Fil-Am dual citizenship benefits realty business

Cebu anticipates a stronger interest for real estate investments from the Filipino-American residents, following the United States announcement to open the dual citizenship opportunity.

Cebu Investments and Promotion Center (CIPC) managing director Joel Mari S. Yu said transforming Cebu into a total destination, not only as vacation haven for foreigners, but also as a legitimate retirement site, and permanent residential address for balikbayans , as dollars will be flowing in to the Philippines because of the U.S. dual citizenship opening.

Yu said from middle range residential products, to super high-end subdivisions, including condominiums, will be the hit products for Filipino-American market, and Cebu is position to take bigger chunk of this market, because of its charming location, and tourism advantage.

Medical Tourism per se should not be the single focus, but a total retirement destination for Cebu should be pushed actively.

In order to take advantage of this opportunity, Yu urged developers to start building facilities that could serve the huge retirees from abroad, including already the Overseas Filipino Workers (OFWs) who are retiring.

Support industries should also be ready for this opportunity. Complete shopping destination for Cebu should be built, to add to the existing shopping, leisure and entertainment facilities that are available right now.

If Cebu will be able to get this huge market, domino effect is expected from real estate boost, retail, including employment for helpers, gardeners, among others.

Although there are already a number of developments in both commercial and residential products being introduced last year, Yu said these may not be enough as soon as Balikbayans will decide to buy real estate properties here.

Earlier Jacinto Legal, of Filipino Chamber of Commerce of Hawaii said that establishing an integrated Retirement Village, is one of the best come ons Cebu could take advantage to, in order to attract foreign nationals, or even the Filipino-American (Balikbayan) to retire here.

Cebuano developers are urged to immediately set up a facility in Cebu to attract the huge foreign retirees, to retire in the Philippines, specifically Cebu.

"It is very expensive to retire in the United States, the retirees are looking for a good retirement place, for them to maximize their dollars, as well as enjoy the weather, Cebu is a very good place for this kind of facility," said Legal.