Scott Moore is Managing Director and Head of the Indonesia and Philippines offices at Henley & Partners
With Q1 behind us and revenge travel in full swing, we’re pleased to report that the number of online enquiries we have received has not lost momentum, despite people across the globe emerging from behind their screens to face the outside world. Henley & Partners saw much-increased interest from several countries in Q1 compared with last year, including Australia, the Philippines, and Thailand. However, the biggest growth in enquiries in 2022 has come from New Zealand, with Henley & Partners processing more than 50% of the enquiries we received in the whole of 2021 in the first three months of the year alone.
Enquiries from the Oceania region have skyrocketed, and particularly in Australia owing to impending changes to rules about individuals’ tax residency. As it stands, as long as you spend fewer than 183 days per year in Australia, it is unlikely that you would be required to pay tax in the country. However, proposed new rules could include a secondary test to establish tax residency. This would consider aspects such as whether an individual has the right to reside in Australia, owns local assets, has family members in the country, and the extent of their general economic ties to Australia. While these changes have not yet been implemented, families are aware of the need to plan ahead to minimize the effects of future developments on their wealth and income.
The most popular investment migration offerings remain those that allow investors to stay in their home countries while gaining a second residence or citizenship through an investment. When it comes to citizenship, the Dominica Citizenship by Investment Program, with its attractive real estate investment route, and the Grenada Citizenship by Investment Program, both in the Caribbean, received the most enquiries from citizens of Southeast Asian and Oceanian countries in Q1 2022. As Henley & Partners has offices in both of these Caribbean island nations, there is no need for our clients to travel to either country to acquire a second passport. The Spain Residence by Investment Program and Greece Golden Visa Program in Europe were also high on the priority lists of clients looking to secure an alternative residence by making an investment in property. Attractive real estate investment opportunities combined with the possibility of domicile diversification remain high on our clients’ wish lists.
At Henley & Partners we are continuing to invest in expanding our regional teams and opening new offices throughout Southeast Asia as we remain bullish on this market. We’re confident our thought leadership in the industry and our strong relationships with intermediaries will continue to foster growth across the region.