• Politics
  • Economy
  • Stock
  • World News
  • Editor’s Pick
Investments Aims
EconomyEditor's Pick

PHL becoming ‘attractive destination’ for HNWIs due to growth, tax reform

by June 24, 2025
by June 24, 2025

THE PHILIPPINES’ strong long-term growth outlook and tax reforms for foreign investment are expected to attract interest from high-net-worth individuals (HNWIs), private client immigration consultancy Henley & Partners said.

“The Philippines is emerging as an attractive destination for people that want to do business just because of the above average GDP growth. (Many other) economies cannot grow as fast as the Philippines. And given that the Philippines is still a developing country, it presents huge opportunities for people to come and start businesses and capture success that would be impossible in developed countries,” Henley & Partners Managing Director for Southeast Asia Scott Moore said at a briefing on Tuesday.

The firm’s Private Wealth Migration Report 2025 projects the Philippines to experience a net outflow of HNWIs this year, which Mr. Moore described as less severe than the situation in regional neighbors.

“I would say it’s much more worrying that Vietnam is losing 300. Indonesia is losing 250. These are at the top of the list. The Philippines, compared to its regional neighbors, is losing much less,” he said.

He added that overall growth in Philippine HNWIs in the past decade of 32% also supports the outlook for economic growth and further inflows of HNWIs.

According to the report, the Philippines has 12,800 millionaires, 70 centi-millionaires, and 12 billionaires.

“So in terms of relevance for HNWIs in any country, it just signals economic progress and general health of the economy. If a country can create new millionaires, it means that the economy is growing and there are good opportunities,” Mr. Moore said.

He said Singapore and Thailand remain the policy leaders for nurturing HNWIs.

“If we’re looking at specifically Southeast Asia, Singapore and Thailand (benefit from) government policy. Singapore has stability and attractive tax regimes for HNWIs. Thailand has ease of entry in terms of their visa options and very attractive tax incentives for foreigners, as well as of course the lifestyle,” Mr. Moore said.

He added a golden visa for investors could make the Philippines more attractive to HNWIs.

He added that a weak peso could increase the Philippines’ HNWI intake.

“The weaker currency would mean foreigners coming in. It would make (the Philippines) more attractive.”

The firm’s wealth migration report listed the United Arab Emirates (UAE) as having the highest expected net inflows of millionaires at 9,800 this year.

“Dubai has amazing infrastructure and lifestyle for wealthy individuals. It’s basically built to cater to them. The UAE also has very stable politics while they have zero income tax they have very low corporate tax. It’s extremely easy to set up a corporation there and (obtain a) golden visa… It’s probably one of the most straightforward,” Mr. Moore said.

In the region Singapore had the highest expected net inflow of millionaires, estimated at 1,600.

“The number of millionaires coming into Singapore has started to go down a bit. And this is because those wealthy individuals are now moving to the UAE,” Mr. Moore said.

Meanwhile, the UK posted the highest expected net outflow of millionaires at 16,500, which Mr. Moore said was the largest single-year outflow in over a decade.

Brexit continues to prove to be a bad bet to attract and retain HNWI, but the real genesis of this huge outflow comes from major tax changes that were confirmed in 2024. — Aaron Michael C. Sy

0 comment
0
FacebookTwitterPinterestEmail

previous post
Grid plan expected by September
next post
Sardine canners promise to keep prices steady

You may also like

Building permit approvals inch up in May

July 18, 2025

Maharlika taps Ausenco for Makilala feasibility update

July 17, 2025

CMEPA tax rules not applicable to SSS, GSIS,...

July 17, 2025

Taiheiyo Batangas cement facility seen operational by Q2...

July 17, 2025

Safeguard duty on imports of HDPE pellets, granules...

July 17, 2025

PCIC rolls out parametric insurance scheme

July 17, 2025

PhilHealth allocated P53-B subsidy in 2026 draft budget

July 17, 2025

Travel safety group urged to be more responsible...

July 17, 2025

Indonesia-US trade deal poses competition challenges for PHL

July 16, 2025

PhilHealth rules out contribution rate hike after loss...

July 16, 2025

Leave a Comment Cancel Reply

Save my name, email, and website in this browser for the next time I comment.

Join The Exclusive Subscription Today And Get Premium Articles For Free


Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

Recent Posts

  • Mark Halperin: Democrats Don’t Realize What a ‘Crutch’ Colbert, PBS, NPR Had Become for Them (VIDEO)

    July 19, 2025
  • Former MSNBC Host Touré Says Trump Was ‘Supposedly’ Shot in the Ear During CNN Segment (VIDEO)

    July 19, 2025
  • Kash Patel Announces Indictments for Children’s Nutrition Program in Minnesota That Scammed Millions in Covid Funds

    July 19, 2025
  • Judge Dismisses Trump’s Lawsuit Against Far-Left Author Bob Woodward Over Release of Interview Recordings

    July 19, 2025
  • The Democratic Candidate for Mayor of NYC Zohran Mamdani, on Prisons and Jails

    July 19, 2025
  • Terms & Conditions
  • Privacy Policy
  • Contact us
  • About us

Copyright © 2024 Investments Aims. All Rights Reserved.

Investments Aims
  • Politics
  • Economy
  • Stock
  • World News
  • Editor’s Pick