Over the past seven years, Kristine Zhang’s social media signature has read “parting is for reunion” – a mantra she has clung to while enduring long spells away from her husband.
Since 2015, she has spent several months of each year in Singapore, where her son is studying, while her husband – a former executive at a foreign company – has been managing his car painting business in Guangdong.
Zhang’s husband had been reluctant to move the family to Singapore, or any other country for that matter, because he is bullish on the Chinese market. But recently he changed his mind.
“We will be reunited soon, but unlike at first, Singapore is no longer a transit country for our son, but a permanent home,” said Zhang.
The couple are part of a new wave of Chinese immigration and investment in Singapore, which is becoming a magnet for professionals and the wealthy amid economic and social problems at home, according to interviews with consultants, investors and immigrants.
“A sluggish domestic market, escalating lockdowns against Covid-19, depreciating properties and the [weak] yuan are all eating away at our wealth, as well as tighter tax scrutiny ahead. The point is, we don’t know how long this will last,” Zhang said.
The family plans to sell three properties in China within the next year, which are worth about 15 million yuan (US$2.1 million), and then relocate to Singapore, where they hope to become citizens and start a business.
Singapore’s appeal is multifaceted for mainland immigrants. Chinese are the largest ethnic group in the country and Mandarin is widely spoken. It is a relatively short flight home, safe, and a low tax jurisdiction.
The city state has also maintained close ties with Beijing, while avoiding choosing sides as tensions between China and the United States intensify.
The city is one of the top five destinations for high-net-worth individuals looking to emigrate, along with the United Arab Emirates, Australia, Israel and Switzerland, according to the Henley Global Citizens Report released in June.
Russia, China, India, Hong Kong and Ukraine have the highest net outflows of wealthy people, said Henley & Partners, an investment migration consultancy based in London.
In Asia, Singapore is of growing appeal to millionaires on the move, with net migration of 2,800 high-net-worth individuals expected this year – an 87 per cent increase on 2019, according to the report.
Wealthy Chinese see it as a safe haven to park financial assets, while offering them relative freedom, a welcoming environment and pro-business climate.
Nearly three quarters of Singapore’s 4 million citizens and permanent residents are ethnically Chinese, while some 13 .5 per cent have a Malay background and 9 per cent are of Indian heritage.
“We like Singapore’s multi-cultural society, and it’s also friendly to Chinese,” said Zhang.
Source: South China morning post
