As Singapore imposes stringent cooling measures on its property market, including a 30% Additional Buyers Stamp Duty (ABSD) for foreigners, concerns are growing that these factors might dampen foreign investment. Coupled with soaring interest rates and restrictions on foreign land ownership, some believe Singapore could lose its appeal. However, a report by Henley & Partners suggests these barriers may not be enough to dissuade the world’s centi-millionaires from seeking investment in the city-state.

Many of the world’s super-rich, particularly the 40% based in the U.S., are becoming increasingly wary of risks tied to the U.S. dollar, political instability, and the country’s mounting national debt, which currently stands at USD 31 trillion (S$43 trillion). The recent volatility of the British Pound serves as a stark reminder that no currency is immune to collapse.

In response, centi-millionaires are looking to diversify their wealth and relocate to stable environments that offer better education, safer conditions, and favorable investment climates. Singapore has positioned itself as an attractive destination, with initiatives like the Global Investor Programme (GIP), which offers Permanent Resident (PR) status to eligible global investors.

The city-state’s appeal lies not just in its political and economic stability, but also in its tax advantages. Unlike many countries, Singapore does not impose taxes on worldwide income, capital gains, estate transfers, or gifts. In addition, structures such as family offices offer additional benefits, and Singapore’s numerous double tax treaties allow investors to diversify across global markets.

Despite the cooling measures and restrictions, Singapore remains a magnet for ultra-high-net-worth individuals (UHNWIs), offering them a secure and tax-efficient environment for their wealth. As such, the migration of the super-rich is expected to continue, with Singapore set to benefit from this influx of wealth and investment.