UnionBank, VA Biz Solutions ease retirement for Japanese in PH

UnIOn BAnK of the Philippines (UnionBank) and VA Biz Solutions Inc. formalized a partnership for the latter’s “Simple Retirement Philippines ( PH)” program. The collaboration between the two simplifies the processing of financial documentation requirements of Japanese nationals applying for the Philippines’ Special Resident Retiree’s Visa (SRRV), shortening the visa processing period from around 30 days to just one week.

VA Biz Solutions is a consulting agency that provides program implementation solutions, using emerging technology to tap new markets globally. A key service of the company is assisting Japanese citizens with their SRRV applications with the Philippine Retirement Authority (PRA).

Foreign nationals usually spend 30 days upon arrival in the Philippines to complete their SRRV requirements, which are submitted to the PRA. This includes a bank certification showing a minimum of P1 million in time deposit as proof of their capacity to retire in the country.

Through the partnership, UnionBank and VA Biz Solutions expedite the process for a Certificate of Time Deposit issuance (CTD) by allowing preparatory work, including preliminary

Know- Your- Customer procedures to be completed before the scheduled arrival of Japanese nationals in the country. This cuts the processing period to around one week and only requires the applicant to physically appear at the bank to claim their CTD and submit it as part of the SRRV requirements to the PRA.