Singapore an "attractive tax haven"

Singapore is becoming an increasingly attractive tax haven, it has been suggested.

According to an article on online resource Shelter Offshore, the island microstate is viewed by some as having superior legislation to Switzerland in terms of protecting those who bank, save or do business in regions under its jurisdiction.

The site explains this is because a breach of privacy laws carries "very harsh" penalties and sentences - meaning those seeking a safe haven for their assets are often confident in making Singapore their choice.

According to the article: "This increase in international financial traffic and transactions has naturally benefitted Singapore's economy and standing."

Concluding, it recommends those thinking about moving to Singapore take into consideration the fact that protective legislation could change over time.

People looking to move their funds from one country to another could find that an international money transfer service helps them.

Singapore became an independent republic in 1965.