Why Global Millionaires Are Moving to Singapore 29 Apr 2025, 10:51 pm

Singapore has emerged as a top destination for the world’s wealthiest individuals. The city-state, known for its political stability, world-class infrastructure, and business-friendly environment, is experiencing a steady influx of global millionaires who are choosing it not just as a financial hub, but also as a place to live, invest, and thrive. 

In 2024, there were 333,204 millionaires (including 49 billionaires) in Singapore, about 5% of the total population. 

Political and Economic Stability

Amid global uncertainty, Singapore’s consistent political leadership and pro-business policies stand out. The nation ranks high in global indices for ease of doing business and economic competitiveness. Its resilience during global crises, including the COVID-19 pandemic, has reinforced its reputation as a stable base for long-term planning. 

Proven Crisis Management

Singapore’s ability to manage global crises with efficiency and transparency is a major factor inspiring confidence among global millionaires.

During the 2008 Global Financial Crisis, Singapore acted swiftly to stabilise its economy through a combination of fiscal stimulus, support for banks, and workforce programs. As a result, it rebounded faster than many developed nations.

More recently, during the COVID-19 pandemic, Singapore was globally recognised for its effective handling of public health measures and economic support. The government rolled out more than S$100 billion in relief packages to support businesses, safeguard jobs, and accelerate digital transformation. At the same time, the healthcare response was structured, science-driven, and marked by transparent communication, which helped maintain public trust and social stability.

In the face of global supply chain disruptions, Singapore has leveraged its strategic location and port infrastructure to remain a key logistics and trade hub. Its proactive planning and investments in digitalisation have further strengthened its appeal as a safe, efficient, and future-ready environment for business continuity.

US’s global tariffs and the 10% imposed tariffs on goods export from Singapore to the US is expected to dampen Singapore’s economic growth. Due to Singapore’s high reliance on trade – at over 300% of its GDP, investments, businesses, jobs and even inbound immigration are at risk. To combat future issues and a looming recession, the government has plans to set up a task force to tackle the changing global trade to help businesses and workers cope with the upcoming challenges. 

Such displays of decisive governance and strategic foresight have made Singapore stand out in an increasingly unpredictable world—a quality that HNWIs deeply value when choosing where to base their lives and assets.

Growing Financial Ecosystem

Singapore has evolved into one of Asia’s leading financial centres. It hosts a growing ecosystem of private banks, wealth management firms, fintech companies, and family offices. The Monetary Authority of Singapore (MAS) has also introduced initiatives to attract asset managers and enhance the city’s appeal as a hub for managing generational wealth.

Influx of Family Offices and Investment Migration

In recent years, Singapore has seen a boom in the establishment of family offices – private wealth management firms set up by ultra-rich families. The number of single-family offices in Singapore was 400 in 2020 but has increased to more than 2000 in 2024, a span of less than 5 years. The Global Investor Program (GIP), which allows eligible investors to gain permanent residency, has further accelerated this trend.

How Singapore Benefits from the Influx of Global Millionaires

Strengthening the Financial and Wealth Management Sector

Singapore’s financial sector is one of the most developed in the world, and the arrival of millionaires only enhances its standing. Private banking, asset management, and family office services see increased demand, bringing in billions in managed assets. As a result, Singapore continues to cement its reputation as a global wealth management hub, rivalling financial centres like Switzerland and Hong Kong.

Driving the Luxury Real Estate Market

High-net-worth individuals often invest in luxury residential properties, which fuels demand in the high-end property segment. This investment not only increases property values but also generates significant revenue through property taxes and stamp duties. These funds can then be redirected toward national infrastructure, housing initiatives, and social programs.

Creating High-Value Jobs

The presence of wealthy individuals stimulates employment across several key sectors, including finance, legal services, real estate, hospitality, and luxury retail. Furthermore, there is growing demand for specialised skills in areas like wealth management, investment advisory, and lifestyle concierge services. This creates opportunities for local talent and attracts global professionals, raising the skill level of the workforce.

Contributing to Tax Revenue

Despite Singapore’s relatively low income tax rates and lack of capital gains tax, HNWIs still contribute substantially through indirect taxes such as the Goods and Services Tax (GST) and property-related levies. Their spending on luxury goods, fine dining, education, and services channels money back into the local economy, providing a steady stream of revenue for public spending.

Enhancing International Influence and Reputation

Hosting a global elite boosts Singapore’s international profile as a secure, business-friendly, and strategically located nation. This branding has a ripple effect – attracting multinational corporations, foreign direct investment, and international talent. In turn, this solidifies Singapore’s role as a key player on the global stage. 

Fostering Philanthropy and Innovation

Many millionaires are active in philanthropy, contributing to causes such as education, healthcare, and the arts. Others support the local startup ecosystem through angel investment and venture capital. This influx of private capital and social responsibility enriches Singapore’s cultural and innovation landscape, paving the way for long-term societal benefits. 

Building Economic Resilience

Wealthy individuals often have diverse income streams and international portfolios, making them more resilient to local economic fluctuations. Their presence helps Singapore diversify its economic base and provides a buffer during global downturns. This stability, in turn, boosts investor confidence and strengthens the local currency.

Why Global Millionaires Choose Singapore

As geopolitical tensions rise and taxation increases in traditional wealth centers like the U.S., U.K., and parts of Europe, Singapore’s allure continues to grow. For many millionaires and billionaires, the decision to move to Singapore is not just about escaping volatility, it’s about securing a future in a country that values innovation, integrity, and opportunity. 

For enquiries on setting up a company or family office in Singapore, email to info@iasg.com.sg. 

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Dependant’s Pass: Visa for Foreign Families in Singapore 17 Apr 2025, 9:22 pm

Singapore, known for its vibrant economy, high quality of life, and strong expat community, has long been a preferred destination for global professionals. To support these foreign talents and make relocation more family-friendly, Singapore offers the Dependant’s Pass (DP) — a visa scheme that allows eligible family members of foreign professionals to live in the country. 

What is the Dependant’s Pass?

The Dependant’s Pass is an immigration pass issued by Singapore’s Ministry of Manpower (MOM). It allows spouses and children of eligible work pass holders to reside in Singapore for the duration of the main work pass holder’s stay.

Who is Eligible?

To apply for a Dependant’s Pass, the main work pass holder – an Employment Pass or S Pass holder, must earn a minimum fixed monthly salary of S$6,000, and must be sponsored by a Singapore-registered company. This threshold ensures that the applicant can support their dependants financially.

Dependants of the Overseas Networks and Expertise (ONE) Pass and EntrePass holders are also eligible.

Eligible family members include:

• Legally married spouse 
• Unmarried children under 21 years old, including those who are legally adopted. 

Dependant’s Pass Application Process

The Dependant’s Pass application can be made either by the employer of the main pass holder or an employment agent (EA).

The process involves submitting these documents below:

• Passport copies
• Marriage certificate (for spouse)
• Birth/adoption certificate (for children)
• Vaccination verifications (for children aged 12 years and below)
• Passport-sized photograph
• Details of the main pass holder’s employment 

Applications are submitted online and processing typically takes about 3 weeks for S Pass and EP holders’ dependants and about 8 weeks for dependants of EP (Sponsorship), PEP or EntrePass holders.

Validity and Renewal

The Dependant’s Pass is usually valid for the same duration as the main pass holder’s Employment Pass or S Pass. 

Dependant’s Pass renewals can be submitted up to 6 months before the S Pass or EP expires. For dependants of Employment Pass (Sponsorship) and EntrePass holders, renewal applications can be made up to 3 months before the pass expires.

Can Dependant’s Pass Holders Work in Singapore? 

While a Dependant’s Pass does not automatically allow the holder to work in Singapore, they may apply for:

• A separate Work Pass typically a Work Permit, S Pass or Employment Pass (EP), depending on the type of job and employer. This includes those working remotely for a Singapore-registered employer. The relevant qualifying salary, dependency ratio ceiling and levy will apply.
• A Letter of Consent (LOC) for business owners of a Singapore-registered company such as sole proprietor, partner, or company director with at least 30% shareholding. The business must employ at least one Singaporean or permanent resident earning at least the prevailing local qualifying salary and make contributions to the employee’s Central Provident Fund accounts for at least three months.

Dependant’s Pass holders who work remotely for an overseas foreign company do not need to apply for a work pass.

Previously, dependants of S Pass holders had to apply for a relevant work pass in order to work in Singapore, while dependants of skilled foreign professionals or entrepreneurs on Employment Passes, EntrePasses or Personalised Employment Passes can apply for a letter of consent. However, that changed in May 2021.

Can Dependant’s Pass Holders Study in Singapore?

For children, the DP enables them to enrol in public or private schools in Singapore and there is no need for an additional Student’s Pass. However, a Student’s Pass is required if the child is enrolling in a government-approved religious school. 

Can Dependant’s Pass Holders Apply for Singapore PR?

Yes, Dependant’s Pass holders can apply for Singapore PR, but they do so through the primary work pass holder’s application. If the work pass holder is applying for PR, they can include their dependants in the same application.

Visa for Foreign Families of Work Pass Holders in Singapore

Singapore’s Dependant’s Pass offers an efficient pathway for foreign professionals to bring their immediate families along, reinforcing the country’s commitment to attracting global talent while maintaining a high standard of immigration governance.

If you’re planning to work in Singapore and want your family by your side, understanding the DP scheme is essential. With proper documentation and planning, the process is smooth and straightforward — one more reason why Singapore remains a top destination for global professionals and their families.

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Is ONE Pass a Good Alternative to Singapore PR? 11 Apr 2025, 3:37 am

Singapore has long been a top destination for global talent, offering a dynamic economy, excellent infrastructure, and a high quality of life. Many professionals looking to work and live in Singapore long-term often consider the option of obtaining Permanent Residency (PR). While PR provides benefits such as public housing, healthcare, and education subsidies, the ONE Pass presents a viable alternative to Singapore PR for those who do not plan to become Singapore citizens but want to take advantage of the country’s economic opportunities.

Understanding the ONE Pass

The Overseas Networks & Expertise (ONE) Pass is a special work pass introduced by Singapore in January 2023, designed to attract top-tier talent across various sectors, including business, arts and culture, sports, academia and research. 

In its inaugural year, nearly 4,200 applications were approved. In 2024, approximately 3,000 ONE Passes were issued, with about one in six granted to new entrants to Singapore’s workforce. The majority of pass holders are employed in the financial and insurance services, information and communication, and professional services sectors. 

Why ONE Pass is a Strong Alternative to PR

Who Should Choose ONE Pass?

ONE Pass is ideal for individuals who:

• Prefer work flexibility without being tied to an employer.
• Are high-income earners or industry leaders seeking a long-term but non-permanent residence in Singapore.
• Want to avoid CPF contributions.
• Do not plan to settle permanently in Singapore but need a strategic base for work and business.
• Want the option to retire elsewhere.

Who Should Choose Singapore PR?

PR is better suited for individuals who:

• Want the security of long-term residency and potential citizenship.
• Prefer CPF savings and its benefits – housing, healthcare, retirement funds.
• Need stability for family members, including housing, education and healthcare subsidies.
• Plan to integrate into Singaporean society and contribute long-term.
• Aware of Singapore’s mandatory military service for eligible second-generation men.

ONE Pass as an Alternative to Singapore PR

For professionals who wish to capitalise on Singapore’s economic opportunities without committing to citizenship in future, the ONE Pass is a strong alternative to PR. It offers a long enough duration of stay of five years, with renewal options while providing significant work flexibility and financial advantages.

While PR remains the best choice for those seeking permanent settlement, the ONE Pass caters to high-earning professionals who value mobility and economic benefits over long-term residency commitments. Depending on individual goals, ONE Pass can be a more practical solution for those leveraging Singapore as a business and professional hub without the long-term obligations of PR.

The approval rate for Singapore PR is around 30% annually, which is highly competitive. PR holders are required to live like a Singaporean and assimilate into the local culture, making up the Singaporean core. PR holders, therefore, are usually serious candidates for future citizenship. 

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Long-Term Visit Pass (LTVP) 3 Apr 2025, 10:36 pm

The Long-Term Visit Pass (LTVP) in Singapore is a visa option for foreigners who wish to stay in the country for an extended period due to family ties, employment, or other valid reasons. It allows foreign spouses, parents, and other dependents of Singapore Citizens (SC) or Permanent Residents (PR) to stay legally while engaging in certain permitted activities.

Long-Term Visit Pass (LTVP) Eligibility Criteria

Eligibility for the LTVP in Singapore is determined by the Immigration & Checkpoints Authority (ICA). The most common applicants include:

• Foreign spouses of Singapore Citizens or Permanent Residents
• Parents of Singapore Citizens or Permanent Residents
• Unmarried children under 21 born within a legal marriage or legally adopted by Singapore Citizen or Permanent Residents
• Foreigners seeking to give birth in Singapore
• Tertiary graduate looking for employment
• Parent or Grandparent of a child studying in Singapore on a Student’s Pass

Foreigners on S Pass or Employment Pass (EP) who earn a minimum of $12,000 per month are allowed to sponsor their parents for an LTVP. This will be issued by the Ministry of Manpower (MOM).

Long-Term Visit Pass Plus (LTVP+) Eligibility Criteria

Only couples who have at least one Singaporean child from their marriage are eligible to apply for the LTVP+. Candidates who do not have Singaporean children may still apply and the ICA will look at other factors such as the length of marriage. 

Difference Between LTVP and LTVP+

LTVP Application Process

1. Gather Required Documents

• Passport photo
• Valid passport
• Proof of relationship (e.g., marriage, birth, divorce, death certificates)
• Letter of Employment, 6 months’ payslips, latest 3 years’ income tax assessment or
• Latest business registration certificate (ACRA), latest 3 years’ balance sheet, latest 3 years’ profit and loss statement

2. Submit Application

Applications are submitted online through ICA’s e-Service portal.

3. Processing Time

Processing times vary but generally take 6 weeks or more, depending on the complexity of the application.

4. Approval and Issuance

Once approved, ICA notifies applicants via email. Applicants may also check their application status via the MyICA portal.

LTVP for Different Applicants in Singapore

LTVP for Mother of a Student Pass Holder

In Singapore, the LTVP is available for the mother (or guardian) of a child studying in the country under a Student Pass. The sponsoring institution or guardian must provide financial proof and assurance that the mother will support the child’s education and well-being.

LTVP for Newborns in Singapore

Foreign newborns born to LTVP or Work Pass holders in Singapore may be eligible for an LTVP to remain in the country legally. Parents must apply soon after birth, providing documents such as the child’s birth certificate and proof of the parent’s legal status in Singapore.

LTVP for Parents-in-Law

LTVP applications for parents-in-law of Singapore Citizens or PRs may be considered. The primary applicant (the Singapore Citizen or PR) must act as a sponsor, demonstrating financial capability and accommodation for the in-laws.

LTVP for Spouses

Foreign spouses of Singapore Citizens or PRs often qualify for an LTVP, allowing them to stay in the country long-term. The LTVP+ may be available for foreign spouses of Singapore Citizens who have Singaporean children born within a legal marriage.

LTVP for Common-Law Spouses

Common-law spouses may apply for LTVP under the administration of the Ministry of Manpower (MOM), provided there is strong evidence of a long-term relationship, financial dependency, and cohabitation. Additional documents, such as a notarised declaration of the relationship, proof of joint financial commitments, and letters of support, may be required. 

LTVP for Siblings

Siblings of Singapore citizens or PRs are not eligible for an LTVP.

LTVP for Aunties and Uncles

Similar to siblings, aunts and uncles of Singapore Citizens or PRs are not eligible for an LTVP.

LTVP for Guardians of Children

Guardians of foreign children studying in Singapore are eligible for an LTVP. In this case, only one applicant is allowed to apply for an LTVP and a local sponsor who is a Singapore citizen or PR aged 21 and above is required.

LTVP Employment Opportunities in Singapore

LTVP / LTVP+ holders in Singapore require an employer to apply for a Letter of Consent (LOC) from the Ministry of Manpower (MOM) before working. LTVP holders generally cannot engage in self-employment without specific approval.

An LTVP+ candidate will not be counted in the foreign worker quota of their employers and employers are also not required to pay foreign workers’ levy for them.

Benefits of LTVP in Singapore

• Long-Term Stay: Holders can legally reside in Singapore for an extended period.
• Work Eligibility: LTVP / LTVP+ holders need an LOC to be able to work..
• Access to Healthcare: Only LTVP+ holders are entitled to healthcare subsidies at restructured hospitals.
• Family Reunification: Enables families to stay together without frequent visa renewals.
• Singapore PR Application: LTVP holders are eligible to apply for Singapore PR
• Singapore Citizenship Application: LTVP holders who became Singapore PRs are eligible to apply for Singapore Citizenship. 

Renewal, Rejection, and Cancellation

Renewal

LTVP holders must renew their pass before expiry, typically by submitting updated documents and proving continued eligibility through ICA’s portal.

LTVP Rejection and Renewal Rejection

LTVP applications or renewals may be rejected due to:

• Insufficient Documentation: Missing or incomplete supporting documents.
• Financial Ineligibility: The sponsor does not meet ICA’s financial requirements.
• Security or Criminal Concerns: A criminal record or security risks.
• Unstable Relationship (For Spouses): If the marriage is deemed a convenience marriage.
• Failure to Meet Renewal Criteria: If eligibility changes, such as sponsorship withdrawal or financial instability.

If rejected, applicants can submit an appeal with additional supporting evidence.

LTVP Cancellation

ICA may cancel an LTVP if the holder:

• Violates visa conditions
• Commits criminal offenses
• Loses sponsorship from their Singapore Citizen or PR family member

LTVP holders may also cancel their pass via the ICA website.

LTVP and LTVP+: Transition Visa towards Long-Term Stay in Singapore

The Long-Term Visit Pass (LTVP) in Singapore is an essential visa option for foreigners seeking to reside in the country for extended periods due to family ties. Understanding the eligibility, application process, and employment regulations ensures a smooth and successful application. By meeting ICA’s requirements, LTVP holders can benefit from long-term residency and integration into Singapore’s society.

To enquire about LTVP or LTVP+, Whatsapp to 8766 1966 or email to info@iasg.com.sg. 

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Work Pass Updates Q1 2025 27 Mar 2025, 10:50 pm

In the latest work pass updates, the Singapore government aims to attract and retain more qualified and experienced foreign workers by allowing them to work in the country for extended periods. These changes apply to various categories of work passes, including S Pass and Work Permit holders, ensuring that businesses have access to skilled labor while maintaining a balanced and sustainable workforce. 

These updates reflect Singapore’s ongoing efforts to enhance workforce quality, support business needs, and provide opportunities for skilled foreign workers to contribute meaningfully to the economy.

Increased S Pass Qualifying Salary

The Ministry of Manpower (MOM) will raise the minimum qualifying salary for S Pass holders—skilled migrant workers in specialised roles—from S$3,150 to S$3,300. This threshold will continue to rise with age, reaching up to S$4,800 for individuals in their mid-40s.

For the financial services sector, where wage standards are higher, the qualifying salary for an S Pass will increase from S$3,650 to S$3,800, with a progressive rise to S$5,650 for mid-40s candidates.

These adjustments will apply to new S Pass applications starting September 1 this year, while renewal applications will be subject to the revised criteria from September 1, 2026.

Work Permit Employment Period Extension

Starting July 1 2025, work permit holders will no longer have a maximum employment duration, which previously varied between 14 and 26 years depending on factors such as skill level, industry, and country of origin.

However, there will still be an age limit for work permit holders. This will be raised from 60 to 63, aligning with the national retirement age. For new applicants, the maximum age will increase to 61, up from the existing limits of 50 for non-Malaysians and 58 for Malaysians.

From June 1 2025, Bhutan, Cambodia, and Laos will be added to the list of eligible source countries, which already includes Bangladesh, India, Myanmar, the Philippines, Sri Lanka, and Thailand.

Additionally, beginning September 1 2025, the list of permitted job roles for workers from non-traditional sources in the manufacturing and services sectors will be expanded. The new roles will include cooks, heavy vehicle drivers, and manufacturing operators, adding to the existing list, which covers various manufacturing jobs, food processing workers, hotel housekeepers, hotel porters, and cooks in Indian restaurants.

Employers looking to hire from these sources must offer a minimum monthly salary of S$2,000 and ensure that such hires remain within an 8% sub-dependency ratio.

ONE Pass Approvals in 2024 

SINGAPORE granted 3,000 foreign talent with the Overseas Networks and Expertise (One) Pass for top talent in 2024, a 29% decrease from 2023’s 4,200. Of which, one in six were new applicants. This means they did not convert from an existing work pass such as Employment Pass (EP). The ability to convert from existing work passes to the ONE Pass helps retain top talents in Singapore due to added benefits that the ONE Pass offer. The top three sectors that One Pass holders were employed in were financial and insurance services, information and communication as well as professional services. 

Work Pass Updates’ Impact on Singapore’s Foreign Workforce

Singapore has been redirecting its intake of foreign workforce towards high-skilled professionals with the introduction of the Tech.Pass, ONE Pass, and gradual minimum salary qualifications for Employment Pass (EP). Now, Singapore is upgrading the quality of the lower-tiered Work Pass holders – Work Permit and S Pass as well.

With a higher minimum salary requirement and longer stay validity in Singapore, lower-skilled foreign workers will now have more experience and better skills. This initiative might give a chance for young local graduates to start their careers without competing directly with foreign workers and retain skilled workers in certain sectors such as marine and construction. 

Immigration@SG’s Role in Foreign Workforce Intake

Immigration@SG plays a crucial role in assisting Singapore-based companies and individuals with the application and management of various Work Passes. As Singapore continues to attract global talent to support its dynamic economy, navigating the Work Pass application process can be complex due to evolving policies and stringent eligibility requirements.

Our team provides expert guidance and end-to-end support for companies looking to hire skilled foreign professionals, as well as individuals seeking employment or business opportunities in Singapore. We specialise in securing the following Work Passes:

• S Pass – For mid-skilled workers with relevant qualifications and experience.

• Employment Pass (EP) – For professionals, managers, and executives earning a competitive salary.

• Personalised Employment Pass (PEP) – A more flexible pass for high-earning EP holders or overseas professionals.

• Tech.Pass – Designed for highly accomplished tech talent to contribute to Singapore’s tech ecosystem.

• Overseas Networks & Expertise Pass (ONE Pass) – For top-tier global talent with exceptional contributions in business, research, or the arts.

• EntrePass – For entrepreneurs looking to start and operate innovative businesses in Singapore.

Beyond application support, Immigration@SG also provides advisory services on compliance with Ministry of Manpower (MOM) regulations, strategic workforce planning, and renewal or appeal processes to ensure a smooth and successful application experience.

For enquiries, Whatsapp to 8766 1966 or email to info@iasg.com.sg.

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Is Malaysia Competing with Singapore for Family Offices 20 Mar 2025, 9:25 pm

Singapore has long been the leading financial hub in Southeast Asia, attracting high-net-worth individuals (HNWIs) and ultra-high-net-worth individuals (UHNWIs) seeking to establish family offices. However, Malaysia has recently introduced initiatives to position itself as a competitive alternative. Will Malaysia competing for family offices affect Singapore’s wealth inflows? 

The Rise of Family Offices in Singapore

Singapore has solidified its reputation as a premier destination for family offices due to its robust regulatory framework, political stability, and attractive tax incentives. The city-state offers the Variable Capital Company (VCC) structure, tax exemptions under the Enhanced-Tier Fund Scheme (13X) and Singapore Resident Fund Scheme (13R), and an extensive network of double taxation agreements. Furthermore, its well-established financial ecosystem, high-quality lifestyle, and security make it a preferred choice for global wealth management.

Malaysia’s Bid to Attract Family Offices

Malaysia has implemented several strategic initiatives to attract family offices to Johor, focusing on the development of special economic zones and offering attractive incentives:

Forest City Special Financial Zone (SFZ)

In September 2024, Malaysia designated Forest City in Johor as a Special Financial Zone (SFZ) to stimulate economic growth and attract investment. A key feature of this initiative is the introduction of a 0% tax rate for family offices establishing themselves within the SFZ, making Forest City the first location in Malaysia to offer such an incentive. This move is aimed at positioning Johor as a competitive destination for wealth management services.

Johor-Singapore Special Economic Zone (JS-SEZ)

In January 2025, Malaysia and Singapore agreed to establish a special economic zone in Johor to enhance cross-border economic collaboration. The JS-SEZ aims to attract global investment by offering tax breaks and facilitating the seamless flow of goods and people between the two countries. This initiative is expected to create 50 projects and 20,000 skilled jobs within five years, spanning sectors such as manufacturing, aerospace, tourism, energy, and healthcare. The collaboration underscores a mutual strategy to leverage each other’s strengths and deepen economic linkages.

Medini Iskandar Malaysia

Medini Iskandar Malaysia is a 2,230-acre urban township development in Iskandar Puteri, Johor, planned to become the Central Business District of the area. With a projected population of 450,000 by 2030, Medini offers a conducive environment for business operations, including family offices. The development includes various themed zones such as Medini North, which houses LEGOLAND® Malaysia Resort and Gleneagles Medini Hospital, and Medini Business District, which is planned to include office spaces and residential buildings.

These initiatives collectively enhance Johor’s appeal as a strategic location for family offices, offering favorable tax incentives, robust infrastructure, and a supportive regulatory environment.

Key Differences Between Malaysia and Singapore’s Financial Landscape

Malaysia and Singapore are both positioning themselves as attractive destinations for family offices and wealth management. However, their financial landscapes differ significantly in several key areas, influencing investor confidence and business decisions.

• Regulatory Environment

Singapore: Strong Regulatory Framework

Singapore’s Monetary Authority of Singapore (MAS) ensures a highly transparent, well-regulated, and internationally recognised financial environment. The MAS requires strict compliance with anti-money laundering (AML) and know-your-customer (KYC) regulations, ensuring investor protection and confidence. Family offices in Singapore must meet capital and investment thresholds, ensuring credibility and attracting ultra-high-net-worth (UHNW) clients.

Malaysia: Evolving Regulatory Structure

Malaysia’s financial sector is regulated by Bank Negara Malaysia (BNM) and the Securities Commission Malaysia (SCM), but its framework is perceived as less mature than Singapore’s. While Malaysia is making strides in simplifying regulations to attract investment, there are still concerns about bureaucratic inefficiencies and occasional regulatory inconsistencies. Foreign investors may perceive higher risks due to past governance issues and policy shifts. 

Singapore’s stronger investor confidence makes it a preferred choice for international wealth management, whereas Malaysia still needs to build its global reputation in regulatory transparency.

• Tax and Incentives

Singapore: Favorable Tax Environment

Singapore offers attractive tax incentives under schemes like the 13O and 13U tax exemptions, which allow family offices to manage funds tax-free under specific conditions. Also, Singapore’s no capital gains tax, low corporate tax (17%), and robust double taxation agreements (DTAs) with over 80 countries are highly attractive for UHNW clients. 

Singapore’s unique Variable Capital Company (VCC) framework also provides an efficient structure for family offices and fund management, making the country a leading hub for wealth preservation.

Malaysia: Competitive but Less Established Tax System

Malaysia’s Labuan model offers low tax rates (3% on net profits) and is positioned as an offshore financial hub. However, it lacks the same international reputation as Singapore.

Malaysia’s Forest City Special Financial Zone (SFZ) now offers 0% tax for family offices, directly competing with Singapore. Malaysia’s tax policies have faced occasional unpredictability, with previous government shifts impacting investor confidence.

Singapore’s well-tested tax-efficient structures still provide greater certainty for long-term wealth management, whereas Malaysia’s newer incentives may take time to gain global trust.

• Infrastructure and Ecosystem

Singapore: Advanced Financial Hub

Home to over 2,000 family offices, major global banks, hedge funds, and private equity firms.

Well-developed legal and financial advisory services, making it a one-stop-shop for ultra-high-net-worth individuals (UHNWIs). Cutting-edge digital banking and fintech solutions, strengthening its role as Asia’s financial centre.

Malaysia: Developing but Still Catching Up

Malaysia is investing heavily in Iskandar Malaysia and Forest City to create a new financial hub in Johor. Meanwhile, the financial ecosystem is still growing, with fewer international banks and top-tier asset management firms compared to Singapore. 

Malaysia is also expanding its fintech and Islamic finance sector, which could be a unique advantage in attracting Middle Eastern and ASEAN investors.

• Talent Pool

Singapore: Leading Global Financial Talent Hub

Attracts world-class financial professionals, fund managers, and legal experts due to its strong financial sector, especially with relevant Work Passes such as Employment Pass (EP), Personalised Employment Pass (PEP), Overseas Networks & Expertise (ONE) Pass.  

A highly skilled and internationally competitive workforce, driven by government policies favoring foreign expertise. Global universities and financial institutions collaborate closely with Singapore’s industry, ensuring a pipeline of top-tier talent.

Malaysia: Facing Talent Retention Challenges

Malaysia struggles with worker drain, where top financial professionals move to Singapore or other global financial centres, causing limited access to specialised financial expertise, making it harder for Malaysia to compete at the same level.

Malaysia is working on incentives to attract and retain talent, but the financial workforce still lacks the same global recognition as Singapore’s.

Synergy Between Singapore and Malaysia

As borders become increasingly permeable for capital and talent, the Singapore-Malaysia corridor stands out as a natural axis for family office growth in Asia. For HNW families who value connectivity, cultural familiarity, and operational flexibility, setting up a family office in one country while residing in the other offers the best of both worlds – proximity without compromise.

For high-net-worth (HNW) individuals in Southeast Asia, the decision to establish a family office is often shaped by a unique blend of strategic, lifestyle, and legacy considerations. Singapore and Malaysia—two neighboring nations with deep cultural and historical ties—offer a compelling cross-border proposition that is increasingly attractive to wealthy families looking to optimise governance, access premier financial services, and preserve generational wealth.

1. Close Geographic Proximity

One of the most significant advantages is the sheer geographical closeness between Malaysia and Singapore. With travel times between Johor Bahru and Singapore measured in minutes, and regular flights connecting Kuala Lumpur with Singapore in under an hour, cross-border operations are highly feasible. Many HNW individuals live in one country while maintaining significant business and family interests in the other—making it easy to manage a family office presence on either side.

This proximity allows for seamless:

• Cross-border meetings and operations
• Access to professionals (lawyers, tax advisors, asset managers) from both jurisdictions
• Real-time management of assets and investments across two economic landscapes

2. Ease of Access and Infrastructure

Singapore has established itself as a global wealth management hub, supported by robust legal frameworks, investor-friendly regulations, and world-class infrastructure tailored for family offices. Malaysia, meanwhile, offers competitive advantages in terms of cost, a growing financial services ecosystem, and access to a large pool of bilingual, skilled professionals.

Whether an HNW family resides in Johor Bahru or Singapore, access to key resources—including airports, digital infrastructure, and talent—is smooth and dependable. Additionally, both countries offer attractive residency and tax incentive programs that can complement family office structures, such as:

• Malaysia’s Malaysia My Second Home (MM2H) program
• Singapore’s Global Investor Program (GIP)

3. Cultural and Linguistic Familiarity

Malaysia and Singapore share deep cultural roots, particularly among the Chinese, Malay, and Indian communities. This shared heritage makes it easier for HNW families to feel at home in either jurisdiction, with language, cuisine, customs, and business etiquette providing a familiar backdrop.

Furthermore, many professionals in both countries are multilingual, fluent in English, Mandarin, Malay, and Tamil—providing seamless communication with advisors, bankers, and legal teams. This ease of cultural and linguistic integration reduces friction and enhances trust in cross-border collaborations.

4. Complementary Strengths for Holistic Wealth Strategy

Many families choose a dual-jurisdiction strategy, leveraging:

• Singapore for investment management, succession planning, global banking access, and legal structuring
• Malaysia for philanthropic initiatives, lifestyle investments, family businesses, and cost-efficient back-office functions

This approach not only diversifies risk and enhances control, but also maximises the benefits of both regulatory ecosystems.

Is Malaysia a Serious Competitor?

While Malaysia is making strides in attracting family offices, it still has a long way to go before it can directly compete with Singapore. However, Malaysia does present niche advantages, particularly for those interested in Islamic finance, lower costs, and residency benefits.

Singapore remains the dominant player for family offices in Southeast Asia, but Malaysia is emerging as an alternative, especially for those seeking cost efficiency and Islamic financial services. Rather than direct competition, Malaysia’s strategy appears to complement Singapore’s, offering more diversified choices for UHNWIs in the region. 

For enquiries on setting up a family office in Singapore, Whatsapp to +65 8766 1966 or email to info@iasg.com.sg. 

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Why Do Long-Term Foreign Residents Get PR Rejected? 13 Mar 2025, 10:41 pm

Singapore is a global hub known for its economic stability, high standard of living, and strict immigration policies. Many long-term foreign residents who have lived in Singapore since childhood find themselves facing a perplexing challenge of getting their Permanent Residency (PR) applications approved. Despite growing up in the country, integrating into society, and contributing to the economy, they often fail to secure PR status. So why is this happening? 

1. Immigration Policies & Quotas

PR Approval Quotas

Only around 30,000 PR applications are approved every year. The government prioritises a balanced and sustainable population, ensuring that PRs contribute meaningfully to the economy and society. 

After COVID-19, the number of PR approvals has slightly increased to an approximate 33,000 in 2021 and 34,000 in 2022 and 2023. This could be a result of the pandemic that caused a sharp drop in the number of PR approved in 2020 at 27,470 – the lowest since 2010. With the 6.9 million population target looming and the added strain of historically low birth rates, the number of PR approvals might continue to increase slightly in the next few years.

Racial Quotas

The Singapore government does not want to disrupt the racial harmony that they have been nurturing since the early days of independence. The racial composition that makes up the local population in Singapore has a lot to do with maintaining this harmony and security. Therefore, new residents and citizens need to be able to assimilate into the local racial composition and cultures.  Applicants who belong to one of the ethnic groups of the local population – Chinese, Malay, Indian will be subjected to the 75%, 15%, 9% quotas respectively. Everyone else will be categorised in Others, which only has a 1% quota. 

Even if someone has lived in Singapore for years, their PR application is still subject to these PR and racial quotas, making approvals highly competitive, especially when it comes to the racial quota. This is because the competition from certain races or nationalities can be very high, for example, Indians. Due to Singapore’s geographical proximity with India, many Indians prefer to look for opportunities here to be close to family who are still living in India. Other races such as Caucasians from the United Kingdom, United States of America, and Europe will all be collectively categorised in Others and because of the low quota, approval rate is highly competitive as well. 

Knowing of these quotas should make long-term residents aware of the difficulty in getting a Singapore PR. However, long-term foreign residents may focus on the other aspects of the Singapore PR application to make their profile stand out amongst the competition. The government looks at every submission holistically so long-term foreign residents should take advantage of this fact and improve their chances.

2. Economic Contribution Matters More Than The Length of Stay

Economy’s Role in Singapore’s Immigration Policy

Singapore, known for its pragmatic approach to governance, seeks residents who can contribute to its economy and sustain themselves financially. Unlike resource-rich nations, Singapore lacks natural resources and relies heavily on its human capital to drive economic growth. 

Given this economic reality, PR applications are evaluated based on several key factors, including employment status, income level, economic contribution, and long-term potential. Having lived in Singapore for decades or even since birth does not guarantee PR approval. If an applicant lacks a stable source of income or the ability to contribute meaningfully to the economy, they may still face rejection.

With Singapore’s approach to continuous learning and upskilling, long-term foreign residents have access to a wide range of professional training programs and courses that can help them upgrade their skills or transition into new careers, ultimately enhancing their employability. For example, institutions such as the Singapore Management University (SMU), National University of Singapore (NUS), and Nanyang Technological University (NTU) offer executive education programs in areas like business management, finance, and data analytics. Additionally,professional certification programs, such as Project Management Professional (PMP), Chartered Financial Analyst (CFA), or Certified Scrum Master (CSM), are also widely available through private training providers like Singapore Institute of Management (SIM), Kaplan, and Lithan Academy. These options allow foreign professionals to stay competitive in Singapore’s dynamic job market by acquiring new expertise and credentials.

Industry Preferences and Misconceptions About PR Approval

The Singaporean government prioritises PR applicants who work in sectors experiencing a shortage of skilled professionals, such as finance, technology, engineering, and healthcare. These industries are crucial to Singapore’s long-term economic strategy and innovation landscape. However, a common misconception is that earning a high income automatically increases one’s chances of PR approval. While income is considered, it is not the sole determining factor – other aspects such as job stability, industry relevance, and the applicant’s ability to integrate into Singaporean society also play significant roles.

Opportunities for Workers in F&B and Retail Sectors

Beyond high-skilled professions, Singapore also faces labor shortages in Food & Beverage (F&B) and retail industries. These sectors often struggle to attract local workers due to long working hours and comparatively lower wages. Foreigners who may not possess advanced educational qualifications but are willing to take up essential roles in these industries can still be considered for PR, as their contributions help sustain vital sectors of the economy.

Financial Portfolio & Property

Having comprehensive insurance plans, investment portfolios, and buying a residential property for one’s own stay are some ways to show how much a foreigner plans to live long-term in Singapore, therefore, would help increase the chances of PR approval. 

3. Family Ties & Sinking Roots in Singapore

When assessing a PR application, the Immigration and Checkpoints Authority (ICA) of Singapore takes into account the applicant’s family background and ties to Singapore. This means that an applicant’s chances of approval can be influenced by their family members’ residential status, history, and contributions in Singapore. 

Having Family Members Who Are Singapore Citizens (SCs) or PRs

If an applicant has immediate family members—such as parents, spouses, or children—who are Singapore Citizens (SCs) or Permanent Residents (PRs), their application is generally viewed more favourably. This is because it indicates a stronger integration into Singaporean society, which aligns with ICA’s goal of fostering stable and rooted communities.

Spousal Relationship

A foreign spouse of a Singapore Citizen or PR has a better chance of securing PR status, especially if they have been married for a substantial period and have children. However, ICA assesses the genuineness and stability of the marriage to prevent sham marriages intended for immigration benefits. Long-term foreign residents who grew up in Singapore and got married to a local would not have any issues proving their marriage legitimacy.

4. Integration and Cultural Fit

The government prioritises applicants who are well-integrated into Singaporean society. This includes factors such as:

• Proficiency in English or a local language (Mandarin, Malay, or Tamil)
• Participation in community activities
• Social ties with Singaporeans
• Contribution to the local community by regular donations or volunteering

A long-term resident who has remained socially isolated or has not contributed to local community initiatives may be viewed as less committed to integrating into Singaporean society. However, having local friends and colleagues, going to local schools, and building a family in Singapore would greatly help show willingness to live like a Singaporean.

Importance of Racial Harmony

Singapore is a multicultural and multi-ethnic society, home to people of diverse racial and religious backgrounds, including Chinese, Malays, Indians, Eurasians, and many other minorities. Despite its diversity, Singapore has remained peaceful and united due to its strong emphasis on racial harmony, which is a core pillar of the nation’s identity and stability.

Foundation of National Unity

Racial harmony fosters a sense of belonging and unity among Singaporeans, ensuring that people of different races live, work, and interact peacefully. This unity is crucial for maintaining social stability and preventing racial tensions that could divide the nation.

Learning from Historical Lessons

Singapore’s commitment to racial harmony is rooted in past experiences, such as the racial riots of the 1950s and 1960s, which highlighted the dangers of racial conflict. These incidents reinforced the need for strong policies and social initiatives to promote mutual understanding and respect.

Celebrating Diversity Through Racial Harmony Day

Singapore observes Racial Harmony Day on July 21 every year, reminding citizens of the importance of racial unity. Schools, workplaces, and community groups organise activities to promote inter-racial interactions and cultural appreciation.

Therefore, new and foreign residents need to understand this concept, take initiative to integrate into the local community, and emulate the local culture of tolerance and understanding.

5. Repeated PR Rejections May Indicate a Weak Profile

Some long-term foreign residents experience multiple PR rejections despite living in Singapore for years, maybe even since birth. This may be a sign that their profile does not meet the ICA’s criteria. Instead of reapplying without changes, applicants should reassess their profile, improve their economic contribution, strengthen their social integration, and demonstrate stronger ties to Singapore. Reapply again once they have a better standing in various aspects of their life.

Hope For Long-Term Foreign Residents in Getting Singapore PR

Securing PR in Singapore is a process that aligns with national priorities and long-term development goals. While residency duration alone does not guarantee approval, applicants who actively contribute to Singapore’s economy, culture, and society stand a strong chance of success. By understanding the key factors and taking positive steps, hopeful applicants can position themselves for a bright future in Singapore.

For help on PR application, Whatsapp to 8766 1966 or email to info@iasg.com.sg. 

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How Will the US Trade War Affect Singapore? 6 Mar 2025, 9:12 pm

US’s recent trade policy changes have stirred unease in global politics. The US trade war has far-reaching consequences as it involved its biggest trading partners, especially China. Singapore, being a highly open and trade-dependent economy, is especially vulnerable to global trade tensions. This article examines the key ways in which the US trade war could impact Singapore’s economy, industries, and overall business climate.

Impact of Trump’s Trade War on Singapore

1. Impact on Singapore’s Trade and Export Sector

Singapore relies heavily on international trade, with exports accounting for a significant portion of its GDP. The trade war could disrupt global supply chains, leading to:

• Lower Export Demand: As the US imposes tariffs on Chinese goods and vice versa, global trade slows, reducing demand for Singapore’s exports, particularly in electronics, semiconductors, and manufacturing components.
• Supply Chain Disruptions: Many multinational corporations use Singapore as a logistics and manufacturing hub. The imposition of tariffs could force businesses to restructure their supply chains, potentially reducing Singapore’s role as a key intermediary.

As the United States intensifies its trade war with China, Singapore has increasingly found itself caught in the middle. The U.S. government is scrutinising Singaporean companies for potentially acting as intermediaries in the sale of U.S.-made semiconductor chips to Chinese firms. This raises concerns that China may be circumventing U.S. export restrictions to continue advancing its technology sector and competing in the global market.

A key point of contention is China’s newly launched artificial intelligence (AI) startup, Deepseek. The company has made significant breakthroughs in AI technology, particularly in developing large-scale AI models at a fraction of the cost and with greater efficiency than its U.S. counterparts. The rapid rise of Deepseek has already sent shockwaves through the tech industry, contributing to a decline in U.S. tech stock prices as investors fear heightened competition.

Washington’s concerns extend beyond Deepseek, as U.S. officials worry that Singapore’s role as a major global trade hub may be inadvertently facilitating China’s access to restricted technologies. This has put additional pressure on Singapore to navigate its delicate diplomatic and economic position between the two superpowers while maintaining its reputation as a neutral and trusted business environment.

2. Impact on Key Industries

a) Manufacturing and Electronics

Singapore’s economy is heavily reliant on manufacturing, particularly in the semiconductor industry. Given that semiconductors are among the most affected by the US-China trade war, Singaporean firms may face lower demand as China, a major buyer of Singapore-made chips, may cut imports due to US-imposed restrictions. Singapore-based companies might need to seek alternative markets, which could take time and increase costs.

b) Financial and Banking Sector

As an international financial hub, Singapore’s banking and financial sector could experience market volatility. Trade tensions often lead to fluctuations in global stock markets, affecting investments and financial institutions in Singapore.

• Increased Demand for Safe-Haven Assets: Investors may move towards safer assets like gold or government bonds, which could shift financial trends in the country.

c) Logistics and Shipping

Singapore’s port, one of the busiest in the world, plays a crucial role in global trade. A trade war could mean:

• Reduced Shipping Volume: With declining trade between major economies, there could be fewer goods passing through Singapore.
• Shift in Trade Routes: Businesses might reroute their supply chains, reducing reliance on Singapore as a transshipment hub.

3. Opportunities for Singapore

Despite the challenges, Singapore could also benefit in several ways:

• Attracting Relocated Businesses: Some companies seeking to avoid tariffs on Chinese-made goods may move production to Southeast Asia, including Singapore.
• Strengthening Regional Trade Agreements: Singapore could reinforce its trade ties within ASEAN and expand agreements with other regions, mitigating the impact of US-China tensions.
• Growth in Alternative Industries: The trade war may encourage Singapore to invest more in emerging sectors like digital services, green technology, and advanced manufacturing.

4. Impact on Singapore’s Inbound Immigration of High Skilled Workers

1. Shift in Investment and Business Operations
   As businesses and multinational companies look to mitigate risks from the trade war, some might seek to diversify their supply chains and operations outside of China and the U.S. Singapore, being a business-friendly environment with a strong financial sector and strategic location in Asia, could become a favored destination for such companies.

This increase in business activity often leads to a demand for high-skilled workers, particularly in sectors such as finance, technology, and engineering, which may attract more talent to Singapore.

1. Tech Talent Migration
   The tech industry is especially sensitive to the trade war, given the reliance on trade agreements and intellectual property protections. With the U.S.-China trade tensions affecting tech companies, Singapore might see an influx of talent, especially from Chinese companies or professionals who feel uncertain about their future in China due to restrictions or potential tariffs. Similarly, tech workers from the U.S. might look to move to Singapore to tap into the growing opportunities in Asia, benefiting from its status as a tech hub.
2. Global Talent Competing for Opportunities

The trade war’s broader economic uncertainty might encourage more professionals, particularly from affected countries, to consider Singapore as a stable, high-growth environment for their careers. Singapore offers attractive immigration policies for skilled professionals, which makes it a desirable destination for top talent.

1. Talent Shortage in the U.S.
   If the U.S. reduces the availability of work visas or puts up additional barriers for foreign professionals due to the trade war’s implications, some of those workers might look elsewhere. Singapore’s relatively open policies for highly skilled foreign workers (through initiatives like the Employment Pass and S Pass) could attract talent previously considering the U.S.
2. Diversification of High-skilled Labor:
   Countries like Singapore may benefit from companies diversifying their talent pool, seeking not just to hire local professionals but also international workers to maintain a competitive edge. This can particularly benefit industries in Singapore that require a blend of global expertise. 

Singapore’s Economic Future Amidst US Trade War

While the US trade war presents significant risks for Singapore’s economy, the country’s strategic position, strong governance, and adaptable business environment provide a buffer against the worst effects. By diversifying its economy, reinforcing trade partnerships, and capitalising on shifts in global trade patterns, Singapore can navigate these challenges while positioning itself for future growth. However, continued monitoring and strategic planning will be essential to mitigate any long-term adverse effects.

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Rising Costs for Expats in Singapore 27 Feb 2025, 8:08 pm

The rising costs for expats might make Singapore an unattractive country for global skilled workers, despite being known for its thriving economy, safety, and world-class amenities. In this article, we explore the key factors contributing to this increase and offer tips on managing expenses.

1. Rental Costs

Housing remains the largest expense for most expatriates in Singapore. In 2022, rental prices in Singapore surged, with some expatriates facing increases of up to 70%. This significant rise has made it challenging for many to afford suitable accommodations. In 2019, the average monthly rent for a three-bedroom apartment in central Singapore was around SGD 4,500, but by 2024, this has risen to approximately SGD 6,500. Prime districts, such as Orchard, Marina Bay, and areas near international schools, are particularly expensive.

The competition for rental units has intensified, especially with the growing number of professionals relocating to Singapore. For expats who are looking to save on rental costs, considering less central locations, choosing to stay in an HDB instead of a condo, or sharing accommodations can help reduce costs. 

2. Education Fees

For expats with children, education is another significant expense. Singapore’s international schools are among the most expensive globally, with tuition fees averaging SGD 25,000 annually in 2019. By 2024, this figure has climbed to an average of SGD 35,000. Additional costs for extracurricular activities, transportation, and uniforms add to the financial burden.

To manage this, some expats explore alternatives such as local schools or homeschooling options.

3. Transportation

While Singapore’s public transport system is efficient and relatively affordable, costs have been gradually increasing due to rising inflation, wages, and energy prices. 

Expats can save significantly by relying on the well-connected public transport network or using car-sharing services. 

4. Food and Dining

Dining expenses vary widely in Singapore. While affordable hawker centers offer delicious local cuisine, dining at restaurants or enjoying international food can be costly. In 2019, a meal at a mid-range restaurant averaged SGD 20–30 per person, whereas in 2024, it ranges from SGD 30–50. Grocery bills for imported goods also add up quickly for expats who prefer familiar brands.

Adopting a more local diet and shopping at wet markets or neighborhood supermarkets can help cut costs.

5. Healthcare and Insurance

Singapore is known for its excellent healthcare system, but it comes at a price for expatriates. In 2019, the average annual premium for private health insurance was SGD 4,000, increased to SGD 5,500 in 2024. Many expats rely on private healthcare, with rising premiums for international insurance plans. Out-of-pocket expenses for non-subsidised treatments can also be significant.

Expats should ensure they have comprehensive health insurance and explore preventive care options to minimise costs.

6. Taxes and Fees

Recent changes in taxation policies have further impacted the cost of living for expats. In 2019, property taxes for private homes were lower compared to the increases seen by 2024, which have driven up rental prices. Apart from the sharp jump in property prices after the pandemic, Additional Buyer’s Stamp Duty (ABSD) for foreigners is now 60%. Additionally, the planned Goods and Services Tax (GST) hike from 8% to 9% in 2024 will affect the cost of goods and services. 

7. Rising Utility Costs

Global energy price volatility and sustainability initiatives have led to higher electricity and water rates in Singapore. In 2019, the average monthly utility bill for a family of four was around SGD 150, but by 2024, this has increased to SGD 250. Utility bills have become a growing concern for expats, especially those in larger homes or families.

Simple measures like conserving energy, using energy-efficient appliances, and monitoring utility usage can help mitigate these expenses.

Estimated Monthly Costs For Expats Living in Singapore in 2025

Depending on one’s lifestyle and personal expenses, a single expat’s monthly expenses is estimated to be around SGD 7,114, including rent while an expat with a family of four may incur an estimated SGD 11,121, including rent in monthly expenses. These are expenses for basic necessities such as rent, food, and transportation. For families with children, international school fees can range from SGD 25,000 to over SGD 35,000 per year per child, depending on the institution. 

Why Do Many Expats Still Stay in Singapore Despite the High Costs?

Despite the rising costs, Singapore remains an attractive destination for expatriates due to its high quality of life, excellent infrastructure, and opportunities for professional growth. 

1. High Quality of Life

Singapore is renowned for its low crime rates, providing a secure environment for residents. The city-state boasts excellent infrastructure, including efficient public transportation and modern amenities. 

2. Economic Opportunities

Singapore’s dynamic and business-friendly economy offers numerous career opportunities across various sectors. Serving as a gateway to Asia, Singapore provides access to regional markets, which is advantageous for professionals and businesses.

3. Favorable Tax Environment

Singapore’s personal and corporate tax rates are relatively low, enhancing the financial appeal for expatriates. Singapore also has Double Taxation Agreements (DTA) with up to 100 different countries around the world, allowing businesses outside of Singapore not to have to pay their taxes twice. Additionally, some of the DTAs grant exemption or reduction on some taxes. 

4. Political Stability

The nation’s political stability ensures a predictable and secure living and working environment. 

5. Cultural Diversity

Singapore’s diverse population fosters a rich cultural experience, making it easier for expatriates to adapt and feel at home.

While the cost of living has increased, many expatriates find that the benefits of residing in Singapore outweigh the financial challenges, leading them to continue their stay in the city-state. By understanding the key cost drivers and implementing smart financial strategies, expats can enjoy all that Singapore has to offer without breaking the bank.

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Is Hong Kong a Better Financial Hub Than Singapore? 20 Feb 2025, 9:17 pm

We ask the popular question: Is Hong Kong a Better Financial Hub Than Singapore? For decades, Hong Kong and Singapore have been fierce rivals as global financial hubs, each boasting unique advantages that make them attractive to businesses, investors, and financial institutions. While both cities share similarities—such as low tax regimes, strong regulatory frameworks, and strategic locations in Asia—there are key differences that influence their competitiveness as financial hubs.

Infrastructure and Efficiency

Both cities boast world-class infrastructure, excellent connectivity, and efficient public transport systems. Hong Kong has historically been a top choice for multinational corporations due to its free-market policies and global business links. 

However, Singapore has gained traction with its smart city initiatives, sustainable urban planning, and tax incentives for multinational firms.

Regulatory and Business Environment

Hong Kong has historically been known for its free economic policies, with a legal system rooted in British common law, which investors find familiar and reliable. The Hong Kong Monetary Authority (HKMA) oversees a free-market approach, ensuring a high degree of financial freedom. However, increasing regulatory influence from mainland China has raised concerns among foreign investors regarding transparency and autonomy.

Singapore, on the other hand, is often regarded as having a more predictable and stable regulatory environment. The Monetary Authority of Singapore (MAS) enforces stringent but clear regulations, maintaining a reputation for transparency and efficiency. The city-state is also a leader in financial innovation, particularly in fintech and digital banking, which has attracted global firms seeking a secure and progressive business environment.

Market Access and Connectivity

Hong Kong serves as the primary gateway to China, providing access to the world’s second-largest economy through initiatives like the Stock Connect and Bond Connect programs. This makes it an attractive base for financial institutions looking to tap into Chinese markets.

Singapore, in contrast, positions itself as a hub for Southeast Asia, providing access to fast-growing economies like Indonesia, Vietnam, and Malaysia. Its financial sector has benefited from strong regional trade agreements and a diversified economic base beyond finance, including logistics and technology.

Financial Market Strength

Hong Kong has traditionally been the gateway to China’s economy, with many Chinese firms choosing to list in Hong Kong due to its proximity to mainland China. It remains a dominant force in global finance due to its deep capital markets and stock exchange, which is among the world’s top in terms of IPO fundraising. The Hong Kong Stock Exchange (HKEX) is one of the largest in the world, attracting numerous Chinese firms seeking international capital. 

Singapore, while not as strong in IPO fundraising, has positioned itself as a key hub for asset management, private banking, and wealth management. Its reputation as a safe and politically stable jurisdiction makes it an attractive location for high-net-worth individuals looking to manage their assets. The Singapore Exchange (SGX) is smaller than HKEX but remains competitive in derivatives and real estate investment trusts (REITs). Moreover, Singapore has positioned itself as a regional hub for cryptocurrency and digital finance.

Talent and Workforce

Hong Kong has traditionally been a magnet for top-tier financial professionals with a longer history as a financial hub. It is more integrated with Mainland China’s wealth market. Many wealth managers specialise in handling high-net-worth (HNW) and ultra-high-net-worth (UHNW) Chinese clients, making them highly skilled in navigating China’s financial landscape. Wealth managers tend to focus on aggressive growth strategies, equities, IPOs, and alternative investments such as private equity and hedge funds. However, political uncertainties and strict pandemic-related policies have led to an exodus of expatriates and skilled workers. This has raised concerns about its ability to retain a competitive edge in the long run. 

While slightly newer in wealth management compared to Hong Kong, Singapore has taken a proactive approach to attracting global talent through favorable immigration policies and business-friendly regulations. The city-state consistently ranks highly in global talent competitiveness. In Singapore, there is more emphasis on wealth preservation, ESG (Environmental, Social, and Governance) investments, and structured wealth solutions like trust and estate planning. Its market is more diversified, with wealth managers handling assets from ASEAN, Europe, India, and the Middle East. Therefore, Singapore wealth managers often have an edge in international compliance, tax efficiency, and family office structuring. 

Tax and Cost of Living

Both cities offer attractive tax regimes. Hong Kong has a simple tax system with a corporate tax rate capped at 16.5% and no capital gains tax. Singapore offers a slightly higher corporate tax rate of 17% but provides various incentives and tax reliefs to businesses, making it highly competitive. Singapore also has no capital gains tax.

However, the cost of living in both cities is high, with housing being a major concern. Singapore has managed to maintain a more stable property market, whereas Hong Kong continues to face affordability challenges, with some of the world’s most expensive real estate prices. 

Political and Geopolitical Stability

Political stability is a growing differentiator between the two cities. Singapore is widely regarded as one of the most politically stable countries in the world, with clear government policies and long-term strategic planning. This has contributed to strong investor confidence.

Hong Kong, on the other hand, has faced increased political uncertainty since the introduction of the National Security Law in 2020. While it remains a major financial hub, concerns over its autonomy from Beijing have led some firms to shift operations or diversify into Singapore.

Which is the Better Financial Hub?

The answer depends on business needs and risk appetite. For firms focused on Chinese markets and stock trading, Hong Kong remains the preferred choice. However, for those seeking regional diversification, regulatory stability, and a fintech-friendly environment, Singapore is increasingly seen as the better option.

While Hong Kong still holds an edge in certain areas, Singapore’s ability to attract global talent, its stable political environment, and proactive financial policies suggest that it may be the more future-proof financial hub in the long run.

For enquiries on Family Office, call/Whatsapp to +65 8766 1966 or email to info@iasg.com.sg.

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Does Making Regular Donations Increase Chances of PR Approval? 13 Feb 2025, 9:41 pm

For many individuals seeking Permanent Residency (PR) in Singapore, the path to approval can often seem complex and opaque. Among the factors that applicants believe might enhance their chances of approval, making regular donations to charities and community organisations is frequently discussed. What is the potential impact of regular donations on Singapore PR applications?

Understanding the Singapore PR Evaluation Process

Before delving into the role of donations, it’s important to understand how PR applications are evaluated in Singapore. The Immigration and Checkpoints Authority (ICA), typically assess applications based on criteria such as:

• Economic contribution: The applicant’s income, job stability, and potential to contribute to Singapore’s economy.
• Social integration: Involvement in the local community and efforts to assimilate into Singaporean society.
• Family ties: Whether the applicant has family members who are Singapore citizens or permanent residents.
• Length of stay: The duration of the applicant’s residence in Singapore.
• Education and skills: Alignment of the applicant’s qualifications with Singapore’s economic needs.

While these factors are clearly outlined, the specific weight given to each criterion is not transparent, and there is often an element of discretion involved in the final decision.

Do Donations Make a Difference in Singapore?

Making regular donations to charities or community organisations in Singapore is often seen as a way to demonstrate social integration and a commitment to giving back to society. Do note that donations are NOT a guarantee for PR approval. 

However, taking this extra step might help with the application to show that an applicant is willing to live amongst locals and help each other in times of need. Authenticity and sincerity, therefore, should be evident.

Best Practices for Demonstrating Social Integration in Singapore

Choose a Charity to Commit to

Choose a government-approved charity organisation that you believe in to donate to. Donating to a cause that you can relate to would look more sincere and shows the authorities your character. 

Timing and Frequency of Donations

Make regular donations months or years prior to your PR application. Donating too close to your application shows obvious intention. 

Continuous Effort

Continue donating even after getting your PR results – whether it is approved or not. If you get approved, your continuous donation might be needed if you choose to pursue SIngapore Citizenship in the future. If your PR gets rejected, you may reapply after 6 months and this continuous effort might help.

Proof of Commitment

You may ask for a certificate of donation from your chosen charity organisation, to be used in your PR application. Immigration@SG partners with the Singapore Red Cross and Singapore Cancer Society to help clients with their efforts to give back to the local community. We can also recommend other organisations if these are not something you can relate to.

Other Initiatives To Improve PR Application

Rather than relying solely on donations, consider the following approaches to enhance your PR application:

• Volunteer Work: Actively participate in local charities, grassroots organisations, or community events. Volunteering reflects genuine involvement and integration into Singaporean society.
• Mentoring: Mentoring local youths in your expertise will help with knowledge and skills transfer, an effort that the Singapore government highly regards, especially in emerging industries such as technology.
• Join Interest Groups: Be part of local clubs, societies, or associations to foster meaningful connections and show long-term commitment.
• Attend Community Events: Regular participation in cultural, civic, or neighborhood events shows your dedication to the local community.
• Learn Local Customs and Languages: Demonstrating cultural appreciation and linguistic skills, such as learning Singlish phrases or Malay, Mandarin, or Tamil, can significantly enhance your profile.

Social Integration Initiatives to Enhance PR Applications

While making regular donations to local charities and community organisations in Singapore may reflect positively on your social integration, it is not a standalone factor that guarantees PR approval. To improve your chances, focus on a holistic approach that combines economic contributions, active community involvement, and a demonstrated commitment to Singapore’s values and culture. By doing so, you’ll present a well-rounded application that aligns with the criteria valued by the ICA.

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Revival of Singapore’s Tourism Industry Post COVID-19 6 Feb 2025, 10:33 pm

Singapore has been a top destination for visitors worldwide, both for business and leisure. Known for its iconic skyline, world-class attractions, and vibrant cultural tapestry, the city-state attracted millions of visitors annually before the COVID-19 pandemic disrupted the global travel industry. As the world gradually emerges from the shadows of the pandemic, Singapore has made a remarkable recovery, positioning itself as a premier destination once again. This article explores the key factors driving the revival of Singapore’s tourism industry post pandemic.

Impact of Covid-19 on Singapore’s Tourism Industry

The COVID-19 pandemic had a profound impact on Singapore’s tourism industry, affecting various industries such as aviation, hospitality, and retail. Here’s an overview of the effects:

1. Decline in Tourist Arrivals

Travel restrictions and border closures led to a sharp decline in international visitors. In 2020, tourist arrivals dropped by 85.7%, with only 2.7 million visitors compared to 19.1 million in 2019. Singapore’s major tourism markets (China, Indonesia, Malaysia, and Australia) were heavily impacted.

2. Economic Losses

On average, the tourism sector contributed about 3% of Singapore’s GDP from 2014 to 2023, excluding 2020 to 2022 due to Covid-19 pandemic. The sudden drop in visitors caused significant losses in tourism receipts, affecting revenue from attractions, hotels, retail, and F&B. 

Hotels

Many hotels reported record-low occupancy rates, with some converted into quarantine facilities or housing for foreign workers. Downsizing and retrenchments occurred as hotels faced financial strain. 

F&B and Retail

F&B and retail business were greatly impacted as well, especially with the implementation of Circuit Breaker and Work From Home arrangements where people were not allowed to be out in public without acceptable reason. F&B sales registered a year-on-year decline of 26 per cent in 2020, its worst performance since 1986 when growth data were first compiled. 

Attractions and Events

Iconic attractions like Marina Bay Sands, Universal Studios, and Gardens by the Bay were closed for months. Large-scale events like the Singapore Grand Prix Formula 1 and conventions were postponed or canceled.

3. Acceleration of Digitalisation

Businesses adapted by offering online tours, virtual experiences, and interactive events to stay relevant. Contactless payment systems, QR code menus, and app-based bookings became standard practices.

Measures During Covid-19

1. Strategic Initiatives by the Government

Singapore’s government played a pivotal role in the recovery of its tourism sector. During the peak of the pandemic, the Singapore Tourism Board (STB) launched the “SingapoRediscovers” campaign, encouraging locals to explore the 42 local attractions, stay in 196 hotels, or go on one of the 166 tours that accept these government-issued vouchers. This initiative not only supported local businesses but also kept the tourism ecosystem alive during international travel restrictions. 

To attract international visitors, Singapore adopted the Vaccinated Travel framework, allowing quarantine-free travel for vaccinated individuals from selected countries. This move significantly boosted visitor numbers and demonstrated the city’s commitment to balancing public health and economic recovery. Additionally, the STB’s partnership with airlines and travel platforms offered attractive flight and accommodation packages, making Singapore a competitive destination.

2. Enhanced Safety and Hygiene Standards

Singapore’s stringent safety and hygiene protocols played a crucial role in rebuilding traveler confidence. The introduction of the SG Clean certification program ensured that hotels, attractions, and dining establishments adhered to high standards of cleanliness. This certification became a symbol of trust for both domestic and international tourists.

Furthermore, the implementation of digital solutions, such as contactless payment systems, TraceTogether—a contact-tracing application—enhanced the overall safety for both residents and tourists. These measures highlighted Singapore’s innovative approach to managing health risks without compromising on visitor satisfaction. 

Post-Pandemic Revival

1. Tourists Resurgence at Key Attractions and Events

Post-pandemic, Singapore’s iconic attractions, such as Marina Bay Sands, Gardens by the Bay, and Sentosa Island, have witnessed a resurgence in visitor numbers. Safety measures such as Safe Distancing have been gradually rescinded as the numbers of Covid infections came under control, allowing residents and tourists to visit these attractions again.

The return of major events, such as the Formula 1 Singapore Grand Prix in 2022 and concerts of international artists, has further energised the tourism sector. Taylor Swift and Coldplay performed to an audience of 300,000 and 200,000 respectively, most of whom are tourists. During the first quarter of 2024, these concerts have generated tourist receipts of up to $450 million. These events not only attract international audiences but also showcase the city’s rich culture and modern vibrancy. 

2. Sustainable and Wellness Tourism

The pandemic underscored the importance of sustainability and wellness, and Singapore has tapped into these trends effectively. In 2023, Singapore was the world’s first sustainable tourism destination. Singapore’s 2030 Green Plan includes planting one million trees, quadrupling solar power usage by 2025 and achieving net zero emissions by 2050. Hotels such as Pan Pacific Orchard and attractions like Jewel and Gardens by the Bay have been using solar panels and collecting rainwater to recirculate it to reduce building temperatures and create airflow. The city-state has also promoted nature tourism through initiatives like the Mandai Wildlife Reserve and island hopping to Pulau Ubin and the Southern Islands.

Additionally, wellness tourism has gained traction, with visitors seeking experiences that prioritise mental and physical well-being. Singapore is opening 16 therapeutic gardens to soothe visitors with autism, dementia, anxiety, and Attention-Deficit/Hyperactivity Disorder (ADHD). With the help of neurologists and psychologists, Singapore’s healing gardens are best suited for seniors and neurodivergent children. Designed to gently stimulate human senses of smell, touch, taste, hearing, and sight, visiting the gardens helps to improve mood, regulate emotions, lower stress, and reduce body inflammation. 

3. Leveraging Technology and Innovation

Singapore’s emphasis on technology has been a cornerstone of its tourism revival. Singapore’s passportless immigration is the first in the world, ensuring travellers’ ease and operations efficiency. Self-service ticketing kiosks cut waiting time for tourists to buy tickets to local attractions and QR code menus make it easy to order food at restaurants. 

Future Outlook on Singapore’s Tourism Industry

In 2024, Euromonitor International has officially ranked Singapore ninth among the world’s top 100 city destinations. As Singapore’s tourism industry continues to recover, the city-state is not resting on its laurels. Future plans include diversifying tourism offerings, strengthening regional partnerships, and investing in digital infrastructure. With a focus on sustainability, innovation, and inclusivity, Singapore is well-positioned to thrive in the post COVID-19 tourism landscape.

In conclusion, the revival of Singapore’s tourism industry is a testament to the city-state’s resilience, adaptability, and forward-thinking approach. By combining strategic initiatives, technological advancements, and a commitment to safety, Singapore has once again solidified its status as a global tourism powerhouse.

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