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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.<\/span><\/p>\n 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.<\/span><\/p>\n Singapore was a popular destination for wealthy mainland Chinese looking to diversify their assets, but after Singapore\u2019s 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.<\/span><\/p>\n Now, however, Bayfront Law director Ryan Lin told CNBC<\/em>: \u201cThey\u2019re now telling me I really want to come to Singapore to become a citizen.\u201d<\/span><\/p>\n Mr Lin said wealthy mainland Chinese initially chose Singapore because China\u2019s policies had a \u201cmuch closer\u201d impact on Hong Kong. \u201cWhen it comes to the safety of their wealth, they probably now are considering Singapore very, very seriously for the long term,\u201d he said, adding that clients are more determined this time.<\/span><\/p>\n He also said several wealthy Chinese have been asking about pathways to permanent residency (PR) and citizenship as they look to make Singapore a longer-term base.<\/span><\/p>\n Farro Capital co-founder Manish Tibrewal said his firm has also seen an uptick in relocation inquiries from wealthy Chinese.<\/span><\/p>\n Restrictions on mainland investors\u2019 access to offshore brokerages in Hong Kong have also unsettled some clients. \u201cThey find perhaps Hong Kong is really too close to China,\u201d Mr Lin added.<\/span><\/p>\n Still, other family-office advisers and wealth managers said moving to Singapore does not necessarily mean cutting ties with China, especially without a change in citizenship and tax status, but is more about creating greater distance from the mainland while keeping their options open.<\/span><\/p>\n Besides aiming for distance from the mainland, industry experts said ongoing geopolitical tensions in the Middle East, along with the Monetary Authority of Singapore\u2019s (MAS) move to ease family-office tax rules, are also making the \u201cpredictability and safety\u201d of the city-state more attractive to wealthy Chinese.<\/span><\/p>\n In a LinkedIn post, however, senior workforce and skills policy adviser Ives Tay commented on the renewed interest from wealthy Chinese looking to park their wealth in Singapore, saying the city-state should now ask: \u201cHow do we make sure Singaporeans share in the wealth we attract?\u201d<\/span><\/p>\n \u201cA global wealth hub should ultimately make life better for the people who call Singapore home \u2014 not just for the people who park their wealth here,\u201d he added. \/<\/span>TISG<\/u><\/span><\/a><\/p>\n Read also: <\/span>Hong Kong pulls ahead of Singapore in family office race, for now, as both cities face economic hurdles<\/span><\/a><\/p>\n<\/div>\n