Beijing’s recent crackdown on tech billionaires and tax-evading celebrities, coupled with three-year-long COVID-19 (coronavirus disease 2019) eradication measures, has prompted many wealthy Chinese to seek safe havens abroad.
China’s top rich people have started booking flights to Singapore, fearing that their fortunes will be lost. For these wealthy people who are ready to move, this important Asian financial centre has all their needs.
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People familiar with the matter told AFP that some of China’s top rich people have started booking flights to Singapore, fearing that their fortunes will be lost.
For these wealthy people who are ready to move, this important Asian financial centre has all their needs.
Singapore has been governed by the same political party for the past 60 years. Strikes and street protests are prohibited by law. Tax rates are relatively low and the population is mostly Chinese.
In Singapore, there is a palpable presence of a group of recent Chinese arrivals, some of whom are staying in mansions with waterfront views on Sentosa Island.
Crazy Rich
According to SCMP, “It’s hard to imagine the way they spend their money, it’s crazy,” said Zhong Guitian, president of immigration consulting firm AIMS.
He recalled attending a party held by a client and opened a bottle of rare Japanese “Yamazaki 55 Years” whiskey, worth about US$800,000 (about NT$24 million).
Zhong Guitian’s company also helps clients find luxury apartments, hire drivers, enroll their children in private schools.
These Chinese who have just immigrated to Singapore drive Rolls Royce and Bentley, and often go to top golf clubs, such as the high-end Sentosa Golf Club. Foreign members must pay an annual fee of US$670,000 to use it.