Rich people love Singapore. Where does Singapore lack in its beauty? From Casinos, Entertainments, shopping centers to world-class treatments in renowned Hospitals, Singapore is a real beauty for many. Also, it is studded with luxury showrooms of Gucci, Rolex, etc.
Rich people used to come to this country for entertainment previously. But, the Covid-19 has altered the scenario. Now, mostly rich people are coming to live in Singapore permanently.
Singapore govt. is receiving a huge number of applications from the people who want to stay permanently in Singapore. There is a valid reason behind this expectation of the rich as well. Covid-19 induced Death Rate is far less in Singapore than in its neighboring countries. A recent study from ‘Johns Hopkins University supports this argument. The study suggests Death Rates in Malaysia, Indonesia, and other Neighboring countries are 10%-20% higher than that of Singapore.
Another big reason is that Singapore is distributing its vaccine doses much faster and more efficiently than its neighbors.
Chinese are way ahead in opening bank accounts, an anonymous bank officer in Singapore informed. Indian and Indonesian clients are holding 2nd and 3rd positions in this regard.
With the rise in Covid-19 cases, Singapore also imposed restrictions on its border like other developed countries in the world. Even international summit events like ‘World Economic Forum’ have also been postponed.
But, Singapore govt. has already declared incentive packages and introduced facility programs for rich people around the world. Citizens from any part of the world can easily be a citizen of Singapore if they invest around $ 2.5 million in Singapore. Individuals must also own an office and have an accumulated wealth of around $ 200 million.
Matthew Lee, Senior Vice President of ‘Economic Development Board’ said this rule is helping them get several qualified investors. These investors are a great help to the country’s economy. New sources of employment and Industrial sectors are also emerging.