A CNN report rated a number of countries on the ability to 'buy' citizenship and enjoy a 'better' life.
The article started with "Are you jaded with your home country, want to pay lower taxes, enjoy the freedom to travel and strive for a higher quality of life?"
Singapore was ranked 6th on the list behind countries such as St. Kitts and Nevis, Dominica, Antigua and Barbuda, Austria and also Hong Kong. Behind Singapore was Australia.
This is what they had to say about Singapore:
However Singapore ranked as Asia's number one livable city in 2012, according to ECA International.
Similar to Hong Kong, the Lion City's personal income tax rates are among the lowest in Asia -- ranging from 15% to 20% depending on income bracket, according to auditing firm KPMG.
But "for Singapore, it would not be so easy" to become a permanent resident, said Jacqueline Low, COO at immigration services firm Janus. "The criteria are quite high."
Potential applicants must have a three-year track record of business and entrepreneurial experience, Low adds. They must also prove past profitability -- annual revenues of some $160 million in real estate and construction-related industries or revenues of about $40 million for all other industries, including pharmaceuticals and manufacturing.
With such foundations, candidates can then apply to Singapore's sole track to permanent residency, the Global Investor Program. This scheme requires an investment of nearly $2 million. The funds can go towards starting a new business or expand one already in operation. Money can also be routed to an approved list of fundsthat help grow targeted industries ranging from nanotechnology, healthcare and clean energy.
Coupled with low tax rates, applicants who successfully gain permanent resident status can then access healthcare subsidies ranging from 15% to 75%, education subsidies for their children, child-care subsidies and tax deferrals.
Cons for permanent residency include mandatory military service for second-generation males who are also permanent residents, well-known censorship of press freedoms and seasonal smog blankets from Indonesian forest fires.
The Singaporean government does not release information on the numbers of candidates or successful GIP applicants, says Janus' Low. However, since the middle of 2012 she notes "Singapore's immigration policies have been tightened across the board because of the sentiments on the ground" -- a reference to growing public unease over the number of migrants to the city.
The number of applicants have "fallen by at least half over the past year," she added.
For applicants who are successful, however, permanent residency is a pathway to Singaporean citizenship after just two years. A Singaporean passport gives access to more than 160 countries around the world -- just five less than the United States, according to Henley and Partners.
Read the rest of the article and the reviews of the other countries at http://edition.cnn.com/2013/06/28/business/world-overlooked-countries-second-citizenship/index.html?hpt=hp_bn1.