It seems that everyone is making money, and more and more friends are discussing the second identity. Let me share my personal experience. Over the past two years, I have sought help from many friends to plan my identity, mainly for two reasons:

One is that having a safety net while studying in Singapore means at least being a PR. If you are a PR, you still need to study in the host country for a certain number of years. If you have a passport, this issue does not exist, but when forced to choose between the two, I would definitely choose a developed country.

The second reason is tax planning, primarily concerning capital gains tax and inheritance tax. I am not particularly worried about CRS; as long as you are a tax resident in the local area, there is no CRS issue. Of course, paying taxes according to the law is a duty every citizen should fulfill.

I don't know why some friends say that obtaining an EP in Singapore is difficult. The Singapore EP should be one of the easiest third-country compliant residency statuses I have encountered. The one-time cost is also very transparent, generally within $10,000, and if you are lucky, you can get it done for 10,000 SGD.

(I am not applying for an EP, nor do I have this business, but I have many friends around me who are doing this.)

Of course, there are maintenance costs for the EP, but if you only need it for opening an account and obtaining a compliant OTC channel, then this cost can be ignored. Indeed, the biggest problem with Singapore is that the transition from EP to PR is a black box, with too many uncertain factors involved. Generally, being able to pay taxes stably, paying a bit more tax, not having a poor educational background, actively participating in community activities, employing more than two local residents, and having a son under 18 are all plus points. However, even with these, there is no guarantee of 100% approval.

(Many friends say it is very difficult to get approved this year because of the elections in Singapore; it is indeed challenging to approve PR during election times.)

Additionally, the cost of living in Singapore is indeed very high compared to other popular regions like Dubai, Japan, and Portugal, and I feel it is even more expensive than Hong Kong, although the living conditions are much better than in Hong Kong.

So, as I mentioned last time, based on my own needs, the combination of Singapore EP + PR (passport) from a developed country is the best. Therefore, my first choice for PR from a developed country is Japan. I must thank @_FORAB for providing me with a lot of information. The main reason for choosing Japan is that it is fast, and the maintenance costs are relatively low.

Most importantly, maintaining PR in Japan does not require mandatory immigration monitoring, which is very important for me, as my focus of life is in Singapore.

Moreover, Singapore's environment is more suitable for friends from Chinese-speaking regions. Even if your English is not good, living in Singapore will not be a barrier. Compared to Europe and Australia, integration is relatively simpler, and Singapore's public safety is excellent. If it were up to me, I would hope that in the future, my child could stay in Singapore to work, as the salary and benefits are not inferior to those in other developed countries, and the safety level is much higher.

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