Why invest in Singapore? Nicknamed the ‘Lion City’- is known for its well-developed financial and trade sectors, for its low tax regime and openness towards foreign investment. The city-state’s success is based on a well-developed infrastructure and favourable regulatory and taxation frameworks but also on a skilled workforce.
The most secure, calm, and contemporary business destination with a vivid and multilingual culture to support its ecosystem, Singapore is considered as an official financial capital of the world. Well, it is the third richest country in the world.
1. An economy of diversity
Singapore’s innovation-oriented multinational companies are the desirable aspects of Singapore. The country’s policymakers have taken a substantial approach in their planning process in terms of macro-risk management, aimed at enhancing the competence in sectors like Finance, Medicine, and Innovative Engineering.
2. A flexible economic climate
For many years, Singapore has been ranked among the top global competitive business locations in the world. You can expect a fall in prices even during a recession in Singapore.
A total of 5% of the country’s overall GDP with manufacturing industry contributes in;
- Electronics about 29.2%
- Transportation 15.6%
- Pharmaceuticals 9%
- Medical technologies 3.2%
- Precision engineering 12.6%
3. Low property tax rates
If you’re planning to advance in the commercial property in Singapore, you will inculcate higher returns on your investment. If you own a residential property in Singapore, you will be more eligible to enjoy lower property tax rates in Singapore.
As of 2019, as per the Inland Revenue Authority in Singapore, the housing board flat owners have to pay a lower property tax. As an example, three-room flat owners now have to pay up only 18.40 SGD, which was previously 37.60 SGD; 4-room flat holders now pay 52 SGD, compared to $119.20 previously.
4. A home of security and peace
I once heard one of my friends in Singapore saying,“In Singapore, if police commit a crime, then they would get the same sentence any other person in Singapore would”. Singapore is very safe to live in as a country. It has CCTV surveillance all over the place, and these are monitored 24/7. Compared to other countries, Singapore’s scam risk, transportation cab risk, terrorism, and women travellers’ risk are a lot less.
5. Singapore, a melting hub of languages
The languages spoken in Singapore are Singlish (A combination of the Singapore and English language) Chinese, Malay, Tamil and Eurasian.
And it so happens that all the Singaporeans are bilinguals because of their government policy which promotes a dual-language learning system since 1980. Their Singlish is a mixture of Chinese dialects and English language. The concept of multilingualism runs in their blood as they do not hesitate to learn a new language.
Have we convinced you lot on the joys of investing in Singapore? If you are, please do drop us a contact and receive a free consultation from one of our esteemed property agents.