Singapore also possesses the world's eleventh largest foreign reserves,[106] and has one of the highest net international investment position per capita.[107][108] The currency of Singapore is the Singapore dollar, issued by the Monetary Authority of Singapore.[109] It is interchangeable with the Brunei dollar.[110]
In recent years, the country has been identified as an increasingly popular tax haven for the wealthy due to the low tax rate on personal income and tax exemptions on foreign-based income and capital gains. Australian millionaire retailer Brett Blundy, with an estimated personal wealth worth AU$835 million, and multi-billionaire Facebook co-founder Eduardo Saverin are two examples of wealthy individuals who have settled in Singapore (Blundy in 2013 and Saverin in 2012).[111] Singapore ranked fifth on the Tax Justice Network's 2013 Financial Secrecy Index of the world's top tax havens, scoring narrowly ahead of the United States.[112]
Singapore also possesses the world's eleventh largest foreign reserves,[106] and has one of the highest net international investment position per capita.[107][108] The currency of Singapore is the Singapore dollar, issued by the Monetary Authority of Singapore.[109] It is interchangeable with the Brunei dollar.[110]In recent years, the country has been identified as an increasingly popular tax haven for the wealthy due to the low tax rate on personal income and tax exemptions on foreign-based income and capital gains. Australian millionaire retailer Brett Blundy, with an estimated personal wealth worth AU$835 million, and multi-billionaire Facebook co-founder Eduardo Saverin are two examples of wealthy individuals who have settled in Singapore (Blundy in 2013 and Saverin in 2012).[111] Singapore ranked fifth on the Tax Justice Network's 2013 Financial Secrecy Index of the world's top tax havens, scoring narrowly ahead of the United States.[112]
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