Skip to comments.Why Wall Streeters Are Packing Up In Droves And Moving To Singapore
Posted on 06/12/2012 6:43:43 AM PDT by SeekAndFind
Bankers have always been a worldly crew, and since Facebook co-founder Eduardo Saverin renounced his U.S. citizenship and moved to Singapore, we've thought that island deserved our attention.
So we started digging and we found out that bankers are heading there in droves. In a recent Telegraph survey Singapore dominated a list of places that bankers said they wanted to work, with 27% of the vote it even beat out NYC.
Boston Consulting Group recently named Singapore the country with the world's densest population of millionaires -- 17 percent of all households, to be exact.
It's no surprise then that Singapore has become a veritable playground for the richest of the rich. If you've got the dough (and we mean serious dough) then there's plenty of room for you to play (and work) too.
Singapore is the best country in the world for doing business, according to a report released earlier this year by the World Bank. Here's why:
It takes, on average, three days to open a business. Trade is open and competitive: there are no tariffs on imports and foreign and domestic business are regulated equally.
Unemployment is only 2.1%
(Excerpt) Read more at businessinsider.com ...
You’ve put your finger on exactly why I could never live in Singapore! I would miss all the public lewdness and fornication I get here in the good ole USA.
Oh, get a life. Most of my posts were just jokes. As far as I’m concerned, anyone who wants to move to Singapore can happily do it. I hope they keep all their money away from the greedy bastards in Washington and live long and happy lives.
I have a Webley 38 revolver that was once in service with the Singapore Police ... it has seen some firing, which I believe was lots of practice. It still shoots accurately and cleans up nice.
If Obama wins or steals a second term, a lot of people are going to be looking for somewhere to go. Freedom in the US has been rapidly shrinking and places like Singapore already don't look so oppressive. Singapore sounds way too expensive for many, but the search will be on.
Just renounce your US citizenship and then sneak back in the country (via Mexico) as an “undocumented migrant worker”.
Just like in the USA, most of those laws are selectively enforced. They aren't aimed at Western expats (unless they decide to spray paint graffiti on trains) - they are aimed at boorish Malay and Indonesian farmer types who spit on the sidewalk, engage in public drunkenness, and otherwise threaten the cherished Chinese concept of "social order". The same holds true in China, for that matter - much of what is ascribed by an uncomprehending Western media to top-down Communist authoritarianism is actually a codification of Chinese cultural beliefs that go back thousands of years. The people there really do have the government they want, hard as it is for Americans to believe. Do we have the government we want?
It's a different culture, and judging Singapore (or China) by one's lack of freedom to stage angry political protests misses the point. It seems we can't do that in the USA anymore, either, without earning a visit from the SS or DHS.
And the truth is, American social conservatives would love Singapore. It's like an ultra-high tech Orlando, Florida - minus the frequent outbursts from Holder's People. :)
Wow! Seriously, your post is the best post on this entire thread. You explain so carefully the social history of Singapore. I always suspected the “spitting” laws had something to do with the culture itself - not with Western expats.
Let me ask you another question: what is the attitude towards gays? I assume that some of these wealthy expats will be gay guys. From what Ian McKellan once did in Singapore (going on tv and calling out the anti-sodomy laws),I suspect that gay activism and/or activity could get you in big trouble.
Rush let it outta da bag other day; this is his first choice is the SHTF. Hmnn.
RE: If Obama wins or steals a second term, a lot of people are going to be looking for somewhere to go.
You mean they are not going to publicly THREATEN to leave the way some celebrities did (and then did not leave) when Bush won?
Rush is going to run when things get bad? And leave us all behind like the boat people? That depresses me.
What helps Singapore a lot is that they have a desire for simplicity and transparency in business (not always easy in a densely populated place) and they are rigorous about beating down corruption. And unlike Europe and the current US administration, they DO understand how wealth is built.
On the other hand, it is not a libertarian paradise at all, they DO have significant government regulation of daily life.
So, from my brief 10 days there, it’s a mixed bag. A very interesting mixed bag, but a mixed bag.
They do have Universal Health Care, though. You get taxed a certain % and then you get a voucher to go buy health insurance. Their Social Security system is a sort of mandatory 401K. And you get taxes lowered if you live near aged parents, which is, uh... interesting, though typical of their type of government intervention.
I’ve been to Singapore. You do not get flogged from dropping a chewing gum wrapper or chewing gum. The famous flogging incident in 1994 was for an American teenager who spray-painted a car. The caning was six strokes of a rattan cane, if I recall correctly. I wish they would do that to graffiti criminals here. Singapore is a beautiful place that is clean and free of most crime. I found it heavenly. I also remember being there at Christmas, when the stores had huge “Merry Christmas” signs posted across the exterior. The 70 percent Chinese majority in Singapore is Christian.
I'd rather not advertise my intended destination. My motive is retirement and possibly a third career. I found my "paradise" and I don't want it crawling with lefties. I considered staying state-side but everywhere I would like to go is being infested with libs.
I suspect a lot less so. People will much more quietly pack up and move to wherever and watch the US from afar.
As far as chewing gum is concerned, those rules have become quite relaxed. They started because the subways were being vandalized by people leaving their chewing gum everywhere.
I just wish I had enough money so that I could move there and leave this government behind....I love my country, but not the little dictators that run into the thousands when you consider all the departments that have control over your life and property..
As someone who lives in NYC, I can tell you that there is almost no graffiti in this city. You are probably about 25 years in the past with this idea. Sort of like people who complain about English food, not realizing the revolution in food that has occurred in that lovely country.
That said, I do get a little tired of the hygenic-crazy freepers who think that there is nothing better than living in a germ free environment rather than the rough and tumble of a great democracy and republic that is currently in big trouble. Personally, I think a little dirt is good for the immune system.
Yeah, street gangs would hate the place... But then, maybe that’s the idea...
Moreover, the basis of freedom is - protecting the right of the person, and his property, from illegal seizure. That’s it.
You may only speak freely, if you will not be randomly seized/harmed because of it. Being able to parade naked down 5th Ave. with one’s gay-lover while holding a “Obama=Hitler” sign is simply a manifestation of that. It is not, in itself, “freedom.”
We may therefore argue Singapore is, in some ways, more free than the United States.
RE: The famous flogging incident in 1994 was for an American teenager who spray-painted a car. The caning was six strokes of a rattan cane, if I recall correctly.
Actually, the number of cane strokes in Michael Fay’s sentence was reduced from six to four after U.S. officials requested leniency.
Michael Fay later revealed that, at the end of his punishment, his buttocks were bleeding only slightly, that he needed no immediate medical treatment, and that he was able to walk, albeit with “a lot of pain”.
In fact he had shaken hands with the caning operative after his four strokes had been administered.
This, together with the information that Fay actually sat down when he met a US consular official the day after his caning, contrasts with some of the more lurid descriptions of Singapore caning (”bits of flesh fly with each stroke”, etc.) that had been carried in the western press after the sentence was first announced.
A bit sensationalized I’m afraid.
This article is apparently based on places “bankers” would WANT to move. As opposed to have already moved to.
I could take a survey and ask what kind of car people would like to drive. Wouldn’t mean that they’re all driving those cars.
UN Global Governance per the Agenda 21 is also in Singapore. They are just buying time.
It fills me with warmth to know that our taxpayer bailout funds went to pay these guys to leave the USA and party in Singapore for life on our dime.
I’m sure you all are just as thrilled as I am.
I had the sense the TARP money would be used to make some bankers rich so they would have ample funds to ride out the economic depression. It is working out for them in spades.
TARP goes to banks. Banks hand it over to employees as bonuses. Employees flee the USA for Singapore. Nice work if you can get it.
Burn in hell you evil scum. Burn in hell.
“As soon as the SHTF there they will have Uncle Sam and the taxpayers/US military bailing them out.”
“Countries that rely entirely on import export are going to be hurting BIGTIME when it happens. And what happens when China turns it’s greedy eyes on their port and key geopolitical position? Defenseless.
Interesting thread.Not much mention of the associated capital outflow.
” .Not much mention of the associated capital outflow.”
As for Singapore, I have been there. It is a good place to start a business, if your business is related to Asian trade.
Personally, there are many other places in Asia that are equally as good, and less expensive.
We lived there for several years and never found our freedom to be constrained. If you're a law-abiding citizen you will enjoy yourself.
The only constraint we felt was the tiny size of the island. But if you have bucks you can enjoy yourself immensely as you tour around to Bali, Malaysia, Thailand, etc.
Northern Samar Province, in the Philippines, Catamaran area.
6 years ago one could buy a 10 acre island for $75,000.00
I livde in NYC through during the long slide into crime and filth and witnessed a turn around. I’ve traveled there frequently as NYC recovered. While graffiti is pretty much gone there, you can still find it. You see it in Queens, Brooklyn, the Bronx and Staten Island, as well as Jersey City.
I see a lot of graffiti in Los Angeles now and in Washington, D.C. New York is cleaner than it used to be, but is still a pretty dirty city where many people use the street as a trash can an litter is constantly blowing with wind along the streets an din the parks. You realize this if you visit Chicago, which is very clean and neat.
No, I’m sorry, but there is not much graffiti in New York and it’s not a particularly dirty city. I don’t know where you’ve seen graffiti in Jersey City (or Weehawken, for that matter); I travel every other day to NYC by car and never see ANY graffiti.
By the way, I have a little trouble believing you are up in the Bronx that much. Or Staten Island. Or Queens. Maybe Brooklyn - that’s a hot spot for residents and tourists.
Believe what you will. I lived in NYC and have friends all over and travel to visit them periodically. That includes all the boroughs. I actually lived on Staten Island years ago on Grymes Hill and have visited there recently. I plan to visit again soon. What I do like about NYC is that graffiti has disappeared from the subway where it was the worst. On my last trip to New York earlier this year, I saw litter on the streets everywhere I went in Manhattan, from the upper east side to Wall Street.
Sorry, but foreigners are not allowed to own property in the Philippines. Filipinos can, and do, buy property, business, and anything else they want in the U.S., but we are not allowed to buy any property or start a business there.
My wife is buying a building lot in a subdivision in Laguna and I am required to sign an Affidavit of Waver stating that I understand, that as an alien, I am not qualified to own property in the Philippines. The inclusion of my name in any real estate transaction is only a formality and does not give me any right to the said property.
This is a document from the real estate developer and I just signed it today.
If anyone non-Filipino tells you that they own property there it is not true. The property will be in the Filipina wife’s or girlfriend’s name. If they own a business, the alien must have a Filipino partner who will have the controlling interest in the business.
Business Insider vacillates between an Obama-reelection propaganda machine and the Cassandra pointing out what’s wrong with our current system in the US. The schizophrenia makes it hard to read.
China is a kleptocracy that boggles the mind and I’m from Cook County IL. By dint of size they’ll matter for some time, but they’re not going to get off the ground based on the same policies used in Cook County, only to the nth power.
Excellent and correct. I love louche - the word not its meaning.
Sorry, but foreigners are not allowed to own property in the Philippines>>>>>>>>>>>>>>>
You do not have to be sorry. LOL.
There is a perfectly legal way of doing it using a corportation, 2 Philippino shareholders, trust documents and contracts.
All you need is a very good Philippino lawyer, and there are many.
The only reason I did not go was that a foreigner is not allowed to own firearms.
So we messed up our Phillipines occupation as well, eh?
can you smoke in Singapore?
I don’t understand your reference to “our philippine occupation”, can you explain in greater detail please.
Restrictions on property ownership mentions foreigners, aliens, non-Filipinos, etc, but as far as I know, does not single out Americans or any other nationality.
To me, it’s a matter of fairness and reciprocity. Many other countries, for example Mexico, Panama, Costa Rica, Ecuador, and others, allow personal ownership of land and business by foreigners as if they were citizens of that country. However, in the Philippines, which claim a special relationship with the U.S.A., the legal policies are slanted to give advantage to Filipinos over foreigners in every instance. Sometimes situations are contrived to do just that !
I have been going to the P.I. for longer than most Freepers have been alive, have lived and worked there and have been married to a Filipina for 22 years so I have more than a casual understanding of the country, its policies and it’s culture.
Many who post here are extremely naive in regards to living in the P.I. Having said all that, It’s their country and they can run it any way that they want to. I understand that if foreigners, myself included, don’t the policies in the P.I., there is always the option of not going there.
Just saying !
Agree on the PI .. Living in their provences is a sustainable solution to life on earth. Pakikisama.
Yes, but I believe they have recently banned it in bars/restaurants, as in the USA.
Here’s a good starting point for US/Philippines history: http://en.wikipedia.org/wiki/Philippine%E2%80%93American_War
I’m surprised you didn’t know more about it since you live there, etc. As an American and a conservative you should know that government “fairness and reciprocity” is usually anything but. One of the reasons the Philippines is so poor are government land and capital policies. For my part I like Filipinos and have had only good experiences with them.
I’ve never been to the Philippines, though. Where do you live and what is it like? You can FReepmail me a reply.
Thanks for the wiki link. I have a general knowledge of that period but not the details. My experience in the Philippines only goes back to 1956.
I apologize for mis-understanding your reference to “our occupation”, I thought it was a sarcastic remark referring to the U.S. more recent lease of Clark and Subic.
I lived and worked there, (past tense). I have been back in the U.S. for 20 years now. We have visited family in Manila, Cavite and Cebu several times but I am conflicted about living there. There have been great improvements in the infrastructure, huge shopping malls, many expensive gated subdivisions, etc., but the culture is the same. We have several Filipino friends,retired professionals, who do not want to go back there either. I will soon be 75 yrs old and don’t really feel a need to deal with emotional crisis and conflict with overly sensitive others, excitement or social drama, things the average Filipino, in the Philippines, thrives on.
My comments are only my opinion based on my experiences in the Philippines. I do not claim to be an authority on anything. Someone else could have shared the same experiences as I, and perceived a totally different reality. The human mind works in mysterious ways, doesn’t it ?