Singapore to dethrone Switzerland as money hub

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Singapore1-skylineA new study by consulting firm PricewaterhouseCoopers shows that Singapore is set to surpass Switzerland as a leading offshore financial center as a global tax crackdown and tighter regulations weaken the Alpine country’s appeal to investors.

In a survey among 200 finance industry professionals from 51 countries, it turned out that they expected Switzerland to lose ground, with Singapore taking the lead by 2015.

Switzerland currently is the world’s biggest offshore financial centre with $2 trillion in assets under management, but increasingly being rivaled by Singapore, London, Hong Kong and New York as per the 2013 ranking in PricewaterhouseCoopers’ Global Private Banking and Wealth Management Survey.

Other alternative locations mentioned by respondents were Shanghai and Dubai, as well as Brazil, Miami and Mexico City.

However, even Singapore has to deal with tighter banking regulations. Since July 1, any bank in Singapore suspected of facilitating tax evasion or having inadequate controls will be punished with fines, criminal cases and possible loss of license to operate in Singapore, a reaction of the city state to tighter regulations in the global banking system after the US and Europe have changed the rules on bank secrecy. Some private banks have already said they want to move to Hong KongĀ  for that reason.

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Reading Time: 1 minute

A new study by consulting firm PricewaterhouseCoopers shows that Singapore is set to surpass Switzerland as a leading offshore financial center as a global tax crackdown and tighter regulations weaken the Alpine country’s appeal to investors.

Reading Time: 1 minute

Singapore1-skylineA new study by consulting firm PricewaterhouseCoopers shows that Singapore is set to surpass Switzerland as a leading offshore financial center as a global tax crackdown and tighter regulations weaken the Alpine country’s appeal to investors.

In a survey among 200 finance industry professionals from 51 countries, it turned out that they expected Switzerland to lose ground, with Singapore taking the lead by 2015.

Switzerland currently is the world’s biggest offshore financial centre with $2 trillion in assets under management, but increasingly being rivaled by Singapore, London, Hong Kong and New York as per the 2013 ranking in PricewaterhouseCoopers’ Global Private Banking and Wealth Management Survey.

Other alternative locations mentioned by respondents were Shanghai and Dubai, as well as Brazil, Miami and Mexico City.

However, even Singapore has to deal with tighter banking regulations. Since July 1, any bank in Singapore suspected of facilitating tax evasion or having inadequate controls will be punished with fines, criminal cases and possible loss of license to operate in Singapore, a reaction of the city state to tighter regulations in the global banking system after the US and Europe have changed the rules on bank secrecy. Some private banks have already said they want to move to Hong KongĀ  for that reason.

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