Saving is Tax-ing in Singapore

Suddenly remember a conversation that I had with a friend whom working in Singapore. He told me that the Government in Singapore impose Savings Tax for accounts in foreign banks, but not if you place your savings in the local banks.

Smart move though rather cheeky. It makes perfect sense as to prevent foreign institutions to hold the monetary liquidity in the market.

Though this might carry enough stick for working-class, there have been aggressive efforts in luring cash-rich individuals to Singapore.

Will try to find more details on this online and update here.
Further Reading :
http://www.post-gazette.com/pg/06037/651083.stm
http://en.wikipedia.org/wiki/List_of_banks_in_Singapore
http://www.accountlaw-tax.com.sg/Website_tlc/ws-taxation%20of%20employment%20income.htm