POSCO E&C's "The Sharp Clark Hills" under construction in the Philippines has been designated as a partner facility for the Philippines' retirement office.
POSCO E&C signed an agreement with the Philippine Department of Tourism's retirement office on Sept. 25 to designate "The Sharp Clark Hills" partner facility.
Under the agreement, among "The Sharp Clark Hills" contractors, those who consider retiring in the Philippines can first deposit $50,000 to purchase The Sharp Clark Hills apartment with the fund and stay in the Philippines without the expiration of the visa.
There is a permanent $20,000 deposit or a temporary $50,000 deposit to acquire a retirement visa that can stay in the Philippines indefinitely. The $50,000 temporarily deposited can only be used as a real estate purchase fund registered as a retirement facility after obtaining a retirement visa.
When a person receives a retirement visa from the Philippines, he or she receives an Alien Employment Permit (AEP) from the Ministry of Labor and works there, and can register up to two dependents on one retirement visa.
POSCO E&C is in talks with the retirement administration to reduce the two-month retirement visa acquisition period to one month for "The Sharp Clark Hills" contractors, which is expected to further shorten the administrative process and period in the future.
The Sharp Clark Hills, the largest apartment in Clark, the Philippines, is designed to be the highest-grade quake-resistant design standard in the U.S., adding safety to recent earthquakes in Southeast Asia.
