Chinese Wealthy Reconsider Singapore For Wealth Management, Residence

CNBC reported that some wealthy Chinese are again considering Singapore as a destination for wealth management and residence planning after previously cooling on the city-state. Advisers to family offices and wealth management industry participants said interest had eased in recent years because of tighter compliance checks, lengthy bank account opening procedures and weaker lifestyle appeal than other Asian financial hubs. They added that China’s tighter oversight of overseas assets and rising geopolitical risks have prompted some wealthy Chinese who had shifted assets and business to other financial centers to look at Singapore again, according to Ming Pao.