Singapore is welcoming more than a dozen investment funds every month under a new scheme designed to lure money from rival low-tax jurisdictions.
The city-state in 2020 established a corporate structure, called a Variable Capital Company, that offers local investment managers significant financial incentives and freedom from public disclosures.
Until June this year, 590 such vehicles have been set up, data published by Singapore’s accounting authority show. This includes at least 15 funds that relocated to Singapore from tax havens such as the Cayman Islands, Mauritius and the Bahamas, according to a separate report produced by the Monetary Authority of Singapore and seen by the Financial Times.
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