SODOM & GOMORRAH: More and more people have begun to migrate to Singapore as the island country begins to appear more desirable than alternatives.
About Face for Facebook’s Co-Founder
Facebook’s co-founder, Eduardo Saverin, has just renounced US citizenship as he migrates to Singapore for an “indefinite period of time.” According to an IRS list, Saverin renounced his citizenship last September.
This article from Yahoo notes that Singapore doesn’t have a capital gains tax and Saverin is not required to report certain foreign earned income. His stock options from Facebook are estimated to be worth several billion dollars.
Severin doesn’t escape unscathed, however; he will still face an exit tax from the United States on his stock options. Yet because he is exiting prior to the IPO, the valuation of his options will probably be much lower than they are going to worth when he sells them.
The Yahoo article notes that 1,780 Americans renounced their citizenship, up significantly from the 235 who did so in 2008.
Healthy Environment for Medical Research
The Singaporean government has worked to capitalize on the willingness that educated Westerners have for emigration. Over the past few years, the city-state has been actively promoting the establishment of a medical research hub.
To date, Singapore has one of the best healthcare systems in the world. Dr. Jerip Susil, the Assistant Minister of Public Health, says that the government has been very active in creating a friendly space for medical innovation, international conferences, and medical tourism. New open medical centers have been constructed to make room for the growing number of people who find it less expensive and more beneficial to their health to migrate to Singapore and other countries for medical care.
Dr. Jerip says that the innovation that comes from the medical industry will positively impact other markets as well.
Many well-known hospitals and doctors in the region have begun working with and in Singapore to deliver quality healthcare and new technologies.
Singapore is the World
New York City is often touted as the capital of the world, especially in terms of finance and creativity. Now, Singapore is being branded as the world of creativity.
Fredrick Haren moved to Singapore from China and says that the city is a city in the world, not a city in a country in the world. Whatever sort of new age progressive hocus pocus is at work here is beside the point; Haren makes some interesting points about Singapore’s creative environment.
- The country provides a better quality of life. Haren reports that it’s far easier to live a healthy lifestyle in Singapore because the tools and nutrition are close by.
- Singapore is open to new ideas. People tend to be more receptive to new approaches, though one article suggests that they’re somewhat risk-averse.
- Other ideas are more accessible. It’s very easy to find people with different perspectives.
The Singaporean Miracle
Singapore is listed as one of the richest countries in the world, despite being one of the smallest. The country exports more high tech products such as those relating to aerospace, computers, pharmaceuticals, and the like.
After starting out as hardly anything more than a swamp in 1819, Singapore has grown into a spectacular example of what decent government and a business-friendly regulatory environment can do for a country.
With over 90% of the population being property owners and the crime rate being phenomenally low, Singapore remains a bright spot in an otherwise dark world – and a constant lure for people with the means to move there.