Singapore offshore banking is internationally well-regarded for its security, stability and reputation. According to the 2007 Global Financial Centres Index (GFCI) Singapore is the world's fourth largest global financial centre, after London, New York and Hong Kong. As such, the banking sector is sophisticated. Important points to note about offshore banking in Singapore include:
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This sector of banking is highly regarded for its transparency and good business practice, and receives average daily capital inflows of US$66.3 million. Strong capital inflows are from the European Union and the US in particular. Global capital flows into Asia amounted to US$88 billion in 2006 (US$60 billion in 2005).
Singapore boasts strong client confidentiality laws and refuses to exchange banking information on investors with member states of the Organisation for Economic Cooperation and Development. This ensures a secure long term option when compared to other 'offshore' jurisdictions.
Singapore is an international paradise for wealthy individuals seeking a secure, stable and reputable jurisdiction with a highly advanced communications banking infrastructure. Consequently, the number of millionaires in Singapore rose 21% in 2006 to 67,000, the fastest-growing rate in Asia.
The offshore banking sector also benefits from a boom in the value of assets under management - in 2006 Singapore's assets under management amounted to US$581 billion (US$456 billion in 2005). 84% of total assets under management were sourced outside Singapore (80% in 2005).
By holding at least S$5 million (US$3.5 million) in a Singapore offshore bank account, global entrepreneurs can apply for residency in Singapore.
The Monetary Authority of Singapore is the government authority responsible for formulating and executing Singapore's monetary policy. Consequently, it ensures a stable financial system in which over 100 foreign banks operate, and provides a stable basis for offshore banking.
Singapore offshore banking is becoming more difficult due to the increased due diligence procedures in Singapore banks as well as the increased demand for corporate bank accounts in Singapore. The process to open a bank account in Singapore will take approximately two months..
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