Overview: Reasons to migrate to Singapore
Why is Singapore attractive to foreigners for migration?
1. Easy to live
- Compared to other Asian countries, Singapore is the easiest for expats to live in.
- No language barrier due to multi-cultural society
- Extensive transportation infrastructure
- Necessities are low cost
- Strong work culture with balanced lifestyle
- Affordable healthcare, good governance and political stability
2. Asset protection
High-net-worth individuals who want to protect assets from unfair advantages of creditors turn to Singapore for the established framework. Popular asset protection strategies include using special purpose vehicles like trusts or/and benefitting from the favorable tax regime like the tax-free import and sale of investment precious metals.
3. Remove worldwide tax liability
US residents are subject to tax on their worldwide income, regardless of source. To remove this liability, high earning individuals move to Singapore. In Singapore, resident individuals who derive income from sources outside Singapore are not subject to tax on such income.
4. Avoid inheritance tax
US, Japan, Korea and France are popular countries with high inheritance tax rates (a.k.a. estate tax). This could amount to a substantial sum. In migrating to be a tax resident of Singapore, there is no inheritance tax.