Our country sees an ever increasing amount of Singapore PR application submission by foreigners, and a big part of that comes from wealthy individuals and investors. It is also why many of these people try to migrate to SG through a GIP Singapore investor VISA.
Here are some reasons why our country is so popular to investors.
First of all, the tax laws have largely remained unchanged for many years. While some schemes and rebates within may fluctuate slightly year to year, generally speaking, it has remained relatively the same. It has been trying to keep tax rates competitive, and rebates attractive especially for corporations looking to incorporate in Singapore. Low taxes are definitely a plus point to any businessman with a brain!
Second of all, while there may be changes to the government and politicians sometimes during certain General Elections, almost all of them are in favour of keeping taxes as low as humanly possible. This means that regardless of election results, the tax segment of our local laws are almost always left unchanged.
Third of all, SG is a mix between the Western world and the Asian world. Unlike Hong Kong which is experiencing political issues now, Singapore is void of that. People who dislike big government or communistic governments like that of China and do not want anything to do with it would still very much prefer somewhere like Singapore, as it is largely capitalistic in nature. People who do not want to invest in more socialistic countries like European ones due to their high taxes will prefer our country too.
Next, Singapore’s citizens and permanent residents usually speak either English or Mandarin, or both. This means that both people from Western places like USA and Europe, and Asian places like China will be comfortable with living and working in our city-state.
SG is also largely seen as a neutral country when it comes to international politics by the world – which is probably a big part of the reason why even the Trump-Kim Summit was held here a few years ago. Being political neutral when it comes to international issues has led to relative stability, and this is a good thing if one wants to avoid unnecessary fluctuations to their businesses’ headquarters.
Singapore not only has a great tax system for corporations and individuals, it also has stable property prices. This attracts many wealthy individuals to also live here at the same time. While property prices may no longer appreciate like the wild days in the late 1990s and early to mid 2000s, it is stable in value. This is great if you want something stable – which is a good thing in times of economic uncertainty. In fact, so many foreigners constantly ask if they can buy property in Singapore to invest in or live in.