Safe haven: Magnet for the rich

Singapore is a safe haven for the wealthy.

A European founder of a tech start-up in Singapore once told me he thinks Singapore is the best governed country in the world with the best policies including favourable tax policies for businesses. This explains why he has flown half-way round the world to start a start-up and settle down. He was also delighted with the cosmopolitan vibe, cleanliness, diverse gastronomic options and the widely spoken English language. The ease of transportation, low crime rate, fast and reliable internet and easy access to funds also received top marks from him.

Few could argue with that.

The Lion City indeed holds the title to some of the most coveted rankings in the world such as top in the world for ease of doing business, top financial centre in Southeast Asia, and having the most “internationalized” workforces in the world.

More assuring is the ease of enforcing a  contract. Singapore holds the world record for the speediest resolution of a commercial dispute at 150 days. The court system is semi-automated in which litigants can go online to submit claims and counterclaims, pay court fees, and even serve summonses.

Healthcare is top notch with advanced medical technology and state-of-the-art facilities, on top of efficient service. In 2022, Singapore’s density of doctors reached approximately 28 doctors per 10,000 inhabitants.

Healthcare is very expensive however unless subsidised by the government. Thankfully, the government subsidises all citizens and permanent residents.

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