With currency conversion and even with VAT. If the Euro is in our favour, stuff is cheapest in Europe, second after the states. I bought my 50 'lux ASPH in France for about 5% less than prices in Singapore. And that was with VAT. After I claimed VAT, deduct another 5-7%.
An example, according to Leica's 2011 price list, the 21mm Super Elmar is about $3950(2250e). I just called the Singapore Leica store today and they quoted me $4200.