Shamim Adam and Stephanie Phang, Businessweek
Submitted by: Editor
Singapore Says “NO” To Millionaires
Due to public outrage over rapdily escalating property values and rising cost-of-living expenses (for ordinary citizens), Prime Minister Lee Hsien Loong has been forced to clamp down on foreign investment, foreign business, and millionaires looking to purchase land in paradise.
[Businessweek] The Monetary Authority of Singapore will scrap its so- called Financial Investor Scheme, the central bank said in an e- mailed response to queries. The program allowed individuals with net personal assets of $20 million ($16 million) who hold at least $10 million of assets in Singapore for five years to apply for permanent residence on a “fast track” through financial institutions, the Business Times reported today.
This exact scenario has been playing out in the United States for decades. Slowly but surely the wealthy are squeezing middle class and poor tax payers out of every single housing market in the country. Plutocrats purchase the best land in the best locations, build montrous mansions, and raise property values to levels no working American can afford.
If only our elected officials, at every level of government, gave a damn about the people they represent.