Tuesday, February 12, 2008

Uh-Oh: what price for Swiss standard of living?

Further east, Singapore has likewise turned itself into a major offshore haven by not taxing capital gains or income derived from outside the city-state. It's also eaiser now for foreigners to gain permanent residency, as long as they have at least $1.1 million (US) to invest in a Singapore-based start-up or venture-capital fund, or $3.5 million to stick in a local financial instotution. And while the E.U. Is forcing European banks to open up to the authorities, Singapore has strengthened its customer confidentiality laws: anyone who reveals private financial information faces a fine of up to $88,000 and three years in prison.
Then there are Singapore's new trust laws, which help the rich keep their fortunes in the family by letting them pass assets on to beneficiaries tax-free. And the perks strongly favr foreigners. 'To get all the benefits one must not be Singaporean,' says Michael Troth. 'Singapore is becoming the predominant provider of trust services to our Asian clients.'

No comments: