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Singapore Private Banking

 

One of the fastest growing locations for private banking in the last decade is the island nation of Singapore. While Asia has been creating wealth at the fastest pace in the world, Singapore has been well-situated to take advantage. Although the global financial crisis gave the region a pause, private wealth grew in 2007 at a clip of 10.5%, and was estimated at over 8 trillion USD. Estimates place the total private banking assets under management in Singapore at close to 300 billion USD. While this total does not approach the estimated 1.7 trillion under management by swiss private banking institutions, it represents fully 5 percent of the world's total estimated private wealth.

 

Private Banks Expanding Assets Under Management

 

In order to service the amount of private wealth pouring into Singapore in recent years, the growth in the number of private banks has been robust. In the last 8 years, the number of private banks in Singapore has doubled to over 40. Meanwhile, private banking assets have grown six-fold. For entrepreneurs and weathy families in mainland China, Hong Kong, or the other Asia tigers, Singapore is beginning to win some of the wealth management business that would traditionaly have gone to Switzerland or the UK.

 

Singapore Bank Secrecy

 

Despite developing its bank secrecy laws in the last 10 years, Singapore has made recent concessions. In order to be removed from an OECD gray list of countries that did not conform to an ''internationally-agreed'' model tax convention, Singapore amended its tax laws to allow freer exchange of tax information. Previously, Singapore wouldn't give overseas authorities information on foreigners' bank-deposit interest or investment gains. Now changes in Singapore's domestic law have allowed it to renegotiate tax treaties with numerous western countries. Like Switzerland, Singapore insists it does not welcome ''fishing expeditions'' - suspicions of tax evasion must be major and well-documented to break open bank secrecy,

 

Financial privacy laws aside, Singapore has strengthened its trust law for foreign non-residents, making Singapore trusts more attractive as an asset protection vehicle. Additionally, foreigners who can show sufficient means have the opportunity to acquire resident status and buy real estate.

 

While acknowledging the high level of private banking services on offer within Singapore, used mainly by wealthy families in neighbouring China and Indonesia, Capital Conservator does not count on absolute financial privacy in any one jurisdiction. Rather, Capital Conservator mointors developments in worldwide banking and accepts deposits through financial companies that operate independent of bank secrecy.

 

Capital Conservator is not a bank, but it is licensed to hold accounts in trust for its clients at partner banking institutions. This method ensures the highest degree of client confidentiality possible.

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         Important notice:
         - CCG DOES NOT PROVIDE TAX ADVICE OF ANY KIND. IT IS THE CUSTOMER'S RESPONSIBILITY TO COMPLY WITH THEIR COUNTRY'S TAX LAWS.
           NEITHER CCG NOR ANY CCG SUBSIDIARY IS A REGISTERED BANK. THE CCG ARBITRATION CENTRE IS NASSAU, THE BAHAMAS.

 

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