Why Singapore remains an attractive hub for Global Indians

Recent trends suggest Singapore is being used increasingly in contingency planning, asset diversification and partial relocation strategies by individuals. For high net worth individuals (HNWI), concerns may include moving families or investments to a politically, financially and socially safer jurisdictions.

Global mobility and residency options 

Singapore offers well-structured range of entry and passes for professional and entrepreneurial individuals (Employment Pass, OnePass, EntrePass, Personalised Employment Pass). Visiting Indian nationals would require a visa prior to arrival and can stay in Singapore for up to 30 days on a Short-Term Visit Pass. Indian nationals with other citizenships (e.g. British) maybe able to enter for short-term stays of up to 90 days without a visa. 

Individuals employed overseas but working in Singapore for a short period (e.g. business trips) can be tax exempt for up to 60 days, providing some relief for inbound individuals (with exemptions for some professionals and directors).

Whether it is a short-term stay, medium-term relocation or long-term move to Singapore, there are strategies that can be explored to help individuals and companies with a smooth transition. 

Tax residency and competitive tax rates 

Singapore's largely territorial basis of tax means that foreign-sourced income remitted to Singapore is generally not taxable on individuals, subject to certain exceptions such as income derived from trading or partnership arrangements. While Singapore's progressive personal income tax rates of up to 24% are higher than those of jurisdictions such as the UAE, they remain comparatively lower than those in many developed countries. Other factors that may influence decision making for HNWIs include Singapore's absence of taxes on capital gains, gifts, certain investment income, inheritance and estates. 

Individuals considering a move to Singapore should also understand the tax residency rules. a foreign individual may qualify as a Singapore tax resident by meeting the 183-day requirement through a combination of physical presence and employment exercised in Singapore. For the purposes of counting workdays towards the 183-day test, overseas workdays for a Singapore employment may, in some cases, be taken into account. In addition, an individual who live and work in Singapore over a two or three year period may also meet one of the concessionary tests to be regarded as tax resident in Singapore. 

Once an individual becomes a Singapore tax resident, Singapore's extensive treaty network could provide protection over possible double taxation exposures. Individuals can utilise this to support future tax and wealth planning strategies.

Strong economic and financial landscape 

Singapore's strong regulatory framework, deep capital markets and global connectivity continues to steer investment security. Its reputation as a stable and secure jurisdiction for individuals, families, businesses and investments attracted a new wave of interest amid ongoing geopolitical and economic uncertainty.

In particular, the recent international developments in Dubai and Middle East have prompted some individuals and business owners to explore contingency planning, asset diversification and relocation strategies. Firms including Grant Thornton Singapore have seen more enquiries relating to relocation, ranging from more for short-term arrangements to longer-term plans in Singapore and the region.

For business owners, Singapore can also serve as a gateway to expansion across ASEAN, providing access to one of the world's fastest growing and dynamic economic regions.

For Global Indians clients, Singapore can be positioned as a tax-efficient jurisdiction supported by a strong governance framework, political stability and a well-established financial ecosystem. 

Wealth planning and structuring 

Singapore has seen continued growth in family office structures, supported in part by the availability of tax incentive schemes under Section 13 of the Income Tax Act. However, establishing and maintaining a dedicated family office may not be suitable for every family or individual.

For those seeking a more accessible entry point into wealth structuring, Variable Capital Company (VCC) platforms can provide an alternative. In certain circumstances, these structures may allow investors to benefit from Singapore's fund tax incentive schemes without having to independently satisfy all operational and regulatory requirements (e.g. local spend, investment thresholds etc) associated with establishing their own family office.

Together with Singapore's stable regulatory environment and sophisticated financial ecosystem, these options provide Global Indians with a range of solutions to support wealth preservation, succession planning and long-term investment objectives.

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