By investing in another country, Filipino citizens can receive alternative residence rights as well as a host of benefits such as enhanced global mobility, access to top-ranking educational institutions, world-class healthcare, and expanded business opportunities.
Interest in obtaining an alternative residence through investment has increased dramatically over the past few years as high-net-worth individuals from around the world seek to unlock greater global access and enable increased freedom in terms of where they and their families can live, work, and study. As the country with the leading economy worldwide, boasting a GDP of over USD 20 trillion, the USA is one of the most desirable locations for both business and alternative residence. Filipino citizens who make a business investment in the USA can receive permanent residence to this global powerhouse through the US EB-5 Immigrant Investor Program.
The USA: A hotspot for millionaires
Affluent Filipino investors who invest in the USA would be in good company, as the USA dominates the list of the World’s Wealthiest Cities in 2023 when it comes to the number of millionaires living in the country, according to the latest report from Henley & Partners, the global leader in residence and citizenship by investment. New York City wears the crown as the wealthiest city in the world with 340,000 millionaires, while two other American wealth hubs — the San Francisco Bay Area and Los Angeles — come in 3rd and 6th places, with 285,000 and 205,400 resident high-net-worth individuals, respectively.
Other cities such as Austin in Texas, West Palm Beach in Florida, and Scottsdale in Arizona feature high on the Top 10 list of fastest growing cities when it comes to resident millionaires over the past decade, with 102%, 90%, and 88% growth, respectively.
The right to live, work, and study in any of these leading international wealth hubs can be secured via the US EB-5 Immigrant Investor Program.
Key benefits of investing in the USA
The USA offers a wide range of choices when it comes to lifestyle, education, geography, and climate. Here are a few more reasons why the US EB-5 Immigrant Investor Program is a top choice for wealthy Filipino entrepreneurs seeking alternative residence:
- Families welcome — Investors can include their spouse and any unmarried children who are under 21 years old.
- Access to top-tier education — Your children receive the ultimate advantage through access to a large selection of highly rated schools and Ivy League universities nationwide.
- Freedom to travel — The physical presence requirements are flexible, so you can travel easily between the USA, the Philippines, and any of the 34 countries that your EB-5 visa allows you to access visa-free.
- Minimal application requirements — There is no business experience or specific language proficiency needed when applying to the program.
- Legacy-building — Successful applicants can be eligible for citizenship after five years of living in the USA.
Business investments required
To receive permanent residence in the USA, applicants must fulfill the following two requirements:
1. Invest in a commercial enterprise associated with a government-approved regional center.
Applicants can choose to either commit USD 800,000 to a targeted employment area project in a rural area or an area with high unemployment, or USD 1.05 million into a non-targeted employment area project.
2. Create or preserve 10 permanent full-time jobs for qualified USA workers.
Investors are also required to have a net worth of at least USD 1 million and be able to prove the legal source of their funds.
After 30–36 months of submitting their application, successful applicants receive an EB-5 visa (green card), granting them and their families the opportunity to live, work, and study in any of the 50 states of the USA.
Being able to relocate yourself and your family to a more favorable country, especially one with three of the Top 10 wealthiest cities in the world, is an increasingly important aspect of international wealth and legacy planning for private clients. To find out more about how you and your family can receive green cards through the US EB-5 Immigrant Investor Program, reach out to Scott Moore, Managing Director and Head of the Philippines office at Henley & Partners.
ADVT.