Scott Moore is Managing Director and Head of the Indonesia and Philippines offices at Henley & Partners.
Mid-way through the second quarter of 2023, the investment migration sector is flourishing. Enquiries have been active in Southeast Asia and Oceania, with an uptick in interest shown by Malaysian citizens as well as Australian, Filipino, and Singaporean residents.
There have recently been a few changes in several investment migration programs, including increased investment requirements for the sought-after Singapore Global Investor Program. For those founding their own business, the minimum investment amount has increased by 400% from SGD 2.5 million to SGD 10 million, with ever-increasing targets for employees. For those hoping to take a more passive approach, the investment threshold has increased even more, from SGD 2.5 million to SGD 25 million into a fund investing in Singapore-based companies. Thresholds have also increased for the family office route. While these are large increases, Singapore has clearly emerged as the wealth capital of Asia, with the third-highest net inflow of millionaires globally forecast for 2023, after Australia and the UAE, and demand for high-net-worth individuals and their companies to relocate to the city-state will remain strong.
Interest in residence by investment programs in the region is leaning strongly towards developed countries such as Australia and New Zealand. And in terms of European options, we are seeing a marked increase in enquiries for the Portugal Golden Residence Permit Program, with the impending end of the program looming. We are also seeing additional enquiries for the Spain Residence by Investment Program, prompted by rumors regarding possible changes to the real estate investment option in the future.
Henley & Partners Education is proving very popular as a perfect complement to existing residence programs on offer, particularly in Australia, Canada, the UK, and the USA. We expect to see continued healthy growth in this service as in the increasingly volatile times we are enduring, ensuring the best possible education for their children has become a key motivation for any parent, and more investors are realizing that one of the many advantages of investment migration is enhanced access to premium education.
Southeast Asia and Oceania remain key regions of growth for Henley & Partners, and we are continually investing in expanding our teams to serve an ever-increasing and diverse client base. With many key events on the horizon, we are excited for further success in 2023.