- In Singapore, you get everything you need in one place since it is an Asian business center. When you look for safety, efficiency, and opportunities, Singapore comes to your mind.
- Singapore is a clean, safe place to visit, its amenities are second to none and its public places are smoke-free and hygienic.
- Likewise, it can be mentioned that Singapore is a multicultural city, and close to one-quarter of its population are expatriates or foreign workers from all over the world.
- One great detail is that Singapore is known for its desire to become the technology hub of Asia. Therefore, it is the most wired country in the region.
- It has a multi-cultural society, because it blends, Chinese, Arab, Indian, Malay and English cultures and religions. Nothing compares to this.
- Singapore is the largest port in Southeast Asia and one of the busiest in the world. It owes its growth and prosperity to its focal position at the southern extremity of the Malay Peninsula, where it dominates the Strait of Malacca, which connects the Indian Ocean to the South China Sea.
- Singapore is the freest economy in the world per the Index of Economic Freedom. The government supports financial freedom with swift and transparent processes and a sound macroeconomic policy and low taxes.
- As we said, Singapore is a low-tax jurisdiction. The corporate tax rate is 17% but can be significantly lowered due to many different juicy tax exemptions for startups, offshore funds, and trading companies. Singapore only taxes locally-sourced or remitted income. For individuals, the tax rate goes from 0 to 22% on their income generated in Singapore unless they receive foreign income from a resident individual, making its system almost entirely territorial.
Mundo’s country rating is essentially a freedom index whereby our team of specialists rates a combination of freedoms which include freedom from violence and personal attacks, financial freedom from high taxes, business freedom from government interference, and especially from socialism and communism.
If you are looking for synonyms for a free economy, Singapore comes to mind.
This small island-city of just 5.6 million inhabitants has deep importance for global finances and has the second-highest GDP per capita with the largest amount of millionaires per capita on the planet.
Why the success? The freest economy in the world, per the Index of Economic Freedom. This has led Singapore to have a well-developed banking system. With Hong Kong’s instability and higher taxes in Switzerland, many are going for Singapore as their safe banking destination.
So, you have a robust judiciary and regulatory compliance, a free economy led by a pro-business government, and an optimized and straightforward tax system.
That's the key to Singapore's success.
Singapore is the best example of the expression "extreme makeover." It went from being a poor state to the freest economy in the world and the fourth most prosperous country worldwide.
Now, Singapore is one of the world’s economic engines, and the next place you should look to establish a corporate structure. Whether it is for holding purposes or for a trading business, Singapore should be at the top of your list.
- The highest personal security index in Asia.
- The freest economy on the planet, according to the Index of Economic Freedom.
- English is the official language and it is used for business and administrative matters, which eases doing business.
- There is a completely free flow of foreign currency
- The Singapore dollar is stable and has a good position against the euro and the dollar.
- The country has a favorable tax scheme with more than 50 double taxation treaties and a 17% corporate tax rate with a territorial tax system.
- The country has what is widely considered the best and more advance central bank and the financial authority is transparent and reputable
- The commercial and financial infrastructure in Singapore is among the most advanced in the world. From super-fast internet to transportation, Singapore has what you need
- Singapore offers diversified investment industries. Financial investments, the oil industry, real estate, shipping, IT, fintech, and much more.
- Singapore is one of the best countries where to protect intellectual property, which means it is ideal if you want to establish a company to protect intellectual property.
You can probably count with one hand the places where you can live better than in Singapore. This high-tech city-state has one of the best life qualities on the planet and is a top financial destination. Living in Singapore is only for the most demanding Mundo readers who are seeking to establish their family office in one of the top destinations of the world while investing in one of the financial Meccas of the Far-East.
Singapore has almost everything a high net worth individual needs to live there, from all the comfort and luxury a place can offer to low taxes and opportunities to thrive economically.
Why should you apply for the residency by investment in Singapore?
-Low taxes: Singapore has a territorial tax system, which means you will only pay taxes over your Singapore-remitted income and if you set your tax residency in Singapore, no other country will be able to claim taxes over your worldwide income. Plus, Singapore is a low-tax jurisdiction with a top income tax of 22%, which is half of the top income tax of many OECD nations.
-Wonderful life quality: Singapore is ranked as the best city to live in Asia in most specialized rankings. You will have any comfort and luxury you want and the city has the most millionaires per capita in the world. It is safe, it has excellent services, and it is a multicultural place where almost everyone speaks English.
-Excellent banking: Singapore offers one of the best banking systems on the planet. Its banks are safe, cutting-edge, and multicurrency. This means keeping your money in a bank in Singapore will help both your asset protection and diversification strategies.
-Connected with the world: Singapore’s Changi Airport is widely considered the best in the world. The airport serves over 100 airlines to almost 400 cities in over 100 countries in the world including many American cities and most major European and Asian destinations.
-COVID-19 under control: Singapore has been one of the few countries to manage COVID-19 successfully as it has months without significant case surges. The country has not announced 100 cases in one day since mid-August.
-Excellent corporate structures: Singapore has amazing tax breaks for offshore funds, startups, and banks and its flexible legislation makes it a top place for incorporating a company.
-Great investment options for the RBI program: Singapore has some of the most stable funds on the planet, which means that your investment for the residency program will be highly profitable. If you incorporate a business in Singapore, many different business endeavors can succeed on the island, such as fintech, IT, and shipping. Our experts have access to a high tech education business that will also allow you to receive the RBI.
If you have read the predictions of our expert team in the COVID-19 report you will see that any reasonable family office should start planning its escape from those jurisdictions that have shown an inability to deal with the crisis.
Sadly, much of Europe and the US fall under these categories. They will likely face increasing taxation, financial meltdown, and social unrest. You need a family office and these territories do not have many good options.
But Singapore is among the best.
Certainly, it is not for everyone, but a Singapore family office will guarantee your intergenerational wealth. Your child and grandchild will not have to worry about anything.
Why should you choose Singapore? In a nutshell:
1. Singapore does not tax worldwide income. Thus, no country will be able to claim taxes over your worldwide income while you live in a fully whitelisted jurisdiction. Plus, Singapore has a flat 17% corporate tax rate with plenty of tax incentives and a top 22% personal income tax rate, which is about half of the top income tax rate in most OECD countries.
2. Singapore has over 50 double taxation agreements. Therefore, tax optimization through a Singapore family office is one of the best structural vehicles in the world.
Singapore has one of the best tax residency regimes on the planet, and the best in Asia.
3. Singapore banks are highly liquid and property prices are rising. Plus, COVID-19 did not destroy the economy as in much of the western economies. Thus, you will invest your money in one of the strongest economies in the world.
4. Your family will have access to the highest living standards in Asia in one of the best education and healthcare systems in the world.
5. The integrity and proficiency of the financial and legal experts in Singapore are unmatched. This means you can just relax and enjoy the luxurious life Singapore has to offer.
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