Authorizing The Issuance Of Special Investors Resident Visas To Aliens And For Other Purposes

MALACAÑANG
M a n i l a

PRESIDENTIAL DECREE No. 1623

AUTHORIZING THE ISSUANCE OF SPECIAL INVESTORS RESIDENT VISAS TO ALIENS AND FOR OTHER PURPOSES

WHEREAS, tourism and attraction of foreign investments into the Philippines are two of the government's prime target areas in its move towards the improvement of the Philippine economy;

WHEREAS, there are still a number of economically depressed areas in the country suitable for international tourism, which have not been adequately exploited, developed and attended to whether by the government or by the private sector;

WHEREAS, studies and researches conducted by governmental agencies reveal that among the major obstacles in the realization of optimum benefits from the governmental programs of tourism and foreign investment attraction are the stringent provisions of immigration laws, rules and procedure; which serve as deterrent to alien investors wishing to make the Philippines their second home;

WHEREAS, it is felt that selective relaxation of immigration laws to accommodate alien investors who are willing to, and do in fact, invest substantially in preferred depressed areas would go...

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Summary of Presidential Decree No. 1623

Authorizing the Issuance of Special Investors Resident Visas to Aliens

- Aims to attract foreign investments and promote tourism in economically depressed areas of the Philippines.
(Preamble)

- Allows issuance of Special Investors Resident Visas to aliens who meet the following qualifications:

    - Has not been convicted of a crime involving moral turpitude. (Section 1.1)
    - Is not afflicted with any loathsome, dangerous or contagious disease. (Section 1.2)
    - Has not been institutionalized for any mental disability. (Section 1.3)
    - Is willing and able to invest a substantial amount of at least US$200,000 in an economically depressed priority area declared by the Office of the President. (Section 1.4)

- The visa shall also be issued to the spouse and unmarried children of the applicant, if accompanying or joining the applicant. (Section 2)

- The visa holder is entitled to reside in the Philippines while the investment subsists. (Section 3)

- The visa may be revoked if the alien withdraws or transfers the investment from the designated area without prior approval from the Office of the President. (Section 3)

- Any existing laws inconsistent with this Decree shall be modified, amended, or repealed accordingly. (Section 4)