Mining magnates moving to Singapore

Mining mogul Gina Rhinehart is the latest mega-wealthy Australian looking to purchase a home in Singapore and take advantage of the country’s wealth-friendly laws.

Rhinehart has reportedly spent A$43 million to purchase two units off the plan in the Seven Palms Sentosa condominium project in Singapore.

A company with links to Rinehart’s Hancock Prospecting recently purchased units on the top two floors of the prestigious complex, according to Singapore’s Business Times newspaper.

The Sentosa Cove Residence website calls the destination “the world’s most desirable address”.

The website further describes the location as being “flanked by the golden sands of Tanjong Beach on one side, the rolling greens of the Sentosa Gold Club adjacent to this, and the unimpeded expanse of the South China Sea on the other side.”

Perhaps looking to turn itself into Asia’s Switzerland, Singapore’s personal tax rates are amongst the lowest in the world with a cap of 20 percent. Ms Rhinehart would be paying more than double that to the Australian government which imposes a top tax rate of 46.5 per cent.

Singapore is increasingly styling itself as an exclusive place to live. It’s a major financial centre with strict banking secrecy laws and a lot of big banks are beginning to operate out of the country.

Mrs Rhinehart is not the first Australian mining magnate to be seduced by the benefits of moving to Singapore. Billionaire Nathan Tinkler of Whitehaven Coal recently put his plans for a $13 million beachfront home in Newcastle on hold and shipped his family off to Singapore.

Mr Tinkler would have also bough in the Sentosa Cove area as this is the only location on the island nation where foreigners can buy property. Non-Singaporean nationals can purchase properties on a 99-year lease program in the area under strict provisions that the property is owner-occupied and never rented out.