Singapore Makes a Pitch to Draw the Wealthy (NY Times)
Extract
This affluent city-state of 4.5 million people is aiming to be a sanctuary for the world’s wealthy and their money, Asia’s answer to Geneva and Zurich.
Singapore, with its reputation for authoritarian order and safety, has long relied on luring multinational corporations for manufacturing jobs and economic growth.
… Now Singapore, a tiny enclave at the tip of the Malay peninsula, is trying to carve out a new niche for itself in the global economy by bolstering banking secrecy laws and offering generous tax incentives.
Continue reading http://www.nytimes.com/2007/04/26/business/worldbusiness/26singapore.html?_r=1&oref=slogin&pagewanted=all
Yeah, more filthy rich people for Singapore! Just what Singapore needs… service industry in Singapore is such a fantastic idea! /end sarcasm
Low Tax rate indeed… except, you pay more for Road Tax and ERP, to buy a car you need a certificate of “entitlement”, affordable housing is not that affordable. At the end of the day the extra 10-15% tax other countries pay, the locals pays more on other ‘expenses’ and the fact they get paid peanuts doesn’t help…
So when you going back to SG to work bernard?
Very interesting article. Regarding Road Tax, car ownership, and ERP I think that’s a matter of opinion – one of the draws to S’pore for foreigners is its great public transport system and less reliance on cars. Go green!
http://www.smh.com.au/news/business/island-sits-in-an-ocean-of-economic-turbulence/2007/04/29/1177787972669.html