China’s new rich drawn to Singapore
Recent tightening of tax perk criteria for family offices has also made the Republic more attractive for HNWIs seeking diversification, exclusivity
SINGAPORE has seen an influx of wealth from Greater China in recent years, as newly minted millionaires and billionaires seek to spread their assets across more markets and diversify their holdings.
A recent tightening of conditions for family offices (FOs) to qualify for tax incentives has also made Singapore more attractive to some high net worth individuals (HNWIs), and industry watchers expect continued strong inflows.
“The raised bar makes having a FO in Singapore even more coveted among the newly rich. It is something that they can now boast of to their other rich friends,” said Loh Kia Meng, chief operating officer and senior partner at law firm Dentons Rodyk.
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Banking & Finance
Bank of Singapore takes action against employees for misusing medical benefits
UBS weighs synthetic risk transfer amid capital boost proposals
Money laundering accused Zhang Ruijin slapped with 5 more charges days before scheduled guilty plea
Japanese yen slides back towards 34-year low after brief spike
China’s Bank of Communications Q1 profit rises 1.44%
HSBC’s private bank shuts independent asset management business in HK, Singapore