Filipinos may acquire a second residence or citizenship outside the Philippines as the country’s economy continues to grow over 6 percent annually, Henley & Partners said Wednesday.
Henley & Partners managing director Scott Moore said the forecast should translate to higher gross domestic product (GDP) per capita among Filipinos which can encourage them to explore options for overseas residence.
“Nations with higher visa-free scores tend to enjoy greater gross domestic product (GDP) per capita, increased foreign direct investments and more robust international trade relationships,” he said in a virtual media briefing on Wednesday.
Henley & Partners advises and facilitates processes for people seeking to acquire foreign residence and citizenship through investment.
The Development Budget Coordination Committee projects the Philippine GDP to grow 6 to 7 percent this year and 6.5 to 7.5 percent in 2025.
Meanwhile, research firm Statista projects the country’s GDP per capita to increase from $3,867 to $4,130 this year and $4,414 in the next.
Moore said Filipino millionaires could join a total of 128,000 fellow rich individuals seeking second residence abroad or foreign citizenship this year. He added the number might increase to 135,000 people in 2025.
“Filipinos are looking for open doors overseas whether for education or business. Wealthy individuals are looking to have access to assets protection, international markets, tax advantages and ease of doing business,” Moore said.
Global Pinoys
“Filipinos are also very global, with English as a primary language.
They have relatives who are American, Canadian, or Spanish. It’s a natural inclination to have a second residence or citizenship,” he added.
Citing data from the New World Health, Moore said the United Arab Emirates is the top country where most millionaires plan to live, followed by the United States and Singapore.
Meanwhile, Moore said China might see the highest number of residents outflow due to its relatively bad economy.
Due to the China-Philippines conflict in the West Philippine Sea, Moore said residents may consider a second home abroad or another citizenship.
“There will be increased demand for options, but that doesn’t necessarily mean they’re going to leave. This is to diversify assets or protect against any political or economic uncertainties,” he said.
Visa-free score
The Philippines has maintained its 73rd rank in the Henley Passport Index, similar to the rank in January but better than the 78th posted last year.
This means the Philippine passport’s power remained stable, allowing entry to 67 countries without applying for a visa.
“From 2015 until now, besides Covid-19, the general trend is up for the Philippines passport ranking. The Philippines is viewed as quite stable right now, and as the Philippine economy continues to grow, it should continue to see improvements on the passport’s visa-free access,” Moore said.
Singapore topped the list as the most powerful passport, allowing access to 195 destinations visa-free.