Is Singapore Setting New Benchmark?Published December 3, 2008
With a booming asset portfolio and stringent banking secrecy laws, Singapore is set to compete with Switzerland and Monaco for the big money.
For years Switzerland and Monaco were the preferred havens for the flashy cash of the world's jetsetters and gambling high-rollers, but now it's the Singapore city-state that is competing for the lion's share.
F1 came and went but what has lingered is the feeling that the Singapore city state is the preferred destination for jetsetters and high rollers to spend their cash.
Add that to Singapore's stringent banking secrecy laws and it's easy to see why investors and big spenders are keen to pump their money into Singapore. For years Switzerland and especially Monaco reigned supreme, but could the time be ripe for Singapore to compete for that elite market?
Asian high rollers view Singapore as the place to enjoy a lavish lifestyle. Wealth managers racked up some $250 billion in assets in 2007, so Singapore is leading the Asian tigers in what is clearly a thriving economy.
Europe's richest like the Singapore concept because it's not subject to the EU savings tax directive as Luxembourg and Switzerland are. But it's not just Europeans who are excited at the Singapore idea -Mid East nationals are too!
Singapore is now firmly established as a wealth center and big-name companies are dropping anchor in the country. In excess of fifty financial businesses offer services from Singapore and the list is growing.
Additionally the guarantees that are typically limited elsewhere are guaranteed by the Monetary Authority of Singapore to the tune of S$150 billion to cover their deposits. These security guarantees aren't offered by other offshore centers.
As good as gold
The Singapore government backs investors as it expands its reach as a lucrative and vibrant offshore center. Despite attempts by various governments including the European Union to tighten the noose on offshore centers by imposing the EU's tax directive efforts, Singapore is holding its own. It's a bustling start to 2009 as a grand new casino complex is set to open its doors in Singapore!