It will soon be no longer necessary for Chinese to apply for a visa to visit Singapore. It will be the same for Singaporeans who want to visit the Middle Kingdom. This will stimulate luxury consumption in both countries…
The Chinese may return to Singapore in droves to shop. Before the pandemic, Middle- Kingdom tourists were the first foreign population to visit the City-State. That is to say, 3.6 million visitors in 2019 left some 3.09 billion dollars in the coffers of hotels, restaurants, and stores in Singapore …
But since the irruption of the covid, the Chinese, under house arrest, had deserted this prosperous island rich in luxury offer. But if they are again authorized to travel outside their borders since the beginning of the year, they still do not benefit from ideal conditions to go to Singapore. Their visit is still subject to a visa.
Visas on the way out
Singaporean travelers, exempted from this requirement for less than two-week trips, must now apply for a visa to travel to China. This has created a bottleneck at the Chinese visa application center in the City-State.
But these cumbersome processes could soon be considerably eased. The Beijing Embassy in Singapore has revealed that China is finalizing a bilateral visa waiver agreement with the city-state…
This is an opportunity to revitalize exchanges on favorable terrain. The two countries already have very close ties: three-quarters of Singapore’s population (a total of 4 million citizens and permanent residents out of approximately 5.6 million inhabitants) are of Chinese origin. Many of them speak Mandarin and have settled in recent years, acquiring luxurious homes and investing locally.
Exemption eagerly awaited
According to a spokesperson for the Chinese embassy in Singapore, this double visa exemption is “eagerly awaited” by citizens of both countries. It is “also a common concern of the leaders of both countries.” So the deal is likely to go well.
This a priori unnatural arrangement between the communist giant and the City-State, a paradise for capitalism and big money, should further promote the prosperity of the latter. And it should make it more than ever an unavoidable destination for luxury brands.
The Asian island already has a very high number of ultra-rich people. According to a study by HSBC Bank, 13% of Singaporeans could join the millionaires’ club by 2030. Singapore would also become the world champion in the concentration of millionaires within its population.
Read also > Chinese luxury spending to jump in 2023
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