FOREIGN RESIDENCY is becoming more attractive to High Net Worth Individuals (HNWIs) in the Philippines in the face of economic and geopolitical uncertainty, according to Henley & Partners, a residence and citizenship advisory firm.
Henley & Partners’ Investment Migration Guide for Filipinos found that HNWIs are considering migration to access better opportunities, future-proof their wealth and ensure their families’ long-term security.
“As global uncertainties rise, having an alternative residence or citizenship provides a strategic advantage, offering stability, mobility, and enhanced lifestyle benefits,” it added.
Henley & Partners said global mobility offers HNWIs access to superior services, healthcare, and education for their children citizenship programs.
Relocating to safer jurisdictions provides stability, while investment opportunities in global markets help diversify assets and mitigate financial risk.
Benjamin B. Velasco, University of the Philippines School of Labor and Industrial Relations Assistant Professor, warned that investing overseas represents “capital flight” and “a drain of financial resources that could have been used to develop the economy.”
“Residence and citizenship by investment can certainly entice skilled professionals (lawyers, doctors for example) and entrepreneurs (small to medium) since the capitalization is a low of P6.5 million (Nauru) to a high of P40 million (US). Likewise, some of these destinations are tax havens, and so that is another come on,” he told BusinessWorld via Messenger chat.
He noted that mobility of capital is a feature of globalization.
“Volatile financial flows have made economies more vulnerable, like what happened in the Asian financial crisis,” he added.
“Thus, there are proposals to regulate footloose financial capital and end tax havens. These are mechanisms to evade the social responsibility to pay taxes and re-invest in areas where profit was generated,” he added.
Nauru’s investor program, known as the Economic and Climate Resilience Citizenship Program, sets a minimum investment of $130,000.
Meanwhile, the Australia National Innovation Visa Program has no minimum investment in financial contribution, and promises “a streamlined pathway to permanent residence for highly skilled and talented academics, global researchers, innovative investors and entrepreneurs, as well as world-renowned athletes, artists, and entertainers.”
New Zealand is also a popular destination because of its Active Investor Plus Visa Program.
It accepts applicants to “live, work, and study in New Zealand indefinitely by making a substantial investment in the country,” with the minimum investment set at $5 million New Zealand dollars.
The United Arab Emirates also offers Residence by Investment to investors, entrepreneurs, and skilled professionals, granting them the right to live in any of the seven emirates by making a significant real estate investment of at least $550,000.
Greece offers a Golden Visa Program for a minimum real estate investment of 250,000 euros, with the main draw being visa-free access to the Schengen Area.
Portugal offers a 250,000-euro Golden Residence Permit, which Schengen access as well as the right to live, work, and study in Portugal, with a citizenship pathway after five years without requiring renunciation of other citizenship.
Malta offers citizenship by naturalization for exceptional services by direct investment for 600,000 euros.
Filipino investors frequently inquire about dual citizenship, residency requirements, and the ability to include family members in their applications.
Henley & Partners said that many programs allow dual citizenship and family inclusion, with varying stay requirements. Some offer citizenship by descent. — Chloe Mari A. Hufana
