According to the recently published Henley Private Wealth Migration Report 2023, the UK is projected to experience a net outflow of 3,200 high-net-worth individuals (HNWIs) in the coming year. In contrast, Australia is projected to attract the highest net inflow of HNWIs in 2023, with an estimated 5,200 individuals seeking to establish residence there.

Singapore has established the Register of Registrable Controllers (RORC) as part of its ongoing commitment to fostering transparency and combating illicit financial activities. This article will delve into the critical aspects of the RORC, its significance, and how it reinforces corporate governance in Singapore.

The Accounting and Corporate Regulatory Authority (ACRA) in Singapore has implemented the Register of Registrable Controllers (RORC) to enhance the transparency of ownership and control of corporate entities. This initiative is part of ACRA's ongoing efforts to uphold Singapore's reputation as a trusted financial hub.

To align with global initiatives against tax evasion and ensure fair taxation, Hong Kong has revised its Foreign Source Income Exemption (FSIE) regime for passive income. The amendments were made in accordance with the European Union's Guidance on FSIE regimes, following Hong Kong's inclusion in the EU's watchlist of jurisdictions with potentially harmful tax practices in 2021.