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Singapore is “a handy vacation spot to safeguard and add worth to your worldwide funds,” in keeping with the web site of one in every of 205 banks working in Singapore at the moment. So is Singapore the very best offshore banking nation for the brand new decade?
Singapore has developed in recent times as a complicated personal banking and wealth administration base for Asia. But along with concentrating on their conventional however fast-growing market of rich entrepreneurs in Asia, banks in Singapore at the moment are additionally creating services and products for North Americans, Europeans and Australians, together with multi-currency accounts.
The typical investor on this latter group is in search of first-world banking providers delivered over the Internet in English, in an independent-minded, sovereign nation that’s exterior the sphere of affect of the United States and the European Union.
One of the richest international locations on the earth, Singapore suits the invoice completely. Today it boasts of a serious monetary heart and extremely developed financial system. Its versatile regulatory framework, unbiased judiciary and sensible authorized system primarily based on English widespread legislation have turn out to be the inspiration of the nation’s success.
In widespread with most offshore monetary centres, curiosity earned by people on financial institution deposits and overseas supply revenue – together with overseas supply dividends obtained on non-Singaporean securities – is exempt from Singapore taxes. There isn’t any capital good points tax nor wealth tax on financial institution deposits and investments in Singapore.
Accounts could be freely maintained in all main currencies. These multi-currency accounts present a superb hedge for these of us who anticipate main devaluations of currencies such because the greenback and euro within the coming months and years.
Accounts will also be opened within the names of overseas entities equivalent to companies, trusts, and LLCs, receiving much more privateness and asset safety advantages, and generally legalizing any requirement to report belongings as private holdings. could be bypassed.
All these advantages are provided in a robust financial institution secrecy regime, serving to account holders to guard their investments from prying eyes inside or exterior the nation. Banking secrecy in Singapore is just not solely prescribed by legislation, however it’s a part of the nationwide enterprise tradition. Indeed, the tax authorities in Singapore are particularly barred from accessing particular person financial institution accounts.
As in Asia generally, lots of enterprise in Singapore has historically been completed in money. This $10,000 invoice marks the very best denomination banknote on the earth: at present trade charges (February 2010) one in every of these payments is price greater than seven thousand US {dollars}. These days, nonetheless, as restrictions on money turn out to be tighter, subtle Internet banking is changing into the norm.
So, how will you entry these banking providers in case you are not a resident in Singapore? Everything begins with opening a fundamental present, financial savings or checking account – the inspiration of your banking relationship.
One of the disadvantages of banking in Singapore is that it’s a must to journey there to open an account. Banking laws don’t allow opening of accounts by mail, until the shopper is already recognized to the financial institution. The solely doable exception to that is opening an account with one of many many banks in Singapore that ship executives to go to their rich purchasers of their abroad properties, or have affiliated workplaces in different international locations. For instance, HSBC clients might be able to open accounts with HSBC in Singapore via their native workplaces. The above course of, nonetheless, is just not advisable if banking secrecy is essential to you, because it leaves particulars of your accounts accessible in different jurisdictions. In any case I at all times advocate visiting a minimum of as soon as so you may get to know your banker in particular person.
Other than that, opening your account must be comparatively simple. There are some issues. If you select one of many business banks, just a few hundred {dollars} can be sufficient to open an account. If you need a increased stage of private service and are ready to make a better deposit, say 1,000,000 {dollars} or the equal (financial institution insurance policies differ extensively), contact one of many personal banking operations.
Available on List of Active Banks in Singapore Wikipedia, and you may contact them instantly. It is at all times simpler, nonetheless, if in case you have an introduction from a regulated skilled who is understood to the financial institution, equivalent to a lawyer, accountant or firm formation agent.
In phrases of documentation, you’ll be anticipated to supply proof of who you’re (a duplicate of your passport), the place you reside (equivalent to a utility invoice) and most significantly, that the cash comes from a reliable supply. For instance, if the cash you’re depositing was obtained from the sale or inheritance of actual property, you’ll present related authorized paperwork to show it. Lastly, it’s suggested to take a reference letter out of your bankers at house projecting you as a accountable account holder. This financial institution reference could also be addressed to ‘To Whom It May Relate’.
So in case you are contemplating offshore banking – take into account Singapore!
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