Among the most interesting Asian jurisdictions as for flexibility of legal and tax system, Singapore is the tax haven par excellence in the East: for the notable advantages granted to the entrepreneurs, the jurisdiction has been for years considered a tax evasion center. After its adherence to the OCSE standard as for data exchange, the country has been removed from the list of non-cooperative countries, with positive consequences for this low tax jurisdiction that in this way comes in the so-called tax havens in white list, with whom it’s easier to entertain work relationships.
The tax news introduced by the City-State have in fact changed the procedure in the Asian nation regarding administrative assistance in tax matters, with a net change of political direction compared to the years in which Singapur was among the jurisdictions of tax shield use to favor the emersion of capitals and assets held abroad. Despite the change of policy, Singapur remains a tax haven for many interesting reasons, especially for those entrepreneurs in search of a place to establish company structures for tax optimization, or also in terms of privacy, with ad hoc norms.
With the adoption of a Common-Law-based legal system, in fact, the City-State allows the constitution of trusts, to head properties as well as offshore bank accounts both for individuals and companies in full privacy.
This jurisdiction also allows to benefit from many advantages due to its simple tax system, as low tax rates, in comparison with other countries.
Since the Asian country is no more in black list, it renders efficient financial services, disposing of an important support for the management of its eastern transactions, inside a stable and well-known jurisdiction.
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