Reports have suggested that a significant number of Germans have been moving funds to Singapore after Germany entered a tax deal with Switzerland in April. But this agreement is still subject to the approval of the Swiss upper house and the SPD opposition party is stridently against it.

Once ratified by both parties domestically, the new tax agreement between Germany and Singapore will widen the scope of information exchange to all types of tax; previously it was restricted to just taxes on income and capital.

Additionally, the exchange of information will no longer depend on the taxpayer being resident in one of the contracting states and the requested state is obliged to obtain information even in a case where it does not itself require the requested information for tax purposes.