Capital Club From Tax Haven to Safe Haven: A Look at Singapore's Tax System with Edmund Leow
Edmund Leow is a senior partner in Dentons Rodyk’s Corporate practice group and Head of the Tax practice. He is also Co-Head of the Trust, Estates & Wealth Preservation/Family Office practice. He has three decades of experience in advising multinational organizations on cross-border tax planning, transfer pricing, and tax disputes. He also advises on international trade issues such as customs, WTO, and free-trade agreements.
[00:07 - 07:14] Opening Segment
- Singapore is a key financial center in Asia and has been attracting entrepreneurs and family offices for years
- Singapore’s government has made efforts to attract capital and enhance tax incentives to keep families in the country
- There are several reasons why people are moving to Singapore
[07:15 - 18:59 From Tax Haven to Safe Haven: Tightening Tax Exemptions for Family Offices
- Traditionally, a tax haven was a place that offered secrecy, convenience, and tax savings
- There is a fine balance to be struck when it comes to the regulation of the crypto industry
- The government is keen to promote the fund management industry
- Incentives were originally targeted at hedge funds, PE funds, and venture funds
[19:00 - 29:31] Aligning Singapore's Migration to the State
- The number of family offices in Singapore has doubled since 2019
- Part of the job of a family office in Singapore is to advise patriarchs on how to set up a governance structure
- There has been a lot of activity in the local family office culture during Covid, but it's still limited because people can't travel
- Singapore has benefited from managing the covid pandemic relatively well, and its reputation has grown globally
[29:32 - 32:54] Closing Segment
- Edmund shares about his love for traveling
- Connect with Edmund on the links below
Quote/s:
"What has happened in the last 10-20 years is that the world has become more and more transparent. And in many countries even traditional tax savings are now under pressure to open up essentially and become transparent.” - Edmund Leow
Connect with Edmund
Email: edmund.leow@dentons.com
Connect with me:
https://www.linkedin.com/in/brian-c-adams/ (LinkedIn)
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