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China's mega-rich move their wealth, and partying, to Singapore

16 Comments
By Martin ABBUGAO and Catherine LAI

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Singapore is seeing an influx of ultra-wealthy families from China looking to protect their wealth from a Communist Party that increasingly views them with suspicion.

It's just a pretext to evade taxes, Chinese government will not let them go without paying..

0 ( +1 / -1 )

Perhaps they will make Singapore into a place of conspicuous consumption. Oh right, it already is. Maybe that is the attraction. You can show off without worry. Bourgeois central.

1 ( +1 / -0 )

It's just a pretext to evade taxes,

Avoiding taxes is legal; evasion is typically a crime but I have no idea how things are in CCP China.

CCP China is one of the last places in the world that you would want to be rich. Much better to skip elsewhere if you can and keep your private property safely to yourself.

It’s illustrative that rich Chinese would ditch CCP China for a dictatorship in Singapore. One of the two is doing it “right”.

3 ( +3 / -0 )

The immigrant superrich are a squid wrapped around the face of their host socieities, as working middle-class residents of London, Vancouver and Sydney will tell you. When they move in en-mass, say good bye to affordability.

They have the best accountants in the world specialized at tax avoidance. They contribute almost nothing to their host community, they just take, take, take. How do you think they got rich in the first place.

2 ( +4 / -2 )

Driving away rich mainland Chinese is one of the dumbest moves the CCP has made. Other countries will be laughing to the bank. That along with their Covid policy shows how inept autocratic govt can be.

3 ( +4 / -1 )

They have the best accountants in the world specialized at tax avoidance.

If tax rates are low rate and simple, without loads of complicated loopholes, they wouldn’t bother.

Complicated tax systems are the cause of the problem, not people trying to keep their own money through legal means.

Japan’s system is ridiculous too. Popped into the local library on the weekend, and they had a special display of books relating to gift and inheritance tax and how to minimize one’s dues.

What a disaster of a tax system it is that leads to such demand for loads of books describing how to minimize one’s burden. It’s a drag on society.

They contribute almost nothing to their host community, they just take, take, take.

Um, yeah, so that commie attitude is why they decided to skip China for places that respect their property and wealth more…

How do you think they got rich in the first place.

By being successful in business, usually.

-2 ( +0 / -2 )

So the stinking-rich Chinese abandon their Communist homeland for another nasty dictatorship - Singapore, the home of the world's most disgusting and sadistic judicial corporal punishments, meted out to thousands of victims each and every week of the year, even for the most minor transgressions. Check these out on the Internet, but be warned, you'll be feeling sick in no time at all.

But then the Chinese won't even worry themselves for one-second about such trivialities; they care zero about any human-rights matters, as it's in their DNA.

Singapore, Malaysia, and similar countries with vile and vicious policies should be boycotted by all liberal-minded people, left out in the cold by normal democratic countries, until they can learn to behave in a civilised manner.

1 ( +2 / -1 )

If tax rates are low rate and simple, without loads of complicated loopholes, they wouldn’t bother.

Complicated tax systems are the cause of the problem, not people trying to keep their own money through legal means.

Rich Chinese are not leaving China because of the tax system. They are leaving because they saw what happened to Jack Ma and a couple of other Chinese tech titans and want to protect their wealth from being taken from them arbitrarily by an authoritarian government that does what it wants and offers no legal recourse for citizens to fight them. In addition, since private land ownership is outright prohibited in China, there is no way for Chinese to accrue generational wealth. The Chinese all want to be able to pass a home and some residual wealth and property down to their kids but China makes that almost impossible to do. Countless Chinese buy homes abroad so their kids will have something when they die. Then they stash their cash abroad to prevent the CCP from stripping them of their hard earned.

1 ( +2 / -1 )

They're also partying in Japan as well. A few days ago, I saw a boasting video of a Chinese woman buying an entire island in Japan at a very cheap price. She is among thousands of Chinese who already owned core assets in Japan. Jack Ma is also a big wig in Japan too!

Almost all major real estate assets in Japan are now owned by the Chinese.

2 ( +5 / -3 )

DT,why are we they not using their money,to liberate others,when you run from your home country,you are at the mercy of others,run a foul of the law,and face deportation back to the country,you ran from

0 ( +0 / -0 )

Your money is not ‘your’ money if you are in China

3 ( +3 / -0 )

@fxgai

so that commie attitude is why they decided to skip China for places that respect their property and wealth more…

A survey in Western Canada a few years back found that recent immigrants under the "Investor Visa" program - typically multi-millionaires -- contributed less in tax revenue to local tax authorities during the surveyed tax year than recent refugee approvals, who normally arrive with very little or no money.

The media identified one "investor," a Chinese industrialist, who reported total global income that year of around $90. And those are Canadian dollars. LOL. The Canada govt scrapped the program around this time.

Most of these millionaires are parasites.

0 ( +1 / -1 )

Almost all major real estate assets in Japan are now owned by the Chinese.

No. You will find more investors coming in from Singapore, Malaysia, Thailand and Hong Kong. US and Australian interests also have significant land holdings. PRC investors are not the majority. Far from it.

1 ( +1 / -0 )

DT,why are we they not using their money,to liberate others

Care to explain how that is even a little bit possible? As soon as one raises any objection to the CCP they are stripped of their wealth, their companies and are held somewhere for a show trial. They just want to escape and take their wealth with them so they can leave something for their children.

1 ( +1 / -0 )

meted out to thousands of victims each and every week of the year,

Can you be specific? Like not being allowed to chew gum on the street?

0 ( +0 / -0 )

Most of these millionaires are parasites.

Sounds like the problem you have was with the Canadian system, but you want to blame people for playing by the rules…

It’s always the little people’s fault, never the central planners’, is it.

0 ( +0 / -0 )

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