Stay in the Philippines indefinitely. Yes, you heard it right. The Philippine governement will be issuing a new visa to foreign investors who can hire at least 10 workers and pay them a legal wage of a little over US$200.00 per month each.
The new special visa will qualify foreign investors to stay in the Philippines indefinitely without the need for prior departure as in the case of a regular and fixed date visa. This multiple entry visa covers spouce and unmarried children below 18 yeqara old.
Prospective applicants must be legitimate investors. As such, they should be able to set-up and/or manage the business. Applicants should have no criminal records and not linked to any terrorisit activities. They should not be a risk to national security.
The Executive Order (E.O.) for the implementation of the Special Visa Emplyment Generation (SVEG) was recently approved and signed by President Gloria Macapagal Arroyo.
The main purpose of the SVEG is for foreigners to infuse capital in the country to generate enployment opportunities for Filipino domestic workers.
Prospective foreign invstors may contact the Deoartment of Trade or the Bureau of Immigration in the Philippines. They can also contact the nearest Philippine Embassy or consulate in their area for more information.