High net worth Filipinos seeking fast-track residence or citizenship in foreign countries are increasingly relying on investment immigration programs to move to Europe, Canada, the USA, Australia, Hong Kong and other nations.
Europe is the preferred destination with nations like Portugal, Monaco, the UK, and Switzerland being preferred by English-speaking citizens of the Philippines. Such investment immigrants seek greater security, a better life, access to quality education, and a liberal tax regime when comparing different options.
Demand is high among entrepreneurs who can afford the minimum investment required by Caribbean nations like St. Kitts and Nevis, Antigua and Barbuda, Grenada, and Dominica, which require investments ranging from $200,000 to $400,000 — in exchange for citizenship and greater visa-free travel privileges. Although costlier, the citizenship by investment programs of Cyprus and Malta are popular as successful applicants can acquire EU citizenship in just 1-2 years with an investment approaching $1m. Ease of travel is important for Filipinos since the country’s passport allows visa-free travel to only 60 nations, as opposed to 130 and 160 nations for Caribbean and EU citizens respectively.
Such programs are very popular among affluent individuals with net worth in excess of $2 million with those opting for European programs having a net worth in excess of $5 million.
The Maltese program requires a one-time donation of EUR 650,000 into a government fund and a EUR 150,000 5-year prescribed investment as well as other annual fees that raise the cost of the program. Applicants must reside in Malta for one year prior to submitting an application for citizenship. Cyprus offers citizenship in just four months in lieu of a real estate investment of at least EUR 5 million in financial assets of Cypriot entities including bonds, securities, or debentures. Both programs are in demand because the requirements are transparent, the outcome is predictable and investors can reside in virtually any EU country of their choice.
Those seeking permanent residence closer to home may be required to shell out between $800,000 and $5 million depending on the destination. Malaysia offers residence in lieu of bank deposits of $800,000. Australia, on the other hand, is significantly costlier with a minimum investment requirement of $5 million.
The investment immigration industry is undergoing continued interest as wealthy individuals from the Philippines and other nations seek the advantages of secondary residence or direct pathways to citizenship. The choice of programs will naturally depend on the individual circumstances and needs of an applicant.
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