Investors and Other Special Visas.
Section 19
SEC. 19. Investors and Other Special Visas. - Foreign nationals, who either intend to invest in the BuZ or possess highly specialized skills, can apply for a special resident visa in the BuZ, subject to relevant labor and immigration laws, rules and regulations. The special resident visa shall be of two (2) types: (a) the special skills visa; and (b) the investor's visa. (a) Special Skills Visa. - The BEZA shall recommend the issuance of special skills visas, renewable every three (3) years, to foreign executives and foreign technicians with highly specialized skills which no Filipino possesses, subject to the issuance of the certification and alien employment permit by the Department of Labor and Employment (DOLE). Applications for the special skills visa shall be sponsored by the registered enterprises that requires the expertise of the applicants: Provided, That such enterprises shall formulate and undertake an understudy or skills development program to ensure the transfer of technology or skills to Filipino workers. Foreign nationals who may serve as faculty members of Bulacan State University campuses and other govenrment and private higher educational institutions within the BuZ shall also be eligible for the special resident visa, subject to the provisions of Republic Act No. 11448, otherwise known as the "Transnational Higher Education Act", and the rule on reciprocity. The educational institution, with concurrence from the Commission on Higher Education (CHED), shall sponsor the application of the applicant. The CHED shall promulgate the guidelines and eligibility requirements for applicants of the special skills visa who shall be faculty members of educational institutions in the BuZ. The BEZA, the DOLE, and the Bureau of Immigration (BI) shall formulate the necessary guidelines for the submission and approval of applications, as well as the monitoring of visa grantees under this subsection. (b) Investors Visa. - Any foreign national who invests an amount of Two hundred fifty thousand US dollars (US$ 250,000.00), either in cash and/or equipment, in a BEZA-registered enterprise shall be entitled to an investor's visa to be issued by the BI subject to the recommendation of the BEZA and the endorsement of the Board of Investments: Provided, That the foreign national: (1) Must be at least eighteen (18) years of age; (2) Must not have been convicted by final judgment of a crime involving moral turpitude; (3) Must not be afflicted with any loathsome, dangerous or contagious disease; (4) Must not have been confined in an institution for any mental disorder or disability; and (5) Must be financially capable with legitimate sources of income, as borne out by credible and verifiable evidence. A foreign national shall be granted permanent resident status within the territorial coverage of the BuZ while the investment subsists. To prove this, the foreign national shall submit an annual report in the form duly prescribed for the purpose. In the event that the investments are withdrawn from the Philippines, the investor's visa issued to the foreign national shall automatically expire or be withdrawn. The authority to issue visas and work permits shall remain with the BI and the DOLE, respectively: Provided, That the BI and the DOLE shall implement measures to expedite the processing of such visas and permits for workers in the BuZ and coordinate with the BEZA for the purpose of improving ease of doing business.