The number of applicants have "fallen by at least half over the past year," she added.
For applicants who are successful, however, permanent residency is a pathway to Singaporean citizenship after just two years. A Singaporean passport gives access to more than 160 countries around the world -- just five less than the United States, according to Henley and Partners.
If you have money to burn and want to go down under for permanent residency and potential citizenship, then Australia's Significant Investor Visa is the way to start.
Launched in November 2012, the program targets high net-worth individuals and requires a roughly $4.7 million investment. Applicants can invest in government bonds, infrastructure projects or private companies.
In return -- and in as little as three months -- a significant investor visa can be issued. After four years, holders can apply for permanent residency.
From the program's launch through May, more than 170 applications have been filed. If all are given the green light, Australia will receive $850 million in new foreign investment.
Benefits to Australian residency include free health care, some of the world's best beaches and visa-free access to more than 160 countries -- on par with passport holders from the United States and United Kingdom.
And Australian cities have received many high accolades. In 2012, the Economist Intelligence Unit chose Melbourne as the world's most livable city. And in 2011, Conde Nast travelers voted Sydney as the world's best.
But for all the roses, there are also thorns -- and Australians pay for what they get. The country has a 45% personal income tax rate, according to KPMG, besting the U.S.' 39.5% rate.
And with Australia's chronically strong dollar, Sydney and Melbourne ranked as two of the world's five most expensive cities to live in 2012, according to the 2013 Worldwide Cost of Living Survey from the Economist Intelligence Unit.