Singapore is increasingly following Switzerland’s lead by opening its books to your domestic tax jurisdiction, and Hong Kong is close behind.
But several subtle, yet critical differences exist which affect any investor considering to move their wealth East.
In overly simplistic terms, from an investment perspective, Hong Kong is the gateway to ‘Greater China’ and North Asia, Singapore is the gateway to South East Asia and Indo-Asia.
Hong Kong has greater business ties to China and has a much higher concentration of Chinese private clients than Singapore.
Singapore has a wider geographical depth of experience, expertise and language than Hong Kong. This is an important consideration for South East Asian and European clients who typically have a wider range of expertise in their domestic financial issues to choose from than is available in Hong Kong.
High new worth investors will consider other booking centres such as Dubai, Switzerland, and even smaller centres like Malta, UK Channel Islands, Gibraltar, and Caribbean, but if you are an investor or entrepreneur with interest in Asia, and many HNWs are, then being close to a major commercial centre like a Singapore or Hong Kong is a wiser, if not common sense decision to make.
Smart investors view the world as a small place
Transparency, depth of available expertise, and liquid banking systems are all game changers for high net worth investors in deciding how and where they manage their money. It’s exactly that mentality of seeking the best outcomes for their wealth that has made HNWs successful in the first place.
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