The rich and wealthy have always been attracted to countries like Singapore for many reasons, and even in 2020, that is still the case. Here are some compelling reasons why they still like migrating to Singapore and residing permanently here.
Many retirees, such as myself since I have sold my riding stables and retired, decided to move to Singapore and just to do property investment here instead. Singapore offers some of the most unique financial benefits to foreigners, and permanent residents in particular.
Low taxes in Singapore
If you are living in Singapore, and considered tax resident here, you will be able to enjoy zero capital gains tax, low personal and corporate taxes and bank secrecy laws in general. Oh, and just in case you were wondering, there is no death tax as well. So for those who intend to leave behind a large inheritance for your descendants, you will be in good position if you are a permanent resident or citizen in Singapore.
Singapore has a stable environment for living in
Being free of unrests, riots or even natural disasters, Singapore is a good place if you are a PR just wanting to live the rest of your retired lives in, and yet yearn for more action than living in the countryside. If you have the cash to splash out on a property located in private residential enclaves, you can still lead your life in a quiet environment, yet have the convenience of being able to reach a large city within just a few minutes. That is why many foreigners like migrating to Singapore.
Good value real estate in Singapore do exist – you should look at largely resale properties
While some of the real estate properties in Singapore are ridiculously priced, especially new developments, you can actually find good or better deals when it comes to resale units or properties. Whatever it is, you want to be very wary if you are considering buying a brand new condominium unit. They are largely grossly overpriced in SG. New landed properties are more reasonably priced.
Since many fellow Caucasians love Orchard area, let me give you a big disclaimer – whether you want to buy or rent a property near Orchard area of Singapore, you will be seeing ridiculous asking prices all day long. Let me give you some hint – head on over to Clarke Quay or Robertson Quay area – the places there are much cheaper than Orchard, and are also extremely popular with fellow expats!
Regardless of what people say, there are good value property deals in Singapore. I may be covering some of these good properties on my blog in the near future.
It is easy to migrate to Singapore and become a Singapore PR if you are able to leverage the GIP scheme
If you have the sufficient funds and business experience, you can quickly get a Singapore PR via the GIP scheme, which stands for Global Investor Programme. The minimum sum is S$2.5 million, among other factors. This is usually the recommended way if you already have some kind of business success before migrating to Singapore. Since the country allows for VISA via investment, it is another plus point for the rich to pick up a PR in the city-state.