From Tax Haven to Safe Haven: A Look at Singapore's Tax System

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From Tax Haven to Safe Haven: A Look at Singapore's Tax System

Edmund Leow is a senior partner in Dentons Rodyk’s Corporate practice group and Head of the Tax practice.

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Podcast: From Tax Haven to Safe Haven – A Look at Singapore’s Tax System

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.

Key Highlights

[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 industryIncentives 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

Additional Links:

Linkedin: https://www.linkedin.com/in/edmund-leow-sc-4a8a5022a/?trk=public_profile_browsemap&originalSubdomain=sg

Brian’s Linkedin: https://www.linkedin.com/in/brian-c-adams/

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