SINGAPORE:Of all the gold and silver stored by bullion retailer Silver Bullion, about 90 per cent is owned by foreigners. Silver Bullion said Singapore is seen by overseas buyers as a secure jurisdiction for storing their precious metals.
On top of strong global demand, it said growth in the domestic industry gave a lift to sales in recent years - in particular, the removal of 7 per cent goods and services tax for investment precious metals in 2012.
Said Silver Bullion founder Gregor Gregersen: "Investment with 7 per cent tax is hard to work so (its removal) created much broader appeal and allowed people to buy and sell it much more easily. The next thing that IE did was it ensured that we have a refinery coming to Singapore. So Metalor came. And a refinery provides liquidity for the physical metal. So it makes it easier to have large amounts of gold being bought and sold."