Singapore is becoming the destination for ultra-high-net-worth individuals to move to and live in. There are many reasons to list; the main reason is the attractive financial benefits such as low corporate tax, low-income tax, double taxation treaty, no capital gains tax, no inheritance tax, cheaper real estate investments, supportive business landscape, robust economy, and the availability of complex financial infrastructures that allow HNWIs to manage and preserve their wealth.
Entrepreneurs such as Eduardo Saverin, one of the co-founders of Facebook, have also taken up Singapore citizenship after renouncing his US one in 2011. Having emigrated to Singapore in 2009, he is now investing in Singapore’s startups as an angel investor. Other notable business people that have migrated to Singapore include Shu Ping, one of the co-founders of the famous hotpot restaurant chain Haidilao, James Dyson, founder of the innovative household electrical appliances, and the Lohia family, the petrochemical magnate.
Over the years, high-profile celebrities from China and Hong Kong such as Jackie Chan, Jet Li, and Gong Li have been reported to take Singapore permanent residency or citizenship. Making Singapore their choice is not just about the financial benefits but due to lack of media interest in their personal lives. These celebrities get to live in Singapore as private residents or citizens.
In summary, apart from the financial benefits that Singapore can offer, many millionaires and billionaires choose to move to Singapore and become permanent residents or citizens because of the high levels of safety in the country. HNWIs feel comfortable living in most parts of Singapore without additional security, which also means reduced living expenses.
Moreover, with a world-class education and healthcare system, a global workforce, a stable government, and a diverse pool of nationalities, ethnicities, and religions living together in harmony, foreigners can expect a high quality of life that is unique to Singapore.
How to immigrate to Singapore?
Immigration@SG (IASG) does not only help foreign individuals work and live in Singapore long-term via Singapore Permanent Residence, Singapore Citizenship, and Work Pass applications but they also help high net-worth individuals (HNWIs) set up businesses and family offices and invest in Singapore.
Setting up businesses or family offices from outside the country may get complicated and IASG can advise clients on the most efficient way to do it, including doing the application to ACRA itself. Bank account application and appointment of a local nominee director will also be done by IASG.
Understanding clients’ concerns for data privacy and security, IASG guides clients on all the necessary documents to submit and they will be handled in strict privacy. IASG signs a non-disclosure agreement (NDA) with each client to help ease clients’ worries.
Clients can not only tap on IASG’s deep immigration expertise but also their network of financial advisors, lawyers, education partners, and business partners from the start of the business or family office setup until they start running their operations.
For HNWIs who are keen to invest in Singapore via the Global Investor Programme (GIP), IASG will guide them until they receive their Singapore Permanent Residency, as accorded by the Singapore government for contributing to the country’s business landscape and fueling the economy.