The much reported slowdown in the Singapore property market has not damaged the city state’s reputation as one of the world’s most attractive luxury investment destinations and savvy international buyers are still drawn to high-end projects in prime locations, according to this report.
With a population of five million, Singapore has more millionaires per capita than any other country in the world. On top of that, the world’s mega-rich are shifting their wealth to Asia, particularly Singapore, because of its relatively low tax regime, crime-free streets, sound banking system and pro-business policies. A recent CNN report even went further to suggest that Singapore could overtake Switzerland as a tax haven by 2020 and this prediction would probably come true if the US and Europe continue to be mired in economic uncertainties. The report also says that an increasing number of Chinese, Indians and Indonesians are helping to shift wealth to low-tax Asian centres like Singapore and Hong Kong.
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