Getting An Offshore Private Vault in Singapore (2024)

Offshore private vaults and safe deposit boxes are an excellent international diversification strategy for your precious metals, jewellery, important documents, or other high-value assets. In this article, we will explain why Singapore is an excellent offshore storage location. 

Why Is Singapore One of the Best Countries to Get a Safe Deposit Box?

1. Good Governance (Political and Economic Stability)

Singapore's success is built upon a strong foundation of good governance and economic stability.

Renowned for its efficient, transparent, and corruption-free government, the nation provides an incredibly secure environment for safeguarding valuable assets. This commitment to good governance is further solidified in its top ranking among the least corrupt countries globally, securing the 5th position in the 2023 Transparency International Corruption Perceptions Index.

Investors appreciate the political stability Singapore offers. A thriving and robust economy, clearly demonstrated by the country’s high per capita GDP and prudent economic policies, creates an environment of trust and confidence.

2. Singapore is a Safe Country (With World-Class Security)

According to Forbes Advisor, Singapore has been named the safest city in the world for tourists.

The country’s reputation as a haven for tourists is more than just word of mouth—it's backed by international recognition. In 2022, Singapore secured the top spot on the Global Law and Order Index, a testament to its remarkably low crime rates.

Singapore's exceptionally low crime rates are deeply intertwined with its stringent laws. For instance, the nation enforces a zero-tolerance policy towards illegal firearm possession and use. Mere possession of firearms or ammunition carries severe consequences, including a mandatory prison sentence of at least 5 years, potentially extending up to 10 years, coupled with a minimum of 6 strokes of caning. The penalties escalate drastically when a firearm is involved in any criminal act, even without discharge or injury. In such cases, a mandatory death sentence awaits the perpetrator. These uncompromising laws underscore Singapore's dedication to maintaining a safe environment for all.

Beyond just strict laws and extensive surveillance, respect for diversity and active integration efforts by the government foster a harmonious environment where crime is rare. Tourists are welcomed into a multicultural melting pot where language barriers are minimal, and cultural understanding is encouraged, promoting a welcoming space for all.

Furthermore, according to the 2024 Global Peace Index, Singapore is the fifth most peaceful country in the Asia Pacific region. This achievement is largely attributed to the nation's non-aggressive foreign policy, which prioritises diplomacy and regional cooperation. By focusing on avoiding provocations and building trust, while creating economic interdependence for shared interest, Singapore cultivates regional stability. This commitment to peaceful relations effectively eliminates potential threats and spills over into domestic safety, allowing foreigners to visit Singapore without worry.

Finally, Mother Nature has also played a generous hand. Thanks to its strategic location, Singapore sits comfortably outside major earthquake zones and typhoon belts. This translates to a near-immunity from the threat of devastating earthquakes, widespread floods, or volcanic eruptions—providing an extra layer of security for your stored valuables.

3. Confidentiality and Privacy Laws

Singapore has strong and robust data protection laws that were established to safeguard the confidentiality of personal and financial information. This commitment to privacy extends to the management of safety deposit boxes, providing international clients with the assurance that their assets are handled with the utmost discretion.

For instance, the Personal Data Protection Act (PDPA) is Singapore's primary data protection law, which emphasises consent and responsible data handling. It requires companies to obtain clear consent to collect, use, or disclose any personal data. In addition, the data collected can only be used for its stated purposes.

4. Security and Infrastructure

Singapore boasts a world-class infrastructure that ensures seamless connectivity and efficient operations. A highly reliable power grid, extensive communication networks, and a well-maintained transportation system form the backbone of this success.

This commitment to efficiency extends to safeguarding the nation and its people through a multi-layered approach to security. Cutting-edge surveillance systems, stringent border control measures, and proactive cybersecurity defences work in tandem to mitigate potential threats.

Furthermore, comprehensive fire safety regulations and a well-equipped emergency response force provide a robust safety net, ensuring swift action in any situation. This unwavering focus on both development and security has not only cemented Singapore's reputation as a safe and reliable global hub, but also fostered a high level of trust and confidence among its citizens and international partners.

5. Strategic Location

Singapore, often dubbed "the Switzerland of Asia" enjoys a coveted position in Southeast Asia. Its strategic location, combined with its reputation as a leading global financial centre and bustling international transit hub, attracts travellers, expatriates, and businesses worldwide. Adding to its allure is a highly efficient transportation network, including exceptional air and sea connections, which facilitates easy access to and from the country.

Singapore stands as a prominent financial hub in Asia, with over 7,000 multinational corporations, nearly half of Asian regional HQs, and is home to Southeast Asia’s largest concentration of unicorns. This global appeal speaks volumes about the confidence placed in Singapore’s stability, transparency, and robust financial regulations.

On top of that, when it comes to visa requirements, citizens from numerous countries, including those from European Union and ASEAN nations, are permitted to enter Singapore visa-free with stays ranging from 30 to 90 days for tourism, business, and transit purposes. This allows you to physically access your safe deposit box easily.

6. Ideal Legal & Financial Jurisdiction

Singapore's robust and efficient legal system, firmly rooted in English common law, ensures a high degree of judicial independence and fairness. This strong legal framework effectively protects your property and financial assets, assuring that customers' rights to their offshore safe deposit boxes are well-guarded.

Singapore also has a highly regarded regulatory environment known for its stringency, transparency, and efficiency. This rigorous oversight of the financial sector assures international clients that their assets are protected by a system built on integrity and accountability.

Therefore, when choosing a country for a safe deposit box, a well-governed jurisdiction like Singapore’s is critical for offshore private safe deposit box storage. 

Get a Safe Deposit Box in Singapore

If you’re seeking truly unparalleled security and privacy in Singapore, STARVAULT provides the ultimate solution. Our private vault features include...

• Multi-layered security (which includes biometric scans, card access, PIN code access, and a physical key - here’s how it works).
• Custom-built steel reinforced concrete vault which is sealed and no staff nor customers have access to the vault and boxes. 
• An on-site security guard with a state-of-the-art surveillance & alarm system. 
• OTP verification for any change in user information. This is for additional security and strict confidentiality of your valuables.
• A gas fire suppression system to protect your valuables from fire. The assets in your offshore safe deposit box will also be protected from water damage as there are no  water sprinkler pipes or water pipes in the vault.
• 24/7, round-the-clock convenient access.
• Flexible contracts, as short as 1 month.

If you would like to learn more about STARVAULT’s services, you can book a tour / get a quote / enquire more today!