Reuters, 14 Oct 2012(Reuters) - Billionaire Australians buying exclusive condominiums. Germans moving money from Swiss accounts. Secretive banking laws. Asia's premier wealth management centre. Low tax rates.
As Singapore revels in its reputation as an open economy with the world's highest concentration of millionaires, the tiny island of 5.3 million people is also accused of being a magnet for tax evaders - an image it is vehemently seeking to banish.
A short paragraph on page 17 of an Indian government white paper on "black money" was inflammatory enough to prompt Singapore's prime minister, Lee Hsien Loong, to make a formal complaint in July to his Indian counterpart Manmohan Singh. Full story
Related:
Singapore Fights Image as Tax Haven - The New York Times
