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 SegmentSingapore is a key financial center in Asia and has been attracting entrepreneurs and family offices for yearsSingapore’s government has made efforts to attract capital and enhance tax incentives to keep families in the countryThere are several reasons why people are moving to Singapore [07:15 - 18:59 From Tax Haven to Safe Haven: Tightening Tax Exemptions for Family OfficesTraditionally, a tax haven was a place that offered secrecy, convenience, and tax savingsThere is a fine balance to be struck when it comes to the regulation of the crypto industryThe 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 StateThe number of family offices in Singapore has doubled since 2019Part of the job of a family office in Singapore is to advise patriarchs on how to set up a governance structureThere has been a lot of activity in the local family office culture during Covid, but it's still limited because people can't travelSingapore has benefited from managing the covid pandemic relatively well, and its reputation has grown globally[29:32 - 32:54] Closing SegmentEdmund shares about his love for traveling Connect with Edmund on the links belowQuote/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 LeowConnect with EdmundLinedIn: https://www.linkedin.com/in/edmund-leow-sc-4a8a5022a/?trk=public_profile_browsemap&originalSubdomain=sg Email: [email protected] with me:https://www.linkedin.com/in/brian-c-adams/ (LinkedIn)LIKE, SUBSCRIBE, AND LEAVE US A REVIEW on Apple Podcasts, Spotify, Google Podcasts, or whatever platform you listen on. Thank you for tuning in and Stay Tuned for the Next Episode COMING SOON! Hosted on Acast. See acast.com/privacy for more information.