(Dan Tri) – Singapore is becoming an attractive destination for wealthy foreigners, especially the Chinese.
Singapore is an attractive destination for many rich Chinese people (Photo: Wikipedia).
Like many wealthy people in China, Zayn Zhang, a recent graduate, thinks Singapore could be an ideal place to store his family’s wealth.
Zhang hopes that studying at a university in Singapore, considered an Asian financial center, will help him settle here.
`Singapore is great. It is stable and offers many investment opportunities,` Zhang told Reuters while attending a business forum late last year.
The Zhang family plans to establish a Singapore family office to manage its assets in the future.
Several Chinese participants at the forum said they had recently moved to Singapore or were considering doing so.
With a friendly tax regime and considered political stability, Singapore has long been a paradise for the foreign super-rich.
Singapore has seen a new influx of assets since 2021, after becoming one of the first places in Asia to significantly relax anti-Covid-19 restrictions.
The number of family offices in Singapore, which handle investments, taxes, wealth transfers and other financial matters for the super-rich, increased from 400 to about 700 in 2021.
While latest statistics are not available, industry insiders say client interest in family offices increased in 2022 and is expected to continue this year.
Chung Ting Fai, a lawyer who helped set up the family office, said that by the end of 2022, he was receiving one request every week from people wanting to transfer at least $20 million into Singapore.
According to Mr. Fai, many parents are looking for a permanent residence for their children.
One of Singapore’s attractions for the wealthy is its government-run global investor program.
Grace Tang, managing director of Phillip Private Equity, the company that operates one of two global investor program funds in Singapore, said that although it was the beginning of the new year, she had met many potential investors, most of them
