The Rise of Safe Deposit Boxes in Singapore: Why More People Are Securing Their Assets in Uncertain Times

Demand for safe deposit boxes in Singapore has reached record levels in 2026. Vault operators are reporting unprecedented storage orders. Gold is flowing into the city from investors across Asia, Europe, and beyond.

This is not accidental. A combination of geopolitical instability, record gold prices, and shrinking access to bank safe deposit boxes has prompted a significant shift in how residents and investors approach the protection of physical assets.

This guide covers what is driving that shift, the storage options currently available in Singapore, and what to consider when choosing a provider.

Why Singapore Has Become a Global Safe Haven for Physical Assets

Singapore's role as a wealth storage hub has been building for years. In 2026, it has become more pronounced than ever.

The city-state holds a AAA sovereign credit rating from S&P, Moody's and Fitch, one of only roughly 11 countries globally with this distinction. It ranked 3rd globally on the Corruption Perceptions Index 2025, the highest in Asia Pacific. Its English Common Law legal system, political neutrality, and transit hub location provide institutional reliability that few cities in the region can match.

For precious metals specifically, Singapore offers a GST exemption on qualifying Investment Precious Metals, covering gold of minimum 99.5% purity, silver of 99.9% purity, and platinum of 99% purity. There is no capital gains tax, no inheritance tax, and no import duty on precious metals.

As Nicky Shiels, head of research at MKS Pamp, told CNBC, Singapore is viewed as the "Geneva of the East" with a reputation as a safe jurisdiction offering relative political and economic stability. Private gold holdings in Singapore have grown sixteen-fold since 2014, now exceeding 800 tonnes.

In March 2026, MAS and the Singapore Bullion Market Association jointly announced a Gold Market Development Working Group to develop Singapore into a leading gold trading center. Bloomberg reported simultaneously that Singapore is planning to expand storage capacity to serve as a custodian of bullion held by foreign central banks.

What Is Driving the Surge in Demand

Record Gold Prices

Gold surged approximately 60% in 2025, setting 53 new all-time highs throughout the year, its strongest annual performance since 1979. Prices climbed from US$2,624 per ounce in January 2025 to an all-time high of US$5,595 in January 2026. J.P. Morgan forecasts gold to average US$5,055 per ounce by Q4 2026.

Global gold demand exceeded 5,000 tonnes for the first time in 2025, reaching a record value of US$555 billion, up 45% year on year. Singapore's gold bar and coin investment demand reached a record 9.6 tonnes in 2025, up 48% year on year. As more people acquire physical gold, the need for professional secure storage grows in parallel.

Geopolitical Uncertainty

The Iran-Israel Twelve-Day War in June 2025 was followed by a far larger US-Israel joint military operation on Iran, launched February 28, 2026 and still ongoing, disrupting Middle East energy markets and threatening the Strait of Hormuz. Russia's war in Ukraine has passed three years with no resolution. The US-China trade war escalated to 145% tariffs on Chinese goods in April 2025, triggering the largest single-day global market shock since 2020.

In each of these episodes, investors responded by moving toward physical assets in stable jurisdictions. Singapore has been the primary beneficiary of that behavior in Asia.As Gregor Gregersen, founder of Singapore's largest private vault facility, told CNBC, clients are looking at tariffs, a changing world, and the potential for geopolitical instabilities, and choosing to store physical assets in a safe jurisdiction like Singapore with parties they can trust.

Home Storage Is Not the Answer

Physical assets stored at home carry inherent risks regardless of location. Most residential safes offer limited fire resistance and can be removed or bypassed entirely. Standard home insurance policies typically impose sub-limits of S$5,000 to S$20,000 on all valuables, far below the value of most meaningful collections.

For international investors, the risks go further. Assets kept in a home country with weaker institutional frameworks are exposed to political instability, currency controls, and the risk of government seizure. Singapore's legal framework explicitly protects privately stored assets, with no history of government confiscation of gold or private property held in vaults, making it a jurisdiction of choice for wealth stored outside the banking system.

Safe Deposit Box Options in Singapore

There are four main types of safe deposit box services available in Singapore: bank-operated, manual private vaults, automated private vaults, and specialist precious metals facilities.

Bank Safe Deposit Boxes

Banks in Singapore have been steadily scaling back safe deposit box services. Of the banks that still offer the service at selected branches, access has become increasingly restricted.

DBS is the most accessible bank option, requiring only a basic savings or current account. However, boxes at most branches are prioritized for DBS Treasures members who maintain S$350,000 in deposits or investments, meaning waitlists are common for regular account holders. OCBC and UOB restrict the service entirely to Premier or Private Banking clients with minimum balances of S$200,000 and above respectively. For most residents and for foreigners without a local banking relationship, these requirements are prohibitive.

Even for those who qualify, structural limitations apply. Access is confined to branch operating hours, typically Monday to Friday 8:30am to 4:30pm and Saturday 8:30am to 1:00pm only. A staff member must accompany every visit using a dual-key system. The bank provides no insurance on contents. Upon the account holder's death, the box is frozen until a Grant of Probate is obtained, a process that often takes a year or more.

Manual Private Vault Operators

Manual private facilities  such as Certis (formerly Certis CISCO) offer safe deposit box services where a staff member accompanies clients during access. Some provide longer or more consistent operating hours than bank branches. As a staff member is present at all times during access, a third party may observe the contents of a box.

Automated Private Vault Operators

Automated facilities use robotic retrieval systems to deliver safe deposit boxes directly to a private viewing room. Access is entirely self-service, with no staff interaction at any point during the process. Boxes are retrieved and returned without anyone else present. All automated providers in Singapore offer 24/7 access, every day of the year.

This category has grown significantly as banks have narrowed eligibility and restricted access. Automated private vaults serve a broader range of clients, from local residents and expatriates to international investors seeking Singapore's regulatory and tax advantages.

Specialist Precious Metals Facilities

Several facilities in Singapore are purpose-built for precious metals storage, offering allocated storage, built-in insurance, and institutional-grade vault infrastructure. These typically target high-volume investors and institutional clients, with pricing and minimum commitment periods structured accordingly.

What to Consider When Choosing a Provider

Access hours: A box tied to banking hours is unavailable for the majority of a week. Consider whether round-the-clock access matters given how and when you are likely to need your assets.

Privacy: In manual facilities, a staff member is present during every visit. Automated manless vaults deliver the box to a private room with no staff involvement at any point. No staff is close proximity of your Box at all times. 

Security layers: Multi-factor authentication, 24/7 CCTV, structural vault construction, and gas suppression fire systems, together form the baseline of professional storage. Check whether a provider offers all of these, not just one or two.

Administrative control:  Any change to who can access your safe deposit box — such as adding or removing authorised users — should require direct confirmation from the registered account holder. In manual facilities, this is handled through paper or digital request forms that staff process manually. While effective when procedures are followed, it relies on human verification and does not include real-time technical safeguards. In contrast, automated systems like STARVAULT use OTP (one-time password) governance: every change requires a unique code sent to the registered holder’s phone, preventing any unauthorised administrative changes by staff and giving you complete ownership and peace of mind.

Eligibility: Providers requiring a local bank account or minimum deposit balance exclude a large portion of residents and most foreigners. The most accessible providers require only a verifiable identity.

Contract flexibility: Annual-only contracts are standard across most of the market. A monthly option provides meaningful flexibility for clients whose needs may change.

Succession planning: Safe deposit boxes in Singapore are typically frozen upon the death of a registered holder until a Grant of Probate or Letter of Administration is obtained — a process that can take many months or longer. This applies across all providers. STARVAULT’s complimentary Will Custodian Service helps ease this by allowing you to securely store your original will and pre-designate executors via Form W, making the asset transfer process smoother and more efficient for your loved ones.

STARVAULT: An Automated Safe Deposit Box Option in Singapore

STARVAULT is one of Singapore's premium automated private safe deposit box facilities, located at BOXPARK, 506 Chai Chee Lane. It is operated by BOXPARK Pte Ltd, a subsidiary of Dou Yee International, established in 1982 and the owner of the building itself.

What STARVAULT Offers

• 24/7 access, every day of the year. This includes public holidays, with no appointment required.
• Five-step authentication. Gaining access requires facial recognition, card access, fingerprint verification, PIN code, and a physical key. Only the registered account holder or an explicitly designated person can retrieve a box.
• Manless vault. Boxes are stored in a sealed, steel-reinforced concrete vault and delivered by a robotic system to a private viewing room. No staff member can enter the storage area at any time, except during annual servicing, where tight operating procedures are observed.
• Real-time access notifications. An email notification with a timestamp is sent every time a box is accessed, giving account holders a complete record of all activity.
• OTP governance. Any change to account access, including adding or removing authorized users, requires one-time password verification from the registered holder. STARVAULT is the only automated provider in Singapore with this feature.
• Gas suppression fire protection. The system suppresses fire in the vault without water, protecting documents and metals from sprinkler damage. The facility is located 29 meters above sea level. The building is protected by a professional water fire protection system that is serviced monthly and goes through government certification annually. 
• Free Will Custodian Service. STARVAULT offers a complimentary will custodian service. Clients store their original will and designate executors via Form W, avoiding the probate complications that arise when a will is held in a bank SDB frozen upon the holder's passing.
• No banking relationship required. Open to Singaporeans, permanent residents, and foreigners. Only a verifiable phone number and email address are needed.
• Monthly contracts. STARVAULT is the only safe deposit box provider in Singapore, bank or private, offering a minimum commitment of one month.

Pricing

A one-time administrative fee of S$100 and a refundable security deposit of S$200 apply to both box sizes. The monthly plan has a minimum period of one month. The 1-year prepay plan currently includes a promotion of 2 months free.

Conclusion

The rise in safe deposit box demand in Singapore reflects a clear shift in how residents and investors approach physical asset protection. Record gold prices, sustained geopolitical uncertainty, and shrinking bank access have all contributed.

Singapore's AAA credit rating, zero capital gains tax, GST exemption on investment precious metals, and political neutrality make it a storage environment with few equivalents in Asia. The March 2026 government announcement of plans to develop a gold trading hub and host foreign central bank reserves signals this trend will continue.

The right provider depends on individual circumstances. Access hours, privacy, security infrastructure, and succession planning all determine whether a safe deposit box works as intended when it matters most.

STARVAULT is one option worth considering. Schedule a tour, get a personalized quote, or contact the team to find out more.