As nations attempt to crack down on tax havens by sharing more financial information than ever, wealthy families are now seeking shelter through new citizenships.

As of December last year, 97 countries have joined the Automatic Exchange of Information (AEOI) portal, which is meant to eliminate tax havens by making all financial information readily available. At least 56 members will freely share information like account balances, and investment income starting September 2017.

Henley & Partners, a global leader in residence and citizenship planning, said this has changed the behavior of the rich.

“Because of this automatic exchange of information comes, we have a lot of people, lots of people who look at residence options because of these new rules. They fear that this has a security impact on them because they don't know in the end who gets this information, who receives the information.” Dr. Jurg Steffen, Head Asia Pacific Henley & Partners, said.

The Philippines is not yet on the list and Henley & Partners said that is the reason why their wealthy Filipino clients mostly seek alternative citizenship, to make travel more convenient.

Bureau of Internal Revenue Commissioner Kim Henares said before the Philippines can sign on, the Congress needs to relax bank secrecy laws first.

“If we don't want to be blacklisted we have to do it. It is really our choice. If we want to live as an island there will be blocks in our trade, remittances into and out of the Philippines. It really depends on our legislature,” Henares said.

This might spark a migration of the Philippines’ richer families but Henares is unfazed/

“There will be no place in the world place in the world where there will be no automatic exchange of information,” Henares said.

Oxfam International, a confederation of 17 organizations dedicated to fighting poverty, said sharing information and taxing the rich correctly are vital to inclusive growth.

Oxfam said, without these initiatives, the wealth divide has only gotten bigger.

Oxfam's latest data show the top one percent of the rich now owns more than everyone else combined.