Singapore has no capital gains tax and offers a much lower individual tax rate than Western countries. This has led to a large number of the world’s wealthiest to claim citizenship on Singaporean shores.
Facebook co-founder Eduardo Saverin is the second richest Singaporean expatriate. Originally Saverin was from Brazil and later immigrated to the US. He renounced his US citizenship in favour of Singapore just before the network’s initial public offering.
Saverin and other expatriate peers from New Zealand, Indonesia and Canada, have been able to reduce their tax bills.
Saving large sums of money in taxes is not the only motivation for the wealthy. Singapore is notoriously financially and politically stable; it’s incredibly clean; the education system is fantastic; and to top it all off it has a rich and diverse culture.
According to the Global Cities index, which ranks cities based on their appeal to the wealthy, has placed Singapore third. London and New York currently take the leading two spots. The Global Cities index forecasts that Singapore will be in a consistently high position till 2024.
A spokesperson from Interdean, comments: ‘The fact that some of the wealthiest people in the world choose Singapore as their home is a testament to its quality. Although it’s not just for the extremely wealthy that Singapore makes a fantastic home. For expatriates on a more modest wage Singapore is still an excellent choice for moving abroad. The city state is one of the best in the world for its innovation, business drive and entrepreneurial opportunities. The work ethic in Singapore is fantastic; perhaps this can be contributed to the high number of wealthy inhabitants. When you are surrounded by successful people it may give you that extra motivation to harness your ambitious nature.’
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Four out of ten of the richest Singaporeans are expats