Wd40 wrote:Like another person Faelle, similar case salary 6k and I was wondering how did he buy a
condo. Later after several posts/months he mentioned his father is a CEO of a company in India.
Not CEO of a company in India, he has not lived in India for several decades...
Its true I had a small starting salary but I was working for several years before I moved to Singapore and having no liabilities I managed to invest them in very risky structured products while being highly leveraged.
This helped me get a lot of returns and covered most (if not all) of my initial deposit... so having a financially supportive background might have helped but was not the sole reason I managed to get a condo in Singapore.
Singapore's no capital gains tax regime totally helped me put 100% of my returns into
property as well.
Wd40 wrote:
its a way of white washing their black money. Send the Indian money to Singapore through illegal channels and then route it back as legal remittance from their relative.
Singapore is not the best place to white wash black money... and a lot of people I know would not consider Singapore to be ideal to perform such transactions (though not denying it might not happen).