OverviewSingapore, officially the Republic of Singapore, is the world's only sovereign city-state that is also an island country.
Located in Southeast Asia, off the southern tip of the Malay Peninsula, the country is urbanised and has a highly developed market economy.
One of the original Asian Tigers the economy is renowned as one of the freest, most innovative and most business-friendly. The 2011 Index of Economic Freedom, ranks Singapore as the second freest economy in the world.
The country has the highest trade-to-GDP ratio in the world at 407.9 percent, signifying the importance of trade to its economy and is currently the only Asian country to have AAA credit ratings from all three major credit rating agencies.
Singapore attracts a large amount of foreign investment as a result of its location, business friendly environment, skilled workforce, low tax rates and advanced infrastructure.
In recent years, the country has been identified as an increasingly popular tax haven for the wealthy due to the low tax rate on personal income, a full tax exemption on income that is generated outside of Singapore and legislation that means that capital gains are also tax exempt. Singapore ranked fifth place on the Tax Justice Network’s 2013 Financial Secrecy Index of the world's top tax havens.