How Singapore became the go-to gold bunker for the ultra-rich
Singapore's rise as a gold storage hub stems from its strong legal system, political stability, and strategic location. Investor appeal has grown further due to tax exemptions on investment-grade precious metals.
Tired of too many ads?
Remove Ads
Tired of too many ads?
Remove Ads
Strategic advantages fueling Singapore's rise
Global trends driving the shift
Rising inflation, conflict in the Middle East, fears of financial contagion in regional banking systems — global uncertainties are mounting. And in the face of this turbulence, the world's ultra-wealthy are moving their gold reserves and precious assets to one place: Singapore.Born out of a dramatic split from Malaysia in 1965, Singapore has long put stability and business at the core of its nation-building strategy. With no natural resources to rely on, the city-state bet on finance, logistics, and the rule of law. That bet is paying off.Today, as trust in traditional Western financial centers is shaken by rising regulation and uncertainties, Singapore's blend of political neutrality, low taxes, and ultra-secure storage facilities is helping it quietly become the go-to vault for global wealth.The demand for secure storage in Singapore has surged amid global economic uncertainties and geopolitical tensions. Wealthy individuals are more into physical assets like gold to safeguard their wealth. For instance, Silver Bullion's facility, The Reserve , is designed to hold 500 tonnes of gold and 10,000 tonnes of silver, with an appetite for tangible assets.Gregor Gregersen, the founder of the repository, stated that from the beginning of the year until April, there was an 88% increase in orders for storing gold and silver in the vault compared to the same period in 2024, as reported by CNBC . The Reserve, which also sells gold and silver bars, saw sales for precious metals bars skyrocket 200% year on year during that time, data provided by The Reserve showed.Singapore's ascent as a preferred gold storage hub is attributed to its robust legal framework, political stability, and strategic geographic location. The government's proactive policies, including exempting investment-grade precious metals from the Goods and Services Tax (GST), have further enhanced its appeal to investors seeking safe and efficient wealth preservation options.The city's state-of-the-art storage facilities, such as Le Freeport—often referred to as "Asia's Fort Knox" offer high-security vaults for storing valuable assets. These facilities provide clients with confidentiality and peace of mind, essential factors for individuals and institutions aiming to safeguard their wealth against global market volatility.The demand for secure storage solutions in Singapore aligns with a broader global trend where investors diversify their portfolios to include tangible assets like gold. Factors such as fluctuating currency values, inflation concerns, and geopolitical tensions have prompted the ultra-rich to seek stable environments for their assets.Singapore's commitment to upholding the rule of law and its reputation for low corruption levels make it an attractive alternative to traditional wealth havens. The city's commitment to transparency and regulatory compliance ensures it remains a trustworthy location for asset storage.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
NDTV
8 minutes ago
- NDTV
US Again Claims It Stopped India-Pak War Using "Trade Leverage"
New Delhi: White House press secretary Karoline Leavitt on Tuesday once again claimed that US President Donald Trump has ended the military conflict between India and Pakistan. "The President is using the might of American strength to demand that respect from our allies, our friends, our adversaries all around the world," Leavitt said at a press briefing. She said that it was seen not only in the progress with Russia and Ukraine but also "in the closing of seven global conflicts around the world." "We've seen it with the end of the conflict between India and Pakistan, which could have resulted in a nuclear war if we had not had a President who believed in the strength and the leverage that comes with the job of being the President of the United States of America," Leavitt said. In an answer to another question, Leavitt said that Trump used trade "in a very powerful way as leverage" to bring the India-Pakistan conflict to an end. Since May 10, when Trump announced on social media that India and Pakistan had agreed to a "full and immediate" ceasefire after a "long night" of talks mediated by Washington, he has repeated his claim over 40 times that he "helped settle" the tensions between India and Pakistan. India has been consistently maintaining that the understanding on cessation of hostilities with Pakistan was reached following direct talks between the Directors General of Military Operations (DGMOs) of the two militaries. Prime Minister Narendra Modi has said in Parliament that no leader of any country asked India to stop Operation Sindoor. Meanwhile, replying to one more question, Leavitt said that Trump has imposed sanctions on India to bring an end to the Russia-Ukraine war. "The President has put tremendous public pressure to bring this war to a close. He has taken actions as you seen sanctions on India and other actions as well. He has made himself very clear that he wants to see this war end," she added. Earlier in an interview to CNBC, US treasury secretary Scott Bessent also accused India of "profiteering" by reselling Russian oil. US President Donald Trump imposed tariffs totalling 50 per cent on India including 25 per cent for New Delhi's purchases of Russian oil that will come into effect from August 27. India has called the tariffs "unjustified and unreasonable". India said that, like any major economy, it will take all necessary measures to safeguard its national interests and economic security.
Time of India
22 minutes ago
- Time of India
Noel Tata's mother, woman behind Lakme, Simone in critical condition
Mumbai: Simone Tata, the mother of Tata Trusts chairman Noel Tata, is in critical condition at the Breach Candy Hospital, sources with direct knowledge of the matter told TOI. She was airlifted from Dubai to Mumbai on Monday and is under the care of doctor Farokh Udwadia. Simone, 95, is battling symptoms of Parkinson's, the same illness that her stepson and former Tata Group chairman Ratan Tata passed away from last October. "She and Noel arrived in Mumbai from Dubai on a medical plane at Terminal 8," sources said. Simone is most famous for turning the Lakmé cosmetic brand into a household name in India. The name Lakmé comes from the French word for Lakshmi, the goddess of prosperity, in Hindu mythology. The Tata Group was urged by former Prime Minister Jawaharlal Nehru to launch a makeup brand as Indian women were spending valuable foreign reserves on Western makeup brands. Lakmé was established by the Tata Group in 1952. You Can Also Check: Mumbai AQI | Weather in Mumbai | Bank Holidays in Mumbai | Public Holidays in Mumbai | Gold Rates Today in Mumbai | Silver Rates Today in Mumbai Originally from Geneva, Switzerland, Simone first visited India as a tourist in the summer of 1953 at age 23. During her visit, she met Naval Tata, who was 26 years her senior and divorced from his first wife Soonoo. They fell in love, got married in 1955, and she decided to make Mumbai her permanent home. In 1996, the Tata Group sold Lakmé to Hindustan Unilever as part of a restructuring strategy. Simone used the proceeds to create Westside, a popular department store. She managed the Tata Group's consumer-facing businesses including Lakme and Trent (which owns Westside and Star India Bazaar stores) for over four decades until her retirement in 2006. She also served on the board of Tata Industries, an investment company within the group. After her retirement, Simone made fewer public appearances. She was last seen at Ratan Tata's funeral in Oct 2024. Following his passing, her son Noel took over his position at Tata Trusts, the driving force behind the $180-billion Tata Group. Stay updated with the latest local news from your city on Times of India (TOI). Check upcoming bank holidays , public holidays , and current gold rates and silver prices in your area.
Hindustan Times
38 minutes ago
- Hindustan Times
UP govt turns focus on insurance firms for GST compliance
In a fresh bid to step up Goods and Services Tax (GST) collections and resultant stagnant revenue growth, Uttar Pradesh has now turned its focus to insurance companies, following similar sectors such as real estate and mining. UP has around 50 insurance firms operating across life, health, and general segments, of which 18 fall under the state GST jurisdiction (For Representation) The state tax department has issued notices to all insurance firms registered under the state GST in Uttar Pradesh, seeking replies to around 40 specific queries to verify whether they are depositing the full GST collected from customers on premiums. For the first time, the department has also set up a dedicated sector at its headquarters under a joint commissioner to examine whether insurance firms are tax-complaint or indulging in any kind of irregularities causing revenue loss to the state exchequer. Principal secretary, state tax, M Devraj said, 'The insurance sector is a vital part of the service economy. For the first time, we have set up an independent sector to keep an eye on its GST compliance.' He said information against certain pointed questions was being sought from them to match their tax returns with business transactions. Officials said while some companies were yet to respond, a few have sought extensions of the deadline. According to another state tax official dealing with the subject, Uttar Pradesh has around 50 insurance firms operating across life, health, and general segments, of which 18 fall under the state GST jurisdiction. Collectively, these 18 companies contribute over ₹20 crore in GST revenue to the state exchequer every month or around 250 crore annually. Among them, Star Health Insurance, according to the official, is the single largest contributor, paying nearly ₹6 crore monthly, followed by National Insurance ( ₹3.26 crore), United India Insurance ( ₹2.87 crore), and HDFC Ergo ( ₹1.28 crore). Insurance services are taxed at multiple slabs under GST. The government levies 18% GST on total policy premiums, 2–25% on renewals, 1.8% on single premiums, and 18% on policy porting fees. Unit Linked Insurance Plans (ULIPs) also attract 18% GST. With insurance sector penetration expanding fast in recent years, authorities believe the sector holds significant potential for revenue mobilisation by plugging in possible leakage in the sector. 'The government's primary aim is to ensure transparency and fairness in tax collections by verifying if the companies are honestly depositing the GST collected from customers. This is not a revenue-hunting exercise but a compliance drive,' the official said. A similar scrutiny of the real estate and mining sectors has yielded positive results, with the department detecting over ₹1,100 crore in additional tax liabilities against builders and mine lease holders after uncovering widespread irregularities aimed at tax evasion.
