Why Are Some of South Korea’s Wealthy Individuals Moving to Singapore?

Why Are Some Wealthy South Koreans Moving To Singapore?

One of the reasons is that there is no inheritance and gift tax in Singapore. According to a consulting firm representative interviewed by The Korea Economic Daily, the number of South Koreans coming to Singapore for advice on how to save on inheritance and gift tax has increased dramatically in recent years.

On average, about 250 Korean companies are incorporated in Singapore every year.

In fact, it’s not just Koreans who are coming to Singapore, which has been dubbed “Tax Heaven” by wealthy individuals from around the world. The Singapore government eliminated inheritance and gift taxes in 2008 to attract these wealthy individuals. There are no capital gains or inheritance taxes, and corporate and income taxes are relatively low.

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