As geopolitical risks and increasing government debt increase, it may be prudent to strategize storing some precious metals and wealth outside your resident country. An easy way to diversify wealth is to consider offshore safe deposit boxes (SDBs) in a safe jurisdiction.
Offshore safe deposit boxes allow you to safeguard your precious metals and wealth from the possibility of government expropriation or confiscation. However, there are two important steps in finding the best offshore safe deposit box service that meets your needs. First, find the safest country and the best offshore SDB operator that truly secures your wealth.
Our belief that Singapore is a top choice for wealth storage globally has led us to invest in building The Reserve facility, which specializes in wealth protection for ultra-high-net-worth individuals (UHNWIs).
Singapore Jurisdiction Strengths
International investors and ultra-high-net-worth individuals seek offshoring strategies because jurisdiction matters. They understand that intergenerational safekeeping of wealth is equally important to wealth generation.
Singapore has consistently established itself as one of the most trusted and secure jurisdictions in the world for wealth management and asset storage, making it an ideal location for wealthy individuals to secure their assets.
Political Stability
Political stability is crucial for a country’s safety and the welfare of its people. It creates the foundation for long-term growth, economic success, sound governance, and constructive participation in the international arena.
Unlike jurisdictions that are prone to political upheaval, policy uncertainty, or economic volatility, Singapore offers a reliable environment where the rule of law prevails, ensuring long-term asset security.
Since gaining independence in 1965, Singapore has been governed by the People’s Action Party (PAP), a single political party that has held power continuously. While this may appear unusual in traditional democracies, the consistency of leadership has enabled the government to implement policies with a clear, forward-looking vision, fostering decades of political calm and economic prosperity.
Unlike regions susceptible to political gridlock or abrupt policy changes following elections, Singapore’s system ensures continuity and stability—qualities highly valued by international investors and UHNWIs.
Singapore’s exemplary governance is attested by its top ranking in the 2024 Chandler Good Governance Index (CGGI) for the second consecutive year, which places it ahead of Denmark, Finland, Switzerland, Norway, and Sweden. The city-state was the only non-European country in the top 10 list.
According to the CGGI report, “Singapore’s consistency in maintaining its top-tier position, a feat achieved through a strong emphasis on ethical leadership, regulatory governance, cross-government coordination, and future-forward governance.”
For UHNWIs, Singapore’s political stability ensures a secure and predictable environment for wealth protection, minimizing sudden political shifts and relevant policy changes.
Economic Freedom
Economic freedom is the essential right for individuals to manage their own labor and property. In a society that values economic freedom, people can freely choose how to work, produce, consume, and invest. Such societies allow the unrestricted movement of labor, capital, and goods, with governments intervening only to safeguard individual liberty and protect the rights of citizens.
Singapore was ranked first once again in The Heritage Foundation’s Index of Economic Freedom 2024, making its economy the world’s freest. The city-state’s economic freedom score this year is also higher than the world and regional averages.
Singapore’s trade system is open and competitive, with no tariffs on imported goods. Foreign and local businesses are subject to the same legal treatment, and most industries allow full foreign ownership. The financial sector is robust and highly competitive.
A country with an open economy is especially attractive to UHNWIs since it allows the free movement of capital, giving them options to manage their wealth.
Strong Rule of Law
The Heritage Foundation also states that: “The foundations of Singapore’s economic freedom are sustained by strong protection of property rights and effective enforcement of anticorruption laws.”
Singapore’s strong rule of law has been a contributing factor of its transformation into a global economic and financial hub. The country is renowned for its transparent legal framework, strict enforcement of regulations, and zero tolerance for corruption. Its legal system, rooted in English common law, ensures fair treatment for all under the law and offers businesses and individuals a predictable and secure environment to operate in. This reliability has made Singapore a preferred jurisdiction for multinational corporations, financial institutions, and investors seeking stability and clarity in their dealings.
In the World Justice Project’s Rule of Law Index 2024, Singapore was ranked 16th globally and 4th in East Asia and Pacific, reflecting its effectiveness in the absence of corruption, order and security, and regulatory enforcement.
Regarding property rights, the city-state enforces strict laws that safeguard both tangible and intangible assets, ensuring that individuals and businesses can operate with confidence that their investments and innovations are secure.
Singapore’s strong enforcement of its laws is a significant draw for ultra-high-net-worth individuals seeking a safe and reliable jurisdiction to store and grow their wealth.
By maintaining one of the lowest crime rates in the world and a transparent regulatory system, Singapore offers peace of mind to wealthy individuals looking for a stable, well-governed, and trusted location to safeguard their investments and build intergenerational wealth.
Principle-Driven Foreign Policy
Singapore’s foreign policy is firmly principle-driven and guided by long-term national interests rather than short-term geopolitical gains or taking sides in global rivalries. This neutrality is not a balancing act but decades of effort to foster substantive, win-win collaboration.
Rather than aligning with any major power bloc, Singapore seeks to maintain its independence by promoting constructive dialogue and fostering cooperation, even amidst tensions between global powers. This principled stance has enabled Singapore to remain a neutral and credible voice on the international stage, strengthening its role as a mediator and a trusted partner in global affairs.
Singapore’s consistent application of its foreign policy allows for a common understanding even when it disagrees with other countries. They understand that the city-state is not taking sides but that the matter contravenes a principle that it holds dear.
Furthermore, Singapore has strongly advocated international law, preferring to champion a rules-based multilateral system when tackling geopolitical issues.
This principled approach is why it was selected as the venue for the historic Trump-Kim summit in 2018, fostering dialogue between two adversarial nations. Its policy of not taking sides in geopolitical matters allowed it to gain the trust of both the United States and North Korea, making it a credible and impartial host. Additionally, Singapore’s reputation for security and efficiency and its role as a global hub for high-level diplomatic engagements further reinforced its suitability for the summit.
By remaining neutral and not taking sides in geopolitical conflicts, Singapore minimizes risks of economic sanctions, trade disruptions, or political retaliation from aligning with major power blocs. This neutrality, combined with the country’s emphasis on multilateralism and respect for international law, ensures a predictable and conflict-free environment, safeguarding UHNWIs’ assets against external uncertainties.
Sizeable Military
As a small state, Singapore has no illusions about the state of our region or the world. The city-state believes in maintaining a credible and deterrent military defence as the fundamental underpinning for an effective foreign policy.
Despite its small geographical size and population, Singapore maintains one of the most well-equipped and technologically advanced armed forces in the region. With a defense budget of approximately USD 15 billion in 2024, it consistently allocates about 3-4% of its GDP to defense, a figure that rivals or surpasses that of much larger nations on a per capita basis. For comparison, Singapore’s closest neighbor Malaysia has a 2024 defense budget of USD 4.16 billion.
Singapore is ranked 30 out of 145 countries by the Global Firepower 2024 for military strength, ahead of larger countries such as Switzerland, the Netherlands, Denmark, Malaysia, and the Philippines.
For ultra-high-net-worth individuals, Singapore’s significant investment in defense is a key factor in its attractiveness as a wealth-storage destination. A robust military underpins the country’s reputation as a secure and stable safe haven, deterring external threats and ensuring that assets stored within its borders are well-protected.
Financially Strong
Singapore has architected and built its economy, military, and high living standards without net debt. Yes, Singapore has zero net debt.
Often mistaken by global comparison indices by the World Bank and IMF for having a high level of debt as a percentage of its Gross Domestic Product (GDP), the Singapore government are constitutionally required to run a balanced budget over each term. It does not borrow to fund recurrent spending needs.
Assessing Singapore’s net debt position using the debt-to-GDP ratio only accounts for the country’s liabilities and excludes its assets. When the city-state’s sizeable financial assets are considered, they are well in excess of its debt.
Singapore’s strong fiscal position is also why it receives the top credit rating of AAA from the three leading international credit-rating agencies (Moody’s, Fitch and S&P).
The city-state’s fiscal sustainability is also why it is ranked 3rd in the Global Financial Centres Index 35, only behind global financial centres New York and London.
Storing Wealth in Singapore With a Strong Offshore Safe Deposit Box Partner
Now that you are aware of Singapore's strengths as an offshore jurisdiction for storing wealth, it is equally important to identify a strong offshore safe deposit box service to augment wealth protection further.
Opened in 2024, The Reserve is the newest state-of-the-art alternative asset wealth protection center in Singapore that caters specifically to the storage of high-value assets such as precious metals and luxury timepieces.
Unique Asset Ecosystem
The Reserve Singapore stands out as a state-of-the-art alternative asset wealth protection center by creating a comprehensive ecosystem designed specifically for high-value assets such as precious metals and luxury timepieces.
This unique asset ecosystem is made possible by The Reserve’s tenants, such as Silver Bullion, a precious metals dealer and storage provider, The Safe House precious metals vault, and The Xcess, a luxury timepiece restoration and storage company.
Unlike traditional storage facilities, The Reserve integrates secure storage with transactional capabilities, allowing clients to buy, sell, and even use their assets as loan collateral—all under one roof.
For example, clients can use their prized Patek Philippe or Rolex watches as collateral to obtain peer-to-peer (P2P) loans from other clients of The Xcess to purchase silver and gold bullion stored in safe deposit boxes with The Safe House vault. Likewise, Silver Bullion clients can lend funds for an interest return in P2P loan requests by The Xcess’ clients that use luxury timepieces as collateral.
This unique model provide asset management convenience for ultra-high-net-worth individuals, allowing them to unlock financial opportunities using assets stored at The Reserve.
In this way, The Reserve transforms asset storage into an active wealth management solution, eliminating the need to move high-value items between multiple facilities for transactions.
Foreigner-Friendly
The Reserve is foreigner-friendly and welcomes international clients to use its services. The facility is located only 7 minutes by car from the Changi Airport, allowing foreigners to easily check on their assets.
Silver Bullion, The Reserve’s parent company, also allows the buying and selling of silver and gold bars and coins directly with eight foreign currencies without the need for currency exchange.
Foreigners can easily create accounts as clients depending on who you are transacting with, either The Reserve (SDBs), Silver Bullion (precious metals and storage), The Safe House (SDBs and institutional precious metal storage), or The Xcess (luxury timepieces).
Founded by Industry Veterans
The Reserve is part of the Silver Bullion Group, founded by precious metals industry veterans. The Group’s founder, Gregor Gregersen, is well-regarded and an active participant in the Singapore bullion market, frequently sought after by the media for his views on precious metals.
Silver Bullion is a member of the Singapore Bullion Market Association (SBMA) and the first South East Asia member of the London Bullion Market Association (LBMA).
Silver Bullion has operated its private vault, The Safe House, since 2014 and has strong knowledge of secure storage, insurance, and logistics for precious metals.
Knowing the experience and profiles of the management team behind The Reserve gives UHNWIs peace of mind, knowing that their offshore safe deposit boxes at The Reserve are well-managed by industry professionals.
Types of Safe Deposit Boxes Available at The Reserve
The Reserve houses two types of safe deposit boxes within its premises, one managed by The Reserve and another managed by The Safe House vault.
Dual-key Access SDBs Operated By The Reserve
The Reserve rents dual-key access SDBs in six sizes: XS, S, M, L, XL, and XXL. Their weight limits range between 8 to 32 kg.
Unlike conventional safe deposit boxes, The Reserve’s SDBs also come with default liability protection coverage of up to SGD 10,000 (XS to M size) and SGD 20,000 (L to XXL size). Additional liability protection coverage of up to SGD 500,000 can be separately purchased.
The Reserve’s SDBs are secured with uniquely-numbered tamper-evident metal seals for further security.
SDBs Operated By The Safe House
The Safe House is an ISO 9001-certified high-security vault owned by the Silver Bullion Group. Founded in 2014, The Safe House offers safe deposit boxes and specialized vaults for institutional bulk storage of precious metals.
The Safe House has two types of SDBs – a Class I SDB for silver and a Class II SDB for gold. The different classes of SDBs indicate their segregated storage within the vault – Class I SDBs in the silver vault and Class II SDBs in the gold vault.
The Class I safe deposit box can hold up to 202 kg of weight (or 6,500 troy ounces of silver), while the Class II safe deposit box can hold up to 15.6 kg (or 500 troy ounces of gold).
The Safe House’s Class I SDB features dual-key access, while the Class II SDB only has a client key. Both boxes are further secured by uniquely numbered tamper-evident seals. Class I and II SDBs come with USD 50,000 and USD 200,000 liability protection included in the rental fee. Additional liability protection can be purchased separately.
The liability protection applies to bullion declared to The Safe House that is sealed in tamper-evident security bags.
Furthermore, The Safe House allows a one-time remote opening of a new safe deposit box if clients cannot be physically present. All bullion will be deposited under CCTV surveillance, and a copy of the deposit receipt, the CCTV recording, and box keys will be sent to clients by postal mail. Full liability protection applies in this case.
Store Wealth and Bullion at The Reserve
The Reserve’s unrivalled combination of exclusive Singapore jurisdiction and unique asset ecosystem makes it a strong contender for offshore safe deposit box services for ultra-high-net-worth individuals.
Unlike conventional global storage vaults, our wealth protection mission is tailored to UHNWIs’ needs, and any jurisdictional exposure is limited to Singapore, an exceptionally well-governed country. Bereft of the natural resources that larger countries enjoy, Singapore values foreign investors’ confidence highly, as evidenced by its development into a top global financial center, defense investment, and renowned strong enforcement of its laws.
We welcome you to visit The Reserve as part of your due diligence research and are confident that we are a strong contender for your choice of renting offshore safe deposit boxes.
Please contact us for more information.