When Taiwanese businessman Sunny Huang began looking for an offshore base to safeguard the textile business his parents founded, he mulled locations including Hong Kong and Dubai. He ultimately chose Singapore.
As Beijing ramps up its military and political pressure on Taipei, Huang¡¯s decision reflects a broader shift that¡¯s seen an increasing number of Taiwanese business owners and entrepreneurs keep a portion of their wealth in the city-state due to its political stability, low taxes and, crucially, its perceived safety from the geopolitical risks hanging over Taiwan.
For decades, Hong Kong was the default offshore hub for Taiwanese wealth seeking diversification. But as concerns grow over Beijing¡¯s long-term intentions toward Taiwan, affluent families are increasingly rethinking that playbook, with Singapore emerging as a preferred haven.
With your current subscription plan you can comment on stories. However, before writing your first comment, please create a display name in the Profile section of your subscriber account page.