Singapore remains one of the most asked-about banking destinations among my clients. And rightly so — it offers a combination of political stability, institutional quality, rule of law, and financial sophistication that is genuinely rare.
But the Singapore banking landscape of 2025 is not the same as it was five years ago. DBS, OCBC, and UOB — Singapore's three main domestic banks — have all significantly tightened their compliance requirements in recent years, and the advice circulating in expat forums and YouTube channels has not kept up. Let me give you the current picture.
What Singapore Still Does Exceptionally Well
Rule of law. Singapore's legal system is genuinely independent, genuinely competent, and genuinely enforced. Your deposits are protected by real institutional and legal safeguards, not by the goodwill of a government that might change next election.
Political stability. The People's Action Party has governed Singapore since independence. From a banking and asset protection perspective, the predictability it delivers is valuable. There are no sudden expropriations, no currency crises, no regulatory reversals driven by electoral politics.
Currency strength. The Singapore dollar is one of the most carefully managed currencies in the world. The Monetary Authority of Singapore uses the exchange rate, rather than interest rates, as its primary monetary policy tool, and it does so with extraordinary skill.
Banking infrastructure. DBS, OCBC, and UOB are well-capitalised, well-run, and internationally connected. The private banking operations of the major international banks — UBS, Julius Baer, Citibank, JPMorgan — are substantive presences in Singapore, not branch offices.
What Has Changed
CRS reporting is now comprehensive. Singapore joined the Common Reporting Standard and reports financial account information to participating jurisdictions automatically. If you are a German, Austrian, or Swiss tax resident and you have a Singapore bank account, that account will be reported to your home country's tax authority.
This is not a reason to avoid Singapore. It is a reason to have Singapore in your structures only if your affairs are properly organised such that the reporting creates no problem.
Account opening for non-residents has become harder. Opening a personal account as a non-resident, without a Singapore entity or a relationship with a private bank, is now genuinely difficult for most people.
The minimum thresholds for private banking have risen. The major private banks in Singapore are now looking for minimum investable assets of around USD 2-5 million for a meaningful relationship.
Who Singapore Banking Works For
High-net-worth individuals with genuinely international businesses or investment portfolios, who are properly structured, properly tax-compliant, and who want a genuinely stable, high-quality banking jurisdiction in the Asia-Pacific time zone.
Entrepreneurs who have established a Singapore entity — whether a holding company, an operating subsidiary, or a family office structure — for whom corporate banking in Singapore is a natural complement.
Those who have exited high-tax European jurisdictions and are building a multi-jurisdictional structure that needs an Asian component. Singapore alongside UAE banking and perhaps a Swiss account gives you a genuinely diversified banking geography.
What to Avoid
Do not try to open a Singapore account as a German resident with no Singapore connection in the hope that it will give you privacy. It will not. The banks will scrutinise your application, and CRS will report whatever they hold.
Do not confuse Singapore's genuine virtues — rule of law, stability, institutional quality — with it being a secrecy jurisdiction. It is not, and has not been for years.
Singapore is not a place to hide things. It is a place to legitimately hold and manage properly structured wealth.
Work with Sebastian
If Singapore banking is part of your planning, or if you want an honest assessment of where it fits in a multi-jurisdictional structure, this is one of the more nuanced conversations I have with clients. The right answer depends heavily on your specific profile. Let's talk. Book a consultation.