Do these places have zero capital gains tax and low income tax? Singapore enjoys zero capital gains tax and low income tax. It is an investor/trader's paradise.
Joe you seem to be looking in from the outside with very little context. Those Filipinio women get free housing and food, and additionally earn $6,000-12,000 SGD annually. The median household income in the Philippines is $7500 SGD. These women are typically uneducated and would not make anywhere near the income they make in Singapore back in their home counties (Thailand, Philippines, Malaysia, Indo) selling their bodies, working in textiles or fisheries. They would have a hard life back home and have a much better life in Singapore. While there are exceptions, the general helper population is well taken care of. Sunday is their day off, so you will find them on the streets of Singapore with their friends just like you would find them in KL or HK.
Tiny Singapore can teach a whole lot of things to bigger countries imho. Lee Kwan Yu was a visionary. But what is their policy on immigration ?
Exactly. Why would someone leave their home to work in a foreign land, if not for better opportunities?
Phuket does. The country of Thailand is capital gains tax free to foreigners. Commissions are low too.
Agree with your numbers, however I've seen them outside even during the week and have spoken to many in groups in the park and by MerLion where they seem to like to hang out. Believe me they are not happy. The complaints are numerous. Compare this to the Filipinos in Hawaii and/or California who sing the praises of America like no other ethnic group - diff. is night and day
Doing business in Thailand is fraught with issues - you need a local partner that takes equity, the laws are geared towards locals and give foreigners very little power, etc. Several of my colleagues own real estate or businesses in Phuket, Krabi, Bangkok. To your point about many of them being unhappy, I would believe that. Conditions for them can be tough with very small rooms and sometimes abusive "owners" - I hear the Chinese nationals are the worst. In many respects, Sg and HK are both very colonial in their expat cultures.
Everyone knows the Filipino workers get treated badly in the rest of Asia & Middle East, some worse than others. You will always get people who put up the straw man argument that they are paid 10% more than an equivalent job in the Philippines plus get free food and accommodation. The trouble is for every worker that is well treated how many are badly treated. In some countries it is almost bonded labour by the backdoor.
Yes I concur with that. I get the distinct impression that if i lived in Thailand I could operate a decent business but I would always be considered an outsider 'farang' and never truly accepted. From my experience running a business you always find situations where disputes and problems have to be solved. This is where it can get tricky with the locals as they don't like to be seen to be losing face especially with a farang. It's a balancing act though I guess as there are a lot more opportunities to make money from simple ideas/inefficiencies in these less developed countries.