Something to crow about.

More Swiss than Switzerland This Place Is More Swiss Than Switzerland By Graham Summers Switzerland's private banking has always been famous for two things: 1. Extreme privacy 2. Avoiding taxes There are no capital gains taxes in Switzerland, unless you're buying real estate. Personal estate taxes are generally 7%. And if you're a foreigner retired in Switzerland, you can even choose a lump-sum tax in which you only pay taxes on an amount equal to five times your annual rent. In other words, you don't have to disclose your net worth or income at all. But all of this is changing... In 2004, Switzerland altered its tax structure to crack down on tax evasion from foreign accounts. For the first time in history, Swiss banking imposed a 15% withholding tax on interest income from deposits. A lot of very wealthy p eople were very, very angry. And funds began to be wired out of Switzerland and halfway across the world to the next private banking hub: Singapore. Singapore now manages $300 billion in private banking assets. Ten years ago, it was only $50 billion. Singapore now accounts for roughly 5% of the world's private banking assets. This doesn't seem like a lot, but consider that Singapore is the 189th smallest country in the world, right after the Federated States of Micronesia. The number of private banks in Singapore more than doubled since 2000. Singapore is now the second largest private banking hub behind Switzerland. Granted, it's a wide margin ¨Switzerland manages $1.7 trillion ¨ but it's shrinking rapidly. Singapore's private banking sector is expected to grow by 25%-30% a year for the next three years. When you consider the benefits, it's not difficult to see why. Individuals worth $13 million can gain immediate p ermanent residence in Singapore, provided they invest $3.1 million in the country ($1.25 million can go toward property). Once you're there, you don't have to pay taxes on income earned abroad. If you're a business owner with operations outside the country, you get the benefits of Singapore's education and healthcare systems ¨ the best in Asia ¨ without paying a dime in taxes. You won't pay taxes on capital gains or dividends either. As you'd expect, the rich are flocking to the country. One of them is investing legend Jim Rogers, who made a fortune managing the Quantum Fund with George Soros before "retiring" in his late 30s. Rogers originally wanted to move to China, but decided the pollution was too awful to put up with. So he relocated to the English-speaking, cleaner, more financially sophisticated Singapore with his family. I have to tell you, I'm starting to be tempted myself. Good trading, Graham

Celebrating Singaporeans - AgriFood and Veterinary Authority

This is the organisation that keeps Singaporean fed without having to worry that the bottle they drink or the canned meat they eat could be poison. And they have done such a good job over the years that their words are as good as gold. They said you can eat means you can eat. We just take anything from the shelf and know that it is safe. Thanks to AVA. The AVA has reached such a high standard of quality control and consistency that Singaporeans should not only be grateful to them but also be proud that such an organisation exists. The latest case of food poisoning at Prima Deli is the outstanding proof that the people have great confidence in AVA. Once AVA said clear and business is back to normal. No fear that there will be a repeat. No doubts at all. That's how good AVA's reputation is. We have good people in the right places to make this island ticks.

Demise of taxi drivers?

The recent huge increase in taxi fares could lead to a major restructuring of the trade. For the moment the hike may seem to be a non event with many celebrating their holidays and fresh with cash from their year end bonuses. Once the festivities are over, another round during Chinese New Year, the spending will be over. People will come to their senses and the last splurge of a sort during the festivities will be passe. Is it really affordable to spend $30 to $50 for a one way trip and a return trip doubling that amount? Anyone who can afford that will switch to private cars. Why spend so much when the difference between car ownership and taking taxi is no longer meaningful? When that thought sinks in, many taxi drivers will be crying for help. The current demand is likely to be their last bonus.

The secret of Singapore's success

The key to Singapore's success lies in the political system. No if you think in line of a capitalist or democratic system. It is more about the kind of leadership. Singapore has a unique kind of political leadership. Political leaders are chosen from people who are NOT interested in politics. This is a vital requisite. Any potential candidate that shows a little political acumen will not get pass to the second round of tea ceremony. This is a great difference from the commercial world where you hire people who are keen in what he is doing. Anyone who shows the slightest disinterest will be rejected immediately. Basically, the potential candidate when invited for tea must keep assuring the interviewers that he has no political interest. In other words, no political aspiration and ambition and thus not dangerous. When this is ascertained, then the rest is up to the interviewers to persuade the disinterested and not interested candidate into politics. This may come with a heavy dose of contradictions. Unwilling and uninterested politicians to become politicians and expecting them to do well. Why would these uninterested candidates be willing to join politics? Perhaps the package and rewards for joining politics are worthy of every cent in it. One cannot run away from the attraction of a life time payout after serving two terms. And the lucky one who got to become ministers could be getting millions on retirements, for life. How else would people who have other interests and passion want to join politics? I would not speculate on those who are highly ambitious politicians but managed to disguise themselves well enough to be accepted as a novice and one who is not interested in politics. Maybe this is the greater secret. Interested but seen as not interested. To be able to do that requires exceptional talent and deserve to be political leaders. This is another uniquely Singapore trait.

A Mean Ministry ?

Wondering if it is a good start to a new year when the first piece of news sounds like the setting up of a Mean Ministry. The introduction of Means Testing is going ahead full steam to catch people who can afford but choose to seek govt subsidies in hospital bills. Such mean people can only be caught by mean people. You need to set a thief to catch a thief. A kind and compassionate person will fail in such a job. One good thing is that plenty of jobs will be created. We will have a Chief Mean Officer to head the organisation. Would it be raised to a minister level if the net is cast wide enough? Then we may even have a Mean Minister appointed. Down the line many Mean Officers of various grades can be created to administer the whole process of checking people's income, bank accounts and relations with extended family members. The latter will be a good source of ugly and exciting family history that will worth millions to the movie industries. The whole thing could be another source of economic activities that will generate more income and of course more jobs.