SINGAPORE: The wealthy Chinese are said to be looking to return to Singapore amid geopolitical tensions and tightening scrutiny in Beijing, according to family-office advisers and wealth managers.
Tighter scrutiny of wealth held outside mainland China has reportedly rattled wealthy families, with new rules requiring disclosure of offshore trusts, tax liabilities and other overseas assets. These new rules can apply regardless of where a trust is located or where an individual physically resides.
Singapore was a popular destination for wealthy mainland Chinese looking to diversify their assets, but after Singapore’s 2023 S$3 billion money-laundering case brought tighter scrutiny and compliance requirements, some wealthy Chinese moved away from the city-state to Hong Kong, the Middle East and Japan.
Now, however, Bayfront Law director Ryan Lin told CNBC: “They’re now telling me I really want to come to Singapore to become a citizen.”
Mr Lin said wealthy mainland Chinese initially chose Singapore because China’s policies had a “much closer” impact on Hong Kong. “When it comes to the safety of their wealth, they probably now are considering Singapore very, very seriously for the long term,” he said, adding that clients are more determined this time.
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