China’s super-rich fled Singapore. Now they want to come back

A year ago, wealthy Chinese families were souring on Singapore. Its rules felt onerous, its nightlife subdued. Other cities seemed easier or more exciting. 

Now they want to come back. 

Family-office advisers and wealth managers say they are seeing renewed interest in Singapore from affluent Chinese clients who had shifted their lives to other financial centers, as tightening scrutiny from Beijing and geopolitical turmoil make its stability look attractive again. 

The reversal underscores how quickly the calculations of Asia’s wealthy can change. 

Singapore emerged as a favored destination for wealthy mainland Chinese seeking to diversify their assets and gain distance from Beijing, particularly after Hong Kong’s 2019 protests and subsequent national security crackdown.

However, its appeal faded after a $3 billion money-laundering scandal in 2023 triggered tighter scrutiny of wealthy clients and family offices. Stricter compliance checks, lengthy bank onboarding and residency requirements pushed some Chinese families toward jurisdictions they viewed as easier or more appealing – such as Hong Kong, Dubai and Tokyo.

But what once seemed restrictive is increasingly being viewed by some as a source of security.

“The very reason why they came to Singapore in the first place back then was because China’s policies impact Hong Kong much closer to them than in Singapore,” said Bayfront Law director Ryan Lin.

Lin, who advises wealthy Chinese clients on setting up family offices and securing residency in Singapore, said last year that he was increasingly helping clients move away from the city-state as tighter compliance and disclosure requirements eroded its appeal. 

The shift comes as Beijing steps up scrutiny of wealth held outside mainland China. New rules affecting offshore trusts have rattled wealthy families because of requirements to disclose structures and potential tax liabilities, while tighter oversight has also extended to areas including insurance and offshore brokerage accounts. These rules can apply regardless of where a trust is located or where an individual physically lives.

“When it comes to the safety of their wealth, they probably now are considering Singapore very, very seriously for the long term,” he said, adding that they are more determined this time, with several asking about pathways to permanent residency and citizenship as they consider making Singapore a longer-term base.

Moving to Singapore does not automatically sever an individual’s obligations to China, said Carman Chan, founder of Hong Kong and Singapore-based family office Click Ventures, particularly without a change in citizenship or tax status.

Advisers say the renewed interest in Singapore is generally about creating physical, financial and political distance from the mainland while maintaining additional options.

Lin said recent…