While the Asian city-state’s government has pushed back on the idea that it wants to hike its population total to eight million, or even more, the jurisdiction’s growth means that it is a destination for people such as high net worth and ultra-HNW individuals. It comes at a cost – it is an expensive place.

When some of those people have links to countries such as the US, for example, the complexities that need to be ironed out require expert guidance.

This is the sort of task that engages Ann Marie Regal (pictured below), founder of Singapore-based wealth management firm . Besides living much of the time in the Asian hub, her home since 2007, she also spends part of her time in rural New Jersey.

Ann Marie Regal

A native of St Clair Shores, Michigan, Regal has a ringside seat in her role on the cross-border ambitions of US citizens and Green Card holders who want to diversify where they live. Some of that involves considering the citizenship/residency-by-investment initiatives – aka “golden visas” – that have flourished worldwide, from Portugal to New Zealand. Regal knows that unlike other developed countries, the worldwide system of tax enforced by the US means that Americans must pay up to 37 per cent federal income tax regardless of where they live. There’s no getting away from the IRS without renouncing US citizenship – an expensive and drawn-out process.

About 60 per cent of Regal’s clients are US taxpayers, with others such as Singaporeans, for example, who live in the US, and those from other nations who might have a US link. She also has clients from the UK, Australia, Germany, India, and other jurisdictions.

After Singapore lifted strict pandemic restrictions in 2021 – controls weren’t fully ended until 2023 – there was a “crazy” rush of people from places such as Hong Kong and mainland China seeking Singaporean residency, Regal said. And Americans were among those making the move. “I would go to the American Club here and see all these new members,” she said.

Not all the traffic is one way, as Hong Kong, for example, has sought to compete with its Asian rival as a family offices hub via incentive schemes, she said.

The rapid expansion of Singapore as a family offices centre – rising so fast that authorities in the city-state have tightened controls to enforce standards – is a force that Regal has noted. (As of the start of this year, the Monetary Authority of Singapore said there were 2,000 family offices in the location.) “Singapore is creating the for the world’s billionaires,” she said. “We touch a bit on that peripherally.”

“There are a lot of business startups involving Americans here. And there is a danger of setting up a business and not realising how that looks on US tax returns,” she said. Part of her role is advising such business founders to avoid making mistakes. Because of the worldwide US tax system, Americans cannot go to places such as Singapore, Dubai or other locations as a “tax trade” – Americans will have to pay up to 37 per cent (federal income tax) regardless of location, she said.

The rise of such residency/citizenship options is, in some ways, a barometer of globalisation. A variety of jurisdictions have developed programmes to encourage HNW and UHNW individuals, although some have mothballed or scrapped them after raising a certain amount of revenue, and in the face of political opposition, often caused by soaring property prices (such as in Vancouver, Canada, about a decade ago). Concerns about turning citizenship and residence into a commercial matter have also prompted the European Union to scold countries such as Malta, for example.

Different speeds
In gaining residency, certain jurisdictions are faster than others. “If you don’t care about the jurisdiction, Italy is pretty quick,” she said.

Regal’s firm has seven people in Singapore and two in the US with two more starting soon.

Regal has become very much a part of the Singapore scene, having been a docent at the National Museum of Singapore. When she isn’t working in the city-state, in New Jersey on a small farm or New York City where Avrio also has an office, she’s a regular attendee at art museums – art is one of her passions. And such enthusiasms are an example of how expats moving to Singapore can build networks and flourish, getting involved in culture, sport and other areas. “There is plenty to do in the community if you take the time to embrace it,” she said.

Singapore’s permanent residency system, similar to a US Green Card, is theoretically for life, but the re-entry permit must be renewed – usually once every five years – and that might not be possible for some PRs, which raises questions over whether the country is an ideal place to retire in. (A PR may be able to acquire Singaporean citizenship or remain in Singapore longer if married to a citizen. However, Singapore does not allow citizens to hold more than a single passport, which means a US national would need to surrender the American one.)

Because of such considerations, Regal and colleagues ask those with PR status what their “Plan B” is if the residency status expires. Another question is “are you on the property ladder?” she said. Owning property somewhere ensures that her clients have a place where they can return, either to live in or sell to purchase their retirement home.

Away from Singapore, Regal said that some clients seek a switch to Europe. “We have moved people to Spain, Portugal, Italy and France,” she said. “Maybe this is for the slower pace of life.”

Options in Asia are opening up for those who aren’t keen on the high residential costs of Singapore. Thailand, which offers a 10-year visa, or Long-Term Resident Visa, is an example, Regal said.

Regal has noticed that people who enquire about moving abroad can have misconceptions.

“Moving abroad isn’t the same as a holiday. We tell people to rent a place and stay for a few months. Try to integrate into society, learn the language and enjoy their culture and ways. See if you really do fit into their way of life,” she said.

“Taxes are not always lower! As a resident in Spain, you are taxed on your worldwide income with rates as high as 47 per cent. There are tax treaties with many countries which may lower your tax rate, but you need to be aware that many European countries have higher tax rates than the US. Your US health insurance won’t cover living abroad unless you work with a specialised expat health insurance provider. Socialised healthcare may be less expensive but may involve long waiting times and less choice.

“Your estate plan doesn’t travel abroad. If you own property in another country, you need a local estate plan plus your US estate plan, but they need to work together. Your US trust may not be recognised in your new country of residence so you may need to unwind,” she said.

The tax consideration
An important consideration for those relocating abroad is how large – or small – tax looms in the decision to move.



“I think very few US taxpayers believe tax is a motivating factor. A UK or Australian citizen may find Singapore or Dubai to be financially advantageous, but not a US taxpayer from a tax perspective. Quality of life, culture, security and politics are all important considerations for families. Multiple passports give options that single passport holders may not have,” she said.

“Sport, dance or music is relevant for families who have talented children. One client wanted to know about Spain for football, another has a daughter with a dance scholarship to a prestigious conservatoire. We look at their current wealth plan and determine what changes need to be made for a move to a new country,” Regal said.

“No place is perfect. Cities rise and fall, politics change, people come and go, the world evolves. Embrace the journey life presents you, have an open mind and explore without judgement,” Regal added.