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SINGAPORE AS AN OFFSHORE WEALTH MANAGEMENT HUB

Singapore is one of the world’s leading offshore wealth management hubs, with the fastest-growing population of high-net-worth individuals who are further strengthening the city-states wealth.

The Singaporean government has done much to boost brand ‘Singapore’, cementing its world-renowned reputation and offering tax-incentive schemes to families and businesses from across the globe. The city-state also offers an incredible lifestyle, high-class education, robust security, and an esteemed legal infrastructure, all of which has successfully attracted affluent customers wanting to fulfil their wealth management needs. 

That said, it is important to note that the best location to manage your wealth is based on individual circumstances. So, to help you decide if Singapore is right for you, let’s discuss some of the city-state’s key strengths in more detail:

Location

One of the best things about investing in Singapore is its geography. The city-state is located in the proximity of Southeast Asia and is close to mainland China – one of the world’s superpowers.

China has seen unprecedented economic growth for the past two decades, leading to a thriving HNWI population. However, a tightening of regulations is stimulating interest amongst HNWIs in moving money offshore to Singapore. The city-state is less connected to mainland China from a regulatory and political perspective, unlike Hong Kong. As such, Singapore is potentially more attractive for clients seeking diversification and lower regulatory risk.   

Transparency and efficiency

Singapore is known for having stringent yet effective regulations that uphold its reputation as a financial centre. The Monetary Authority of Singapore (MAS), which oversees the entire financial industry located in Singapore, takes pride in being highly efficient. It also promotes internal transparency with two-way dialogue between market actors, helping to build trust and contributing to Singapore’s efficient regulatory framework. Furthermore, the Singaporean government moves forward promptly with its decisions and is highly cooperative with financial institutions.

Privacy

While the Singaporean financial market is heavily regulated and increasingly transparent, externally, there is little transparency or information sharing, which is expected to remain in force for years to come. As such, many investors from local and Western countries look to Singapore as a long-term option to protect their accumulating private wealth while ensuring they can maintain privacy in their dealings.

Here to help

When it comes to wealth management, succession planning, or safeguarding your assets against unforeseen circumstances, it’s never too early to start wealth planning.

At Turner Little, we’re armed with 30 years of experience offering integrated financial services. We ensure that your wealth is managed responsibly, with discretion and peace of mind guaranteed. To discuss your requirements, get in touch with us today.

Turner Little and its affiliates do not provide tax, legal or accounting advice. Material on this page has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction.