Section 9. Incentives and Benefits. - In order to encourage foreign nationals and overseas Filipinos to participate in the development of retirement villages and other projects of the SYSTEM in the country, the following set of incentives are hereby accorded as follows:
Entitlement to the tax exemptions provided by P.D. No. 1217 upon certification thereof by the SYSTEM;
Guaranteed repatriation of any foreign exchange currency remitted to brought in, or invested in, the SYSTEM and/or development projects of the SYSTEM;
Extension of all Balikbayan privileges and exceptions to Filipinos and former Filipinos overseas returning to the Philippines to take up permanent residency in the projects of the SYSTEM;
Grant of permanent resident status to foreigners participating or taking up residency under the retirement programs or projects of the SYSTEM through a minimum investment of 50,000 U.S. Dollars in the SYSTEM via a Trust Fund, withdrawable only upon withdrawal from the retirement program of the SYSTEM of the participant concerned. For purposes hereof, the spouse and unmarried children under 21 years of age, of the applicant may also be given permanent resident status, if accompanying or if the following to join him after his admission into the Philippines as a permanent resident. This investment requirement may be increased or decreased by the Board of Trustees upon recommendation of the General Manager;
Exemption from customs duties and from other present or future import taxes, for one time only and up to the amount of seven thousand dollars (US$7,000.00) for the importation of their household furniture shall be granted.
In case of any transfer of the property referred to in paragraph (e) to any other person, firm, corporation or any other entity affected within three years following its entry into the national territory, then the taxes, due thereon but payment of which were exempted, must be paid. The Board may, by regulation, prescribed the applicable rules in case of total loss of said articles or household furniture.
Importation of one automotive vehicle for personal or family use, free of all importation, customs, sales, and economic stabilization taxes shall be allowed. Such vehicles may be sold or transferred to third parties, exempt from the aforementioned taxes, after seven years have elapsed from the date of entry of said vehicle into the country. The value which corresponds to this item shall not be taken into account computing the exemption established in the preceding paragraph.
With prior authorization from the SYSTEM, the beneficiaries of the SYSTEM's projects/programs, may substitute their vehicle abroad, at any time, and shall continue to enjoy the same exemptions established in the paragraph.
The beneficiaries of the SYSTEM's projects/programs may, however, at any time import vehicles with the same benefits herein specified, after prior payment of the taxes due on any vehicle has been previously imported tax-free.
In case of loss of said vehicle, by theft or total destruction by fire, collision or accident occurring within the period of five years from date of entry of said vehicle into the country, the beneficiary under this law may acquire another vehicle free of the taxes herein before specified;
Should the beneficiary withdrew from the programs/projects of the SYSTEM within 7 years, he must pay all the programs/projects of the SYSTEM taxes for which he has been exempted from paying by virtue of the provisions of this Section.
The BOARD is hereby authorized and empowered to promulgate such rules and regulations as may be necessary to implement the provisions of this Section.
The grant of the foregoing incentives shall not preclude the entitlement, if applicable, of any enterprise invested in by said foreign nationals and overseas Filipinos, to the incentives and benefits under the Omnibus Investment Code (P.D. 1978), the Tourism Incentives Program of 1974 (P.D. 535) and the Investments Promotion Act in Less Developed Areas (B.P. 44).