More wealthy Pinoys seen seeking second citizenship
A group that helps businessmen set up shop and move around the world sees more wealthy Filipinos seeking a second citizenship.
Harvey Law group country manager Paul Boldy explained that a powerful passport and attractive social welfare program are the primary considerations.
“I think we’re going to see a lot more Filipinos who will look into engaging in succession planning, and to do that they probably need to go further into Europe, particularly Cyprus, where they allow citizenship by descent, which means it last for as long as your line lasts,” Boldy said.
He added, “I think we’ll see more people look at that because it offers a secure area, good healthcare, free education and basically, it’s real estate investment.”
“I also think we’ll see a lot more Filipinos take the Caribbean passport simply because it’s a fantastic travel document. It’s inexpensive and quick to get.”
On the reverse side, Boldy said the Philippines has been evolving into a more attractive business and tourism destination.
He sees more foreign nationals eventually exploring the option to become a naturalized Filipino.
He added that not even news like martial law or the government’s drug war will discourage foreigners.
The Philippines, he said, with a fantastic rate of growth and brilliant workforce, is beginning to move forward.
“Things will move forward, a lot of regulations are very old and were actually brought around at a time when the Philippines wasn’t as dynamic as it is now. Things will change over time,” he said.