Is Singapore still attractive for western expats?
Singapore represents the only case of a nation that did gain independence against its will when it was expelled back in 1965 from the then Federation of Malaysia.
Fast forward by half a century and in 2015 Singapore celebrated its 50 years of independence, a landmark event to celebrate how the city-state did manage to upgrade from third to first world in a matter of just few decades thanks to the enlightened vision of its founding father, Mr. Lee Kuan Yew, who not only engineered the independence of the city-state from Malaysia, as he greatly contributed in designing, creating, and developing a magnificent example of nation growth to become what is known today as the Singapore model of economic development.
As Mr. Lee wrote in his autobiography “From Third World to First”: “we faced tremendous odds with an improbable chance of survival…we inherited an island without its hinterland, a heart without a body”, and Singapore today stands as one of the most important financial centers of the world, ranking #3 in the list of the richest countries of the world in terms of per capita income right after Luxembourg and Qatar.
And it’s really the case of saying that size does not matter because the small city-state of Singapore, which is roughly 2/3 the size of the city of New York, and is a small island of just 27 kms/17 miles north to south, and 50 kms/31 miles east to west, portrays an outstanding Trade to GDP ratio of 359.3, and ranks as the 13th largest export market for the world’s largest economy, the USA.
Among the many accomplishments, Singapore attracts 15 million international visitors (almost 3 times the size of the population, and the figure excludes the number of Malaysian visitors entering the Lion City by land), and attracts FDIs for a total amount of US$60 billion, equal to 50% of the total FDIs to China and almost the same amount of FDIs to Brazil.
Indeed Singapore emerged as the most attractive investment destination in Asia for US companies with US investments at S$114 billions in 2013, thus reconfirming the USA as the #1 investor in the city-state, followed by the Netherlands at #2 with FDI at S$84.3 billions, and Japan at #3 with FDI at S$71.9 billions.
Yes, Singapore reconfirms its role as strategic business hub and leading gateway to the 10 ASEAN markets, the 4 Greater China markets and the vast APAC region, and the city-state proudly lists a series of “best-in-class” accolades that make international investors, corporations, expats and buyers confident on considering investing and relocating to the Lion City thanks to its one-of-a-kind, unique, model in the global business landscape, and which display among the many features:
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its 21 effective FTAs, including the recently signed TPP (Trans-Pacific Partnership), the free trade agreement between 12 countries (Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, USA and Vietnam) representing 40% of global economy and 30% of world trade,
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its zero-bureaucracy and corruption-free business-friendly environment,
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the 3rd lowest corporate tax in the world,
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one of the most effective legal system,
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best IP protection,
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2nd most competitive economy in the world,
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best country in the world to do business,
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only country in Asia to have the AAA credit rating