Singapore
| Pros |
|---|
| Low corporate and personal tax rates with zero capital gains or inheritance taxes |
| Exceptional transparency and minimal corruption for a predictable and fair business environment |
| World-class digital and physical infrastructure for seamless global connectivity and high physical security |
| Cons |
|---|
| Strict social regulations and limited civil liberties regarding individual expression and political dissent |
| Significant state presence in key sectors and housing markets through government-linked corporations |
| High cost of living and expensive business operations from land scarcity and vehicle taxes |
Will Singapore tax what you earn?
YES, FAIRLY. Singapore taxes personal income at a moderate 24%, but only on income with a local source. The territorial regime is the leverage point: what you earn abroad while resident here stays outside the catchment.
Will Singapore tax what you own?
NO. Singapore doesn't tax what you hold. No capital gains, no annual wealth assessment, no inheritance regime. The value sitting in your portfolio compounds untouched, and leaves it the same way it arrived.
Is it easy to run a company in Singapore?
YES, BUT TAXED. Corporate tax in Singapore is 17%, but the tax isn't where this country hurts. It treats misuse of corporate assets as a criminal offense (the textbook case is the French abus de biens sociaux doctrine: using your own company's money for personal purposes can trigger prosecution, even as sole shareholder, because the company is a distinct legal person and your consent doesn't waive the offense). And it runs public corporate registries: your name as shareholder is queryable by anyone with a browser. For an owner-operator, those two combined are the real friction. Heavier than the rate, and far less negotiable. Running a clean structure is straightforward; running it casually isn't.
Is Singapore good for your holding company?
YES. Singapore is built for holding. An extensive treaty network (67 signed agreements) cuts withholding on cross-border dividend, interest and royalty flows, and a full participation-exemption regime (100% on qualifying dividends and gains) lets value flow through without a domestic layer. The classic elite-tier setup: a holding structured here travels well across borders.
| Country | Status | Dividends | Interest | Royalties |
|---|---|---|---|---|
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| ∅ // no treaties match | ||||
What does it cost to come and go from Singapore?
SOME. Singapore runs a territorial system on the way in, but the way out is taxed: an exit tax catches unrealised gains above a threshold when you sever residency. Worth modelling before you settle. The door is wider going in than coming out.
Will Singapore protect your privacy?
NOT AT ALL. Singapore has signed every exchange framework that matters and operates a public corporate registry. Whatever you do here (earn, hold, structure) is reportable, accessible, or both. Privacy is not the strategy in this jurisdiction.
Is Singapore itself a liability?
SOMEWHAT. Singapore appears on one or two national blacklists despite holding FATF membership. Transactions may attract additional KYC/AML scrutiny in those specific jurisdictions, but the country isn't broadly stigmatised.
Will you feel free in Singapore?
NO. Press freedom in Singapore is restricted (RSF rank #123). Civic space and independent media operate under pressure or not at all, a constraint that typically extends to financial expression as well, even where crypto isn't formally banned.
| Program | Status | Cross-border | Sources |
|---|---|---|---|
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Project Guardian
Project Guardian, launched in 2022, convened over 40 financial institutions, industry associations and international policymakers across seven jurisdictions to carry out industry trials on the use of asset tokenization in capital markets. More than 15 industry trials were conducted in six currencies across multiple financial products.
Monetary Authority of Singapore
|
RESEARCH | YES | — |
|
Project Ubin+
The project has three main objectives: (i) explore the design and application of AMMs for wCBDCs; (ii) investigate if a supra-regional network could work as an efficient and trusted hub for cross-border settlement; and (iii) research wCBDC governance models within that network.
Monetary Authority of Singapore
|
PILOT | YES | announce → |
|
Project Orchid
After launching a retail CBDC initiative, the MAS has decided that issuing retail CBDCs is not very relevant to Singapore at this time.
Monetary Authority of Singapore
|
CANCELLED | — | announce → |
|
Project Mariana
Monetary Authority of Singapore, Banque de France, Swiss National Bank
|
RESEARCH | YES | announce → |
|
Project Cedar Phase II x Project Ubin+
Project Cedar Phase II x Ubin+ will enhance designs for atomic settlement of cross-border cross-currency transactions, leveraging wCBDCs (wholesale CBDC) as a settlement asset. The effort, which entails establishing connectivity across multiple heterogeneous simulated currency ledgers, aims to significantly reduce settlement risk, a key pain point in cross-border cross-currency transactions.
Monetary Authority of Singapore, US Federal Reserve
|
PROOF OF CONCEPT | YES | announce → |
Other jurisdictions worth comparing
Picked by similarity of strategic profile to Singapore. No editorial ranking — neighbours in the same scoring space.