Tag Archives: Monetary Authority of Singapore

Bank loans up 21.9% in April

Posted on 2 Jun 2011 | Comments Off on Bank loans up 21.9% in April

Lifted by rising housing loans despite the Government’s property cooling measures, local bank lending grew 21.9 per cent year-on-year in April to hit a 30-month high.

Data released yesterday by the Monetary Authority of Singapore showed that total loans and advances by banks hit S$351 billion in April but the record high amount of bank lending came as no surprise to some analysts.

Apart from the sustained draw-downs from housing loans amid persistently low interest rates, they say the strong initial public offering market and positive business sentiment have pushed bank borrowings higher.

Housing and bridging loans accounted for S$118 billion of bank lending in April. Loans for businesses also grew to S$192 billion, boosted by borrowings for building and construction, which reached S$57.8 billion.

Credit card spending amounted to S$6.8 billion and car loans totalled S$11.5 billion.

CIMB estimates there are 7.7 million credit cards in Singapore, of which around 6.31 million are main and 1.39 million are supplementary cards. This is a 12.3-per-cent year-on-year increase and the strongest since November 2007.

Source : Today – 1 Jun 2011

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Migrating to Singapore through the MAS Scheme

Posted on 17 Aug 2009 | Comments Off on Migrating to Singapore through the MAS Scheme

This is one of routes to Singapore migration. You can migrate to Singapore thru the Monetary Authority of Singapore’s (MAS) Financial Investor Scheme (FIS).

The Singapore government and the Monetary Authority of Singapore (MAS), in their quest to boost Singapore’s status as a centre for private banking and wealth management, set up a new investment scheme to get Singapore Permanent Residence. This scheme, the Financial Investor Scheme (FIS), is our third route for Singapore migration.

There are two types of financial commitments under the FIS for Singapore Permanent Residence.

• Option A: requires the applicant to place in Singapore at least SGD 5 million of financial assets with a financial institution regulated by the MAS.
• Option B: requires the applicant to hold at least SGD 3 million of assets and a Sentosa Cove bungalow on Sentosa Island.

Who is eligible?

An applicant should place in Singapore at least S$5 million worth of assets which is to be booked and managed by a financial institution that is regulated by the MAS. The assets should comprise of a financial asset of not less than S$ 3 million and amount which is not more than S$2 million in properties.

A financial asset can be any of the following:

(a) bank deposits;
(b) capital market products;
(c) collective investment schemes;
(d) premiums paid in respect of life insurance policies; and
(e) other investment products.

The eligible Singapore property is subject to foreign ownership restrictions under the Residential Properties Act. Only newly acquired property purchased within 6 months from the formal submission of the application can be included.

Applicants may include their immediate family members (spouse and unmarried children below 21 years old).

After residing as a PR in Singapore for 2 years, you may be eligible to apply for citizenship.

Source : 17 August 2009

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Posted in Loan / Mortgage / Finance, Sentosa Property

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