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Tighter Scrutiny by Chinese Authority

Posted by knockshallbeopened on February 7, 2018
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Chinese authority tightened its screw on Hong Kong with tighter scrutiny and as a results, high network worth individuals’ wealth for investment is being diverted away from the island.

This has a positive effect on Singapore by making it emerging slowly as one of the preferred choice of overseas investment location and destination for high network worth individuals to park their funds for investment making it as close regional rival with Hong Kong amidst greater scrutiny from Chinese authorities and changing banking practices.

The tax transparency agreements of Singapore even though with the coverage of sixty one jurisdictions, do not include both Hong Kong and Beijing and this has a serious and important implication such that account information is not readily and easily made visible to the government of China. Thus, many see Singapore as a bridgehead of China overseas investment, not Hong Kong.

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