The super rich are choosing Singapore, and it makes sense. Singapore is one of the most politically, economically, and financially stable jurisdictions in the world.
It’s well managed, tax efficient, is home to many of the world’s best banks, and has virtually no crime.
So, what’s the downside?
Singapore is one of the most expensive cities in the world to live in…
But, even if you’re not super rich you can still unlock some of the benefits Singapore has to offer, namely a Singapore bank account.
In this article, we’ll share how foreign non-residents can open bank accounts in Singapore 100% remotely, unlocking a wide range of benefits while still being able to access their funds from home with international debit cards.
Feel free to use the table of contents to jump ahead to any sections that are immediately relevant to your search.
Table of Contents
- Super Rich Are Choosing Singapore
- Benefits of Banking in Singapore
- Frequently Asked Questions
- Ready to Explore Your Options?
Super Rich Are Choosing Singapore
Super rich are choosing Singapore because it is one of the safest, economically sound, politically stable, and fiscally responsible jurisdictions on the planet. In short, it is a modern utopia that offers a wide range of financial services, investment options, and a very high quality of living.
That said, living in Singapore may not be for everyone, especially if you have personal commitments in other parts of the world, like the United States, Canada, the United Kingdom, or Europe.
With this in mind, we’re going to focus on how individuals from these countries can access one of the major benefits that Singapore has to offer, banking. And yes, it is possible for people from these countries (including the United States) to open accounts in Singapore 100% remotely.
However, it’s important to note that Singapore (like many banking hubs) has restrictions on the specific investment products that certain foreign non-residents can access. So, while many foreign non-residents can access every investment imaginable through a bank in Singapore, others (like US citizens) will face restrictions.
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Benefits of Banking in Singapore
Singapore is one of the best banking jurisdictions in the world. But, it can be challenging to access if you don’t know which banks to approach and how to navigate account opening. We’ll share how you can start opening accounts in Singapore today below. But, first, let’s take a look at the benefits of banking in Singapore.
Benefits of Banking in Singapore
- Fiscally responsible banks
- Stable political environment
- Sound resource-based economy
- Relatively stable currency
- Reasonable account opening deposits
- Access to a wide range of investments
- Easily accessible international travel hub
- Available to most nationalities and residencies
How to Open Accounts in Singapore
As a result of Singapore’s dominance in international banking, our team has published a detailed step-by-step report for opening accounts here 100% remotely.
This report outlines the exact process to find, apply to, and open accounts with top Singapore banks. Of course, we share which specific banks cater to which client types and which are easier to open with remotely than others.
We also provide details on the restrictions that different nationalities and residences can expect in Singapore, and when it might be worth considering other jurisdictions instead.
You can get immediate access to our Singapore Banking Report through GlobalBanks IQ, which we’ll share more information on below. For now, let’s take a look at some of the most frequently asked questions about Singapore.
Frequently Asked Questions
Below are two of the most common questions that we receive from people interested in Singapore. If you have further questions you would like answered, don’t hesitate to get in touch with us directly.
Why Do the Rich Choose Singapore?
The rich choose Singapore because it is economically stable, fiscally responsible, politically sound, and has virtually no crime. Singapore also offers a reasonably low marginal tax rate when compared to other countries, ranging from 0% on the low end and 22% on the high end, which only applies after 320,000 per year in income.
Additionally, while Singapore may seem reserved for the wealthy, it also has excellent public infrastructure, its public schools are among the best in the world, and social services and support for the elderly are robust.
What Is Considered Ultra High Net Worth in Singapore?
Ultra High Net Worth Individuals (UHNWI) are generally considered to have US $30 million in total assets. In Singapore, this translates into just over 40 million Singapore dollars. Interestingly, the percentage of the population in Singapore that is classified as UHNWI is expected to increase by 300% over the next four years.
Ready to Explore Your Options?
If you would like assistance navigating your banking options at home or abroad, we can help.
You can access GlobalBanks IQ, our international banking intelligence platform, in just a few clicks. Unlock our bank database, individual bank profiles, account opening strategies and reports, banker scripts, and more.
But, if you want a 100% personalized account opening service that taps into our team’s expertise and provides direct banker introductions, you can get started with GlobalBanks Insider.
Of course, if you have any questions, please contact us directly.