A wealthy Chinese family.
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A year ago, wealthy Chinese families were souring on Singapore. Its rules felt onerous, its nightlife subdued. Other cities seemed easier or more exciting.
Now they want to come back.
Family-office advisers and wealth managers say they are seeing renewed interest in Singapore from affluent Chinese clients who had shifted their lives to other financial centers, as tightening scrutiny from Beijing and geopolitical turmoil make its stability look attractive again.
The reversal underscores how quickly the calculations of Asia’s wealthy can change.
Singapore emerged as a favored destination for wealthy mainland Chinese seeking to diversify their assets and gain distance from Beijing, particularly after Hong Kong’s 2019 protests and subsequent national security crackdown.
However, its appeal faded after a $3 billion money-laundering scandal in 2023 triggered tighter scrutiny of wealthy clients and family offices. Stricter compliance checks, lengthy bank onboarding and residency requirements pushed some Chinese families toward jurisdictions they viewed as easier or more appealing – such as Hong Kong, Dubai and Tokyo.
They’re now telling me I really want to come to Singapore to become a citizen.
But what once seemed restrictive is increasingly being viewed by some as a source of security.
“The very reason why they came to Singapore in the first place back then was because China’s policies impact Hong Kong much closer to them than in Singapore,” said Bayfront Law director Ryan Lin.
Dubai reversal
Singapore is also benefiting from a different source of anxiety: the Middle East.
Several advisers, including Tibrewal and Lin, said Chinese families who shifted toward Dubai in recent years have reconsidered their plans amid conflict in the region.
Lin said some of his clients initially treated the conflict as a temporary shock. But as tensions persisted, families began taking more concrete steps to leave.
“My clients are afraid that Dubai may potentially be easy collateral damage.” Lin said. “Their sense of security will not be there. They will be frantic. At least mentally, they won’t feel very safe. Their mindset of managing money in Dubai has changed.”
Some have already returned while others are unwinding investments and financial arrangements before doing so, he said.
Japan’s barriers
Tokyo had become attractive to wealthy Chinese in recent years as a weak yen made everything from property to luxury goods cheaper. Its proximity to China and safety had also made it an obvious alternative to Singapore.
Yet language barriers, difficulties integrating into Japanese society and differences in business and social culture caused issues, advisers said.
Iris Xu, CEO of Jenga Business Consulting Group, a consultancy that works with wealthy families, cited one client who relocated to Japan but returned to Singapore after just eight months.
“After going to Japan, going to Dubai, going to Hong Kong, there remains the Singapore option,” Xu said.
Back to Singapore
The renewed interest also arrives as Singapore itself fine-tunes the rules governing its family-office industry.
The Monetary Authority of Singapore in July eased some conditions for single-family offices seeking tax incentives, with the changes taking effect Aug. 1. The revisions give offices greater flexibility on hiring and investment requirements even as authorities continue to strengthen checks on the sources of wealth entering the country.
“Wealth owners from a diverse range of countries choose Singapore for many reasons, including our high standards of regulation, strong rule of law, and a comprehensive ecosystem of wealth managers and professional service providers,” an MAS spokesperson told CNBC.
Enquiries for luxury Singapore properties from Chinese buyers also increased 35% in the first half from a year earlier, according to Juwai IQI.
Advisers for the wealthy say Singapore’s advantage is increasingly the predictability that comes with its rules.
“Their priorities have changed,” Xu said. “Before, maybe they were looking for an opportunity. Now they are looking at safety.”
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