2014-04-26 08:46:20 - Asset and property management services for persons holding high net worth, are an integral part of the financial industry in Singapore.
What makes this Asian cit -state in order to not only maintain, but also to strengthen its role as the heart of the private banking sector, if not all, then certainly in Southeast Asia?
It is important to note that Singapore has strengthened bank secrecy provisions, adopted in 2001, amended the trust legislation in 2005 and in the 2006 budget announced significant promotion of the private bank business in order to strengthen its influence in the financial services sector.
Singapore intends to become an attractive area for the establishment of funds
Currently, foreign funds that meet certain criteria, are not subject to withholding tax in Singapore, even if it is considered that such funds are based in the Singapore. To obtain the status of the foreign investor in accordance with these rules, the fund can not be a tax resident in Singapore as well as Singapore citizens or residents can not directly or indirectly own a
20% equity fund. It is generally known as "80 to 20". Since there is currently tax exemption scheme for foreign investors only applies to non-resident companies, the typical stock structure includes Fund established and managed from the territory of a tax-free jurisdictions such as the Cayman Islands or the British Virgin Islands and not Singapore.
The national budget in 2006 was invited to the introduction of other types of schemes that could apply to unit trusts aimed at experienced and institutional investors or when trusts are working with the investment manager, exempt from the obligation to obtain a license. More information about the new types of funds and qualified the eligibility criteria will be available from other publications Monetary Authority of Singapore.
More information on banks and financial institutions in Singapore can be found at: sgbanks.com
This year, Singapore has taken another step towards the equalization of tax treatment of four Islamic investment products (ie Sharia compliant ) with the terms of taxation of profits from traditional financial contracts to which they are equivalent in economic terms.