Singapore – The Switzerland of Asia

ogarbitrage · May 22, 2017

Been living in Singapore for over 2 years now with no plans to leave. I've been all over the world and this is definitely my favorite city of them all. In the process of applying for PR with plans to eventually give up US citizenship.

HK is a great place to visit, been there many times, but it's more akin to an Asian NYC than anything else. Gritty, fast-paced, and less western than Singapore. By contrast, Singapore is impeccably clean, safe, and filled with smart, ambitious professionals from all over the world. Sit in a Starbucks for an hour and you will hear people discussing all manners of finance, economics, shipping, legal, and trading.

Humpy · May 22, 2017

Ever reached the Raffles Hotel ?
The humidity and heat got me down a bit.

ogarbitrage · May 22, 2017

I was at Raffles a few weeks ago for coffee with a client. I pass by it often but only step foot inside a few times a year for industry events or meetings.

You get used to the heat/humidity fairly quickly. Plus it's the great equalizer since everyone is a victim of it.

JefeTrader · May 22, 2017

I stayed in Swissôtel The Stamford a few years ago. Very impressed by the food at that hotel, especially the breakfast buffet.

Although Singapore is a bit crowded, I felt very safe when staying there.

ironchef · May 22, 2017

The grass always looks greener on the other side of the fence.

carrer · May 25, 2017

JefeTrader said:
In my opinion, people in Singapore are very friendly.
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That's probably because you are a white Caucasian. Asians tend to look highly upon white people. Majority of the Singaporean males are complaining that their women tend to go after or favour Caucasians males instead of Singaporean males.

i960 · May 26, 2017

JefeTrader said:
Long dismissed as little more than a sterile stopover
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I don't care how great or rich Singapore is, I'm by default heading to Malaysia or Indonesia way before SG because there's an actual soul present. Singapore *is* sterile and *is* boring.

vinrouge · May 26, 2017

JefeTrader said:
The Republic of Singapore has the tripartite distinction of being a small island, a city and an independent country, all in one.

Located just a few miles north of the equator in the Far East, this former British colony has Malaysia and Indonesia as neighbors. Our associates at the international travel guide Lonely Planet give this estimate: “Long dismissed as little more than a sterile stopover, Singapore has reinvented itself as one of the world’s hot-list destinations.”

cegoh / Pixabay
That refers to the many tourist attractions in Singapore (including a giant “vending machine” for luxury cars), but for investment-savvy Americans, there is a special draw…

The New Financial Center of the World
According to the Boston Consulting Group, Singapore — now growing faster than first-place Switzerland — will become the largest offshore financial center in the world by 2028.

Indeed, after my visit to Singapore a decade ago, when I met with attorneys, bankers and investment houses, I wrote about this ultramodern city as “the Switzerland of Asia.” Now, The New York Times describes it as “ … an increasingly popular destination for money that wants to stay under the radar.”

Tight bank secrecy laws, intentionally patterned after the Swiss, have helped draw $1.1 trillion in foreign funds to the city. But Singapore takes dirty money seriously. It has jailed local and foreign bankers and closed branches of two Swiss banks.

As the Times reports: “Singapore has positioned itself as a one-stop shop for Asia’s rich. It encouraged private wealth managers to use the city as a regional base in the 1990s just as China’s rise created a new generation of wealthy.”

Since then, Americans and others also have discovered Singapore, where online banking at firms such as OCBC require only an SG$1,000 deposit ($720) to open an account. Its British-based modern laws also offer asset protection trusts, international corporations and limited liability companies.

Singapore has an open economy based on strong service and manufacturing sectors with excellent international trading links. Many Swiss and other banks, such as Julius Baer, UBS, Credit Suisse and Citibank, operate in Singapore to capitalize on Asian opportunities. The number of private banks here increased fivefold to 121 in the past 15 years.

In 2016, this city-state was rated No. 2, after Hong Kong, in the annual Fraser Institute’s Economic Freedom of the World Index.

Why Singapore?
A few years ago, I interviewed Jim Rogers, one of the world’s most successful contrarian investors. He started on Wall Street in the 1960s, joined with George Soros and formed the legendary Quantum Fund. It totaled a 4,200% gain during the 1970s betting against the conventional investing wisdom.

Curious, my less-than-novel question was why a world traveler who could live anywhere chose to make Singapore his home, with its hot and humid equatorial climate and rainfall of 90-plus inches annually.

After noting the benefits of air conditioning, Rogers went on to describe what makes a place excellent, not only for life needs, but also as a base for profitable investing. He listed a stable government assuring safety and low crime, the rule of law, minimal regulation, maximum privacy, and low or no taxes.

http://www.valuewalk.com/2017/05/th...eferrer&utm_medium=twitter&utm_source=quiboat
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vinrouge · May 26, 2017

Switzerland? for from there.
Singapore is being isolated and cornered in Asia.

http://www.theindependent.sg/china-no-longer-regards-singapore-as-a-friend-pro-beijing-newspaper/

helpme_please · May 26, 2017

Singapore is a wonderful place for investors and high networth individuals. Zero capital gains tax and low income tax compared to the rest of the world. Lots of financial institutions and private banks to pander to the needs of the rich. What more do you ask for as an investor, particularly if you are a rich one? I wish I were one living in Singapore.