The banking sector in Singapore is becoming more crowded, with a growing number of European banks setting up operations here over the past five years.
Edmund Leow, principal at Baker & McKenzie.Wong & Leow, said: “In the past five years or so, we have seen numerous Swiss banks and other European banks setting up Singapore operations. This coincided with a growing trend towards transparency in various jurisdictions, including in Europe where they have the savings directive in the EU.
“In general, if a citizen from an EU state opens a bank account in another EU state, then there would be automatic exchange of information, whereby the recipient country will automatically disclose that information to the taxpayer’s home country.
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