Geopolitics Drive Taiwan Families to Singapore

Singapore continues to lure wealthy families from various markets, including Taiwan due to rising geopolitical tensions.

More and more of the ultra-rich in Taiwan are looking to set up family offices in Singapore, said Abner Koh, BDO Singapore’s executive director of tax advisory.

«Most advisors who are in the market know that there's an increased number of inquiries from Taiwan,» Koh told finews.asia on the sidelines of the recent CGS-CIMB China-ASEAN Business Leader Summit.

Geopolitical Tensions

According to Koh, geopolitical tension with China is a key reason for greater interest among wealthy Taiwanese families to diversify booking centers to Singapore.

Traditionally, they preferred to book assets in Hong Kong, US or just stay in Taiwan.

Sharp Growth

Singapore is also attracting wealth from other markets including mainland China, Indonesia, Malaysia, non-resident India and, occasionally, European or Japanese families. But a sharp growth in recent demand has kept the Taiwan market in the spotlight, despite its relatively smaller overall market size.

«For now, the Taiwanese clients are keeping us busy,» Koh added.