

The hard parts. The source of funds and the remittance path must be clear from bank records; money split into several transfers or routed through third-party accounts causes the most trouble. Police clearances and birth and marriage certificates must be authenticated abroad first, which usually takes longest. Your 9(a) visa must stay valid throughout, so extend it before it lapses; the current checklist is covered in our 2026 immigration rules timeline. For authentication, see the Philippine apostille guide; long-staying applicants may also need an NBI clearance.

Not sure you meet the SIRV conditions or that your fund trail will hold up? Have Yixing check your case against the BOI FAQ →

Eligible investments: 4 types allowed, while wholesale trade, condos and restaurants are out

Only 4 types of investment qualify: publicly listed companies, companies in areas listed in the BOI's priority plan, manufacturing and services companies, and government securities. Wholesale trading shares, condominium units and restaurants do not.

The 4 eligible forms (Question 6; investments or shares in existing, new or proposed corporations):

1. publicly listed companies;
2. companies in areas listed in the BOI Strategic Investment Priorities Plan (SIPP);
3. manufacturing and services companies, with services defined by a list based on the UN Central Product Classification in 12 groups: business services (such as BPO and consultancy), communication, construction and related engineering, distribution, education, environmental, financial, health and social, tourism and travel-related, recreational, cultural and sporting, transport, and other services;
4. government securities, held for at least 1 year.

Not eligible. Shares in wholesale trading companies and condominium units are "no longer allowed". Question 7 adds that a restaurant counts as retail trade, so it does not qualify, and retail is also governed by the Retail Trade Law.

The money is ring-fenced. Under Question 8 the time deposit cannot be withdrawn in the holder's name. When it is converted, the accredited bank issues a check payable only to the company receiving the investment, or to the stockbroker for listed shares.

Share transfers are restricted. Question 21 cites Section 5, Rule XXII of the Book V implementing rules: stock certificates issued to SIRV holders must carry an annotation stating that the owner holds a SIRV and that the shares cannot be sold, transferred or conveyed without prior BOI approval. Annotation of condominium titles held under the old rules is optional.

Where you invest affects the ID card. Question 20 says the SIRV ID is valid for 3 years, renewable every 3 years, if the investment is in a company registered with the BOI, PEZA, SBMA, CDA or another investment promotion agency, or in annotated listed shares (or condominiums under the old rules). Otherwise, under Question 19, it runs for 1 year and is renewed yearly.

Check 3 things before you commit. First, foreign ownership limits in your sector: see foreign equity restrictions in the Philippines and sectors open to 100% foreign ownership. Second, company and BOI registration: see BOI registration requirements. Third, how profits will leave the country: see dividend repatriation and investment registration. Any later change of project or reduction must be reported to the BOI first; see what happens to a SIRV after divestment.

The SIRV application process: BOI endorsement, then BI implementation

The process runs in two stages: the BOI receives, evaluates and endorses the application, then the BI Makati Extension Office implements the visa in your passport. You start with a 180-day Probationary SIRV and convert to Indefinite once the investment is made.

1. Letter of intent and bank endorsement. Write to the BOI Incentives Administration Service and collect the endorsement letter for the accredited depository bank (Question 3).
2. Remit and open the time deposit. The bank issues a certification of the amount remitted and its conversion to local currency (Question 11(e)).
3. Prepare 3 sets of documents (Question 11): a notarized application form with recent photos; the National Intelligence Coordinating Agency (NICA) Personal History Statement, including for dependents over 14; a police clearance from your country of residence authenticated by the Philippine embassy, or an NBI Interpol Division certification of no criminal liability; a medical certificate from a government or licensed hospital, validated by the Bureau of Quarantine before filing; the bank certification; birth certificates or family registry records authenticated by the Philippine post abroad or your embassy in Manila (PSA originals for children born here); and an authenticated marriage contract if applicable.
4. File with the BOI and pay the application fee (Questions 10 and 12), charged per principal and per dependent. Check the current amount with the BOI.
5. BI implements the visa. Item 25 of the BI Citizen's Charter 2026 lists the BOI endorsement letter and a valid passport, plus a national ID card number under Memorandum No. 2025-122, whose application to your case BI will clarify. The steps are: derogatory record check, order of payment and payment, encoding in the monitoring system, a second record check and preparation of the order, approval at the Office of the Deputy Commissioner, release of the approved order and passport through the BOI liaison, implementation of the SIRV in the passport, and release of the passport and visa order.
6. Invest during the probationary period (Questions 13 and 16). The Probationary SIRV is valid for 6 months (180 days), and proof of investment is due at least 30 days before it expires. Late investment triggers the penalty set out in item 12(e) of the Deed of Undertaking. After issuance you must attend a BOI briefing and sign an Interview Form.
7. Convert to Indefinite (Question 17) by submitting all proof of actual investment; the BOI may ask for more at any time.
8. Apply for the SIRV ID (Question 19). It is issued only to holders with actual investments and their dependents, usually for 1 year, and requires an appointment for photo, signature and fingerprints.

How long it takes. Question 18 gives these reference times for both the probationary application and the conversion: about 7 working days at the BOI and at least 10 working days at the BI for each stage. Remittance, authentication and medical validation come on top. The BOI advises applicants and dependents not to leave the country until the SIRV is implemented in the passport, or the visa may need revalidation.

For a breakdown of timing and fee components, see how long a SIRV takes and what it costs. Yixing's visa and HR team can prepare the file and coordinate the BOI and BI stages; decisions rest with those agencies.

Ready to start a SIRV? Let Yixing map your timeline from remittance to Indefinite status →

Benefits and obligations: indefinite stay and family, but yearly reporting

The benefits: as long as the investment stands and annual reports are filed, you can stay indefinitely, with no minimum residence and with your spouse and unmarried children under 21. The costs: locked-in capital, restricted share transfers and yearly reporting to the BOI.

Benefits (all from the BOI FAQ):

• Indefinite stay: you keep it while the investment subsists and your annual reports are up to date (Question 26).
• No residency obligation: there is no required period of physical presence to keep Indefinite status (Question 26).
• Family: your spouse and unmarried children under 21 may apply with you (Question 5).
• Easier travel: the SIRV ID supports a request to BI for exemption from the Special Return Certificate (SRC) and Emigration Clearance Certificate (ECC) and is presented in place of the ACR I-Card. You must show it to immigration officers on exit and entry (Question 22).
• Interest and exit option: the time deposit earns the bank's approved rate less tax (Question 14), and if you decide not to proceed you can ask the Incentives Administration Service to release the remittance (Question 15).

Obligations:

• Annual report to the BOI, in person or through a representative (Question 26).
• ID renewal: before expiry, file a sworn report with the BOI. For company investments this includes the latest audited financial statements, income tax return with proof of payment, SEC General Information Sheet and current business permit (Question 24).
• 5 grounds for cancellation (Question 25): late or missing reports (which can mean a fine, visa cancellation or inclusion on a BI blacklist or watchlist, and no ID renewal); failing to keep the minimum investment at all times; fraudulent misrepresentation by the applicant or agent; falsified documents; and conviction of a crime involving moral turpitude or breach of existing laws.
• No automatic expiry (Question 27): the BOI notifies you and gives you a chance to fix the problem. Continued silence can lead to cancellation.
• Children turning 21 (Question 28): they stop being dependents. The BOI recommends cancelling (if abroad) or downgrading (if in the country) their SIRV at least 1 month before their 21st birthday, after which they need their own student, work or SIRV visa.

Two points to confirm with the agencies. First, the BI Annual Report: in the Citizen's Charter 2026, at least one district office lists SIRV holders under its Annual Report service, while the BOI FAQ says the SIRV ID is presented in place of the ACR I-Card. Ask both agencies whether you must report to BI. Second, employment: the FAQ does not say whether a SIRV doubles as a work authorization, so confirm what else you need before taking a salaried post.

For status after divestment or closure, see whether a SIRV lapses when the investment is withdrawn; for downgrading before departure, see downgrading a visa before leaving.

Already a SIRV holder with an annual report, ID renewal or a child nearing 21? Ask Yixing to review your investment and reporting status →

SIRV vs SRRV, SVEG, 9D and 9G: which one fits

The short version: if the money is going into a Philippine business anyway and can stay there, look at the SIRV; if you mainly want to live or retire here, look at the SRRV; if you actually employ Filipino staff, compare the SVEG; U.S., Japanese and German traders should look at the 9D; salaried employees need an AEP and a 9G.

Sources. The PRA SRRV page describes the SRRV as a special non-immigrant visa issued by BI under the PRA retirement program for foreign nationals and former Filipino citizens, and requires the tourist visa to stay valid for at least 1 month during processing. The BI SVEG page and 9D page set out the eligibility shown in the table.

Three questions to rank your options. First, is this money going into a Philippine company anyway, and can it stay locked for years? If not, the SIRV rarely makes sense. Second, who is coming with you? For both the SIRV and the SRRV, dependents are limited to the spouse and unmarried children under 21, so parents need a separate route. Third, how much yearly paperwork will you carry? A SIRV means BOI annual reports and ID renewals on top of your company's audited accounts and tax filings. For a line-by-line comparison, see SIRV vs SRRV; for how these differ from statutory permanent residence, see permanent residency in the Philippines.

Investment structure, tax and corporate governance raise legal questions: consult a licensed lawyer and accountant for your case, as this page is not legal advice. Yixing is a private visa consultancy in Manila with no affiliation to the BOI, BI or PRA. We check your case against the official requirements, prepare the file and coordinate the steps. For a one-on-one assessment, contact Yixing's visa and HR team.

Weighing the SIRV against the SRRV? SIRV investor residence review · SRRV retirement residence review