As an expat in Singapore, your financial life is more global, more complex, and frankly, more full of blind spots, than you realise. The end of the year is the perfect time to take stock, optimise taxes, review investments, and tighten up the loose ends most people ignore until it’s too late.
Here are the key year-end money moves every expat should make before 31 December.
1. Maximise Your SRS Contribution Before the Deadline
The Supplementary Retirement Scheme is one of Singapore’s most underrated tax planning tools.
Why it matters: • Contributions made before 31 December count towards this year’s tax relief. • High-income earners gain the biggest advantage. • It’s one of the few tax optimisation tools available for non-PR, non-citizen expats.
To review now: How much have you contributed this year? Should you top up further to reduce your taxable income? Is your SRS money invested, or sitting idle in cash?
2. Audit Your Investment Portfolio
Year end is the perfect time to tighten your portfolio: • Rebalance after market volatility • Consider adding to your investments • Reallocate based on new income, currencies or life changes • Check if your risk profile has shifted
Most expats don’t rebalance, they simply “add and forget”. That’s where returns quietly slip away.
3. Review Global Assets and Cross-Border Exposure
Your life isn’t contained in one country, your money shouldn’t be either.
Year end is the time to review: • UK pensions • UK property or AU property • Offshore accounts • Existing insurance policies • FX exposure between SGD, GBP, USD and EUR • Future moves or repatriation plans
A global review helps ensure nothing clashes; tax, currency, retirement timelines, and liquidity all need to be aligned.
4. Clean Up FX Leakage
If you send money home frequently, year end is a good moment to: • Compare FX providers • Reduce unnecessary transfers • Consolidate currencies • Align assets with future goals (e.g., don’t hoard GBP unless you need GBP)
Many expats lose thousands a year in poor FX decisions without realising it.
5. Review Your Insurance and Health Cover
Especially critical if you changed jobs or incomes this year.
Do you still have adequate hospitalisation cover? Is your coverage tied to an employer who could cut it suddenly? Are your personal policies still fit for purpose?
6. Run a Lifestyle & Spending Review
Not glamorous… but a massively effective wealth-builder. • Cut dead subscriptions • Review spending categories • Map expected 2026 major expenses • Set realistic savings goals
7. Book a Professional Year-End Review
This is the ideal time to speak with a financial planner – especially one who understands cross-border planning and expat complexities.
The end of the year is when small tweaks make the biggest difference. These are the money moves that ensure you’re not just earning well…you’re building something meaningful.
Singapore is one of the best places in the world for expats to grow their wealth — low taxes, access to global markets, and a vibrant financial ecosystem. But what happens when your time here comes to an end?
Many expats overlook financial exit planning until the very last moment, leaving them exposed to unnecessary taxes, lapses in insurance, or even frozen assets. Whether you’re relocating for work, moving home, or shifting to a third country, the decisions you make before you leave Singapore will shape your financial security for years to come.
In this article, we’ll cover the key areas expats need to consider when planning their financial exit from Singapore.
1. Investments & Bank Accounts
• Local Bank Accounts: Many banks require you to maintain residency to keep an account open. Check whether you’ll need to close your account or maintain a minimum balance to keep it active. • Brokerage & Investment Accounts: Ensure your investments can continue to be managed once you’re no longer Singapore-resident. Some platforms restrict services if you move to certain countries. • Repatriation of Funds: Think about exchange rates, transfer costs, and the best timing for repatriating savings.
Tip: Keep at least one Singapore account open if possible; it makes final bills, tax refunds, and loose ends much easier to manage.
2. Retirement Savings
• Supplementary Retirement Scheme (SRS): If you’ve contributed to SRS, know the withdrawal rules. Premature withdrawals (before retirement age) are taxed at your prevailing rate, but timing can reduce your liability. • Pensions & Overseas Schemes: Map out how your Singapore savings interact with home-country pensions or new schemes in your destination.
Tip: Exiting at a time when your taxable income is low (e.g., between jobs) may make an SRS withdrawal more efficient.
3. Insurance Cover
• Medical Insurance: Corporate coverage typically ends with your employment. Will you be uninsured between leaving Singapore and settling in your next country? Consider a global health policy that travels with you. • Life Insurance: Review whether your policy is portable; some remain valid worldwide, others don’t. • Property & Liability: If you own property in Singapore, make sure you keep the right coverage in place after departure.
Tip: Don’t cancel health coverage until you have new protection in place abroad. Gaps in cover can leave you vulnerable.
4. Tax Implications
• Final Year of Assessment: You’ll need tax clearance (IR21) from IRAS before leaving. Your employer is obliged to withhold your salary until this is processed. • Double Tax Treaties: Check whether your home country has a tax treaty with Singapore to avoid being taxed twice on the same income. • Capital Gains: While Singapore doesn’t tax capital gains, your new country might. Selling assets before departure may sometimes be more efficient.
Tip: Work with a cross-border tax adviser if you’re moving to a higher-tax jurisdiction — it could save you significantly.
5. Estate Planning
• Wills & Beneficiaries: Review whether your Singapore will (if you have one) still applies in your next country. • Cross-Border Assets: Holding assets in multiple countries can complicate probate. Consider trusts or nominations for smoother transfer. • Inheritance Rules: Civil law countries (like France, Italy, or Spain) have forced heirship rules, which can override your wishes.
Tip: Update your will as part of your exit checklist — one less stress when moving abroad.
6. Practical Exit Checklist
Before you book your one-way ticket, make sure you’ve ticked off: • ✅ Tax clearance (IR21) filed and approved • ✅ Bank accounts updated or closed • ✅ Investments reviewed for cross-border impact • ✅ Insurance (health, life, property) secured for transition • ✅ Wills and estate plan refreshed • ✅ Professional advice sought for tax and repatriation
Leaving Singapore isn’t just about packing boxes and booking movers… it’s about making sure your wealth, health cover, and legacy travel with you. By preparing ahead, you can exit smoothly and avoid costly surprises.
Your financial journey doesn’t end at Changi Airport, it evolves. With careful planning, you can take the benefits of your time in Singapore with you, wherever life leads next.
If you’re preparing to leave Singapore, whether in six months or six years, now is the time to get your finances in order. For more expat-friendly tips on investing, insurance, and financial planning, visit danielleteboul.com for the rest of my articles— your guide to managing money as an expat in Singapore.
Whether it’s losing a job, facing health issues, or managing family emergencies abroad, these situations can be overwhelming—especially when you’re far from home. But don’t worry, today we’ll explore practical strategies to help you stay afloat financially during tough times, right here in Singapore.
Recognising the Reality
Living abroad offers incredible experiences, but it also comes with uncertainties. Unexpected events—like job loss, health crises, or family emergencies—can hit hard financially. The key is to prepare and respond calmly. Remember, you’re not alone, and there are steps you can take to navigate these challenges effectively.
Immediate Steps to Take
First, when faced with an unexpected crisis, prioritise understanding your situation:
Assess your finances: Know your current savings, income, and expenses.
Identify immediate needs: Medical bills, rent, groceries.
Stay calm: Panic can lead to poor decisions.
Next, act swiftly:
Contact your employer or HR department if you’re jobless—sometimes there are severance packages or support schemes.
Seek medical assistance by understanding your insurance coverage. If this was through work, maybe now is the time to look at purchasing private insurance.
Notify your family or emergency contacts—they can provide emotional support and guidance.
Financial Safety Nets & Support in Singapore
Personal Savings: Ideally, aim to have at least 3-6 months’ worth of living expenses saved. This buffer is invaluable during unexpected events.
As there are very few schemes & assistance available to expats in Singapore, self-reliance and personal financial planning is incredibly important.
Managing Job Loss or Income Disruption
Losing a job in Singapore—especially as an expat—can be daunting. Here’s what you can do:
Review your employment contract and understand your rights—such as the notice period and severance pay.
Leverage your network: Reach out to contacts or recruiters; Singapore has a vibrant job market.
Update your resume and online profiles like LinkedIn.
Consider part-time or freelance work if feasible. Usually, this is only for those on a DP with LOC/ LTVP+, or someone who can spend the time setting up their own company in Singapore.
Explore retraining opportunities: You can explore courses through various platforms, such as LinkedIn, which can help you upgrade your skills during this period.
Dealing with Health Issues
Health crises can be costly and stressful:
Use your health insurance efficiently: Know what’s covered.
Seek assistance from clinics and hospitals: Singapore has excellent healthcare, but costs can add up.
Access community resources: Support groups or expat communities often share helpful advice.
Maintain a healthy lifestyle: Preventative care reduces long-term costs.
Handling Family Emergencies Abroad
Family emergencies—whether in your home country or elsewhere—can be emotionally taxing. To handle financially:
Coordinate with family members for support or to share costs.
Use remittance services wisely: Platforms like TransferWise, OFX or local banks facilitate quick, low-cost transfers.
Check your insurance coverage for family emergencies—some plans include repatriation or emergency medical coverage.
Long-Term Planning & Resilience
While these are immediate steps, long-term resilience is key:
Build an emergency fund consistently.
Diversify income sources: with things like rental income & investments.
Regularly review your financial plan—adjust as your situation changes.
Stay informed: Follow local news, government advisories, and community updates.
Remember, unexpected life events are challenging, but with preparation and the right approach, you can navigate them more smoothly. In Singapore, a robust safety net, combined with proactive planning, can help you weather any storm.
If you’re facing a crisis, don’t hesitate to seek help—whether from your employer, community organisations, or financial advisors. You’re not alone in this journey.
Today we’re diving into a topic that’s incredibly relevant for many couples living in Singapore—especially those from different countries and cultural backgrounds.
Whether you’re an Asian-European couple, or from any diverse mix, moving to Singapore brings exciting opportunities but also unique financial challenges. So, let’s explore how you can effectively plan your finances—covering tax, property, wills, and estate planning—to ensure a smooth future together.
Understanding the Financial Landscape for International Couples in Singapore
Singapore is a vibrant financial hub, offering many benefits for expats, but navigating its financial landscape can be complex—particularly when your backgrounds and financial obligations differ.
You might be dealing with different tax systems, property laws, and inheritance rules. The key is understanding these differences early so you can make informed decisions.
Tax Planning for Couples from Different Countries
First, let’s talk about taxes. Singapore has a territorial tax system, which means only income earned within Singapore or remitted here is taxed. But, if one partner maintains financial ties to their home country, things can get complicated.
Questions to consider:
Are you both tax residents in Singapore?
Does your home country tax you on worldwide income?
Are there tax treaties between Singapore and your countries of origin?
Advice: Consult a tax professional familiar with multiple jurisdictions to optimise your tax position. They can advise on issues like double taxation, tax reliefs, and reporting obligations. Remember, what applies to one partner might not apply to the other, so joint planning is essential.
Property Ownership and Housing
Next up is property. Singapore is known for its property market—both opportunities and restrictions.
Couples from different countries might face questions like:
Can both partners own property jointly?
Are there restrictions on foreign ownership?
How does property ownership affect your taxes and future estate plans?
Tip: Be aware of the various property types—HDB flats, condominiums, landed property—and their eligibility criteria. Also, consider the implications of property ownership on your immigration status and estate planning.
Wills and Estate Planning
Now, perhaps the most critical area—wills and estate planning. This is especially vital for international couples because inheritance laws vary significantly between countries.
In Singapore, if you’re a foreigner, your assets outside Singapore might not automatically be covered by your will here. Conversely, your home country’s laws might differ from Singapore’s.
Action points:
Draft a will specific to Singapore to cover your assets here.
Consider cross-border estate planning to coordinate assets in both countries.
Consult legal experts familiar with international estate law to ensure your wishes are honored across jurisdictions.
Remember: Proper estate planning ensures your assets go to your intended beneficiaries, minimising disputes and legal hurdles later.
Practical Tips for Expat Couples
Here are some quick tips to help you navigate these challenges:
Get professional advice: Engage financial planners, tax advisors, and lawyers experienced with international couples.
Coordinate your plans: Ensure your financial, tax, and estate plans are aligned with both your home countries and Singapore.
Keep documentation organised: Maintain clear records of your assets, wills, and legal documents in both countries.
Stay updated: Laws change, so review your plans regularly.
Living in Singapore as a couple from different countries is an exciting adventure—full of opportunities, but also complexities. With proactive planning around tax, property, and estate matters, you can enjoy peace of mind knowing your financial future is secure.
Until next time, take control of your finances and make your expat journey a success!
Singapore has a huge Aussie & Brit expat population, many of whom are living and working here for now, but will most likely move back home when they retire. While the allure of a new life abroad is enticing, it brings with it a myriad of challenges, particularly regarding wealth management, taxation, and succession planning. This article delves into the essential aspects of protecting your wealth as an expat in Singapore, with a focus on tax implications, trust structures, and the role of term insurance.
Understanding the Tax Landscape for Expats in Singapore
Tax Residency
First and foremost, it’s crucial to understand your tax residency status in Singapore. According to the Inland Revenue Authority of Singapore (IRAS), you are considered a tax resident if you stay or work in Singapore for at least 183 days in a calendar year. Tax residents benefit from progressive tax rates, which range from 0% to 22%, depending on income levels.
For expats, the tax implications can change significantly when returning to the UK or Australia. Both countries operate under a residence-based taxation system, meaning that if you are considered a tax resident upon your return, you may be subject to tax on your worldwide income.
Double Tax Agreements (DTAs)
Fortunately, Singapore has signed Double Tax Agreements with both the UK and Australia. These treaties help to prevent double taxation on income earned in Singapore and provide relief for expats planning to return home. Understanding how these agreements work is essential to ensure you don’t pay more tax than necessary.
Tax Implications When Returning Home
UK Tax Considerations
When British expats return to the UK, they may become liable for UK tax on their global income. The UK operates a system of residence and domicile, where your domicile status can significantly impact inheritance tax (IHT) liabilities. If you were non-domiciled while living abroad, you could have enjoyed certain tax benefits. However, upon returning to the UK, this status may change, and you could be liable for IHT on your worldwide assets. There have been significant changes in the latest UK Autumn Budget announcement, so be sure to read on the write up on my website to see how that may affect you.
Australian Tax Considerations
Similarly, Australian tax law assesses residents on their global income. If you have been an Australian citizen or permanent resident and return home, your foreign income, including any investments or properties held in Singapore, may also be subject to Australian tax. Moreover, capital gains tax (CGT) may apply to assets sold after your return.
Inheritance Tax Planning
As expats, planning for inheritance tax is crucial, especially for those with assets in multiple jurisdictions. Both the UK and Australia have different approaches to inheritance tax that can significantly impact your estate.
UK Inheritance Tax
In the UK, IHT is charged at a rate of 40% on estates valued over £325,000 (as of the 2023/24 tax year). If you are a non-UK domiciled individual, you are only liable for IHT on UK assets. However, if you return to the UK and are deemed domiciled, your worldwide estate may be subject to IHT. Of course, this too is set to change with the latest budget announcement.
Australian Inheritance Tax
Australia, on the other hand, does not impose inheritance tax. However, it does have CGT implications on the transfer of assets, which can affect how much your heirs receive. Understanding these differences is essential for effective estate planning.
Utilising Trusts for Wealth Protection
UK-Based Trusts
Creating a trust is an effective way to manage your wealth and mitigate potential tax liabilities. Trusts can help protect your assets from inheritance tax and ensure they are distributed according to your wishes. UK-based trusts can be established even while residing in Singapore, allowing you to retain control over your assets.
Types of Trusts to Consider:
Discretionary Trusts: These trusts give trustees discretion over how to distribute income and capital, providing flexibility in managing tax liabilities.
Interest in Possession Trusts: Beneficiaries have the right to receive income from the trust, providing more control over distributions.
Setting Up Trusts in Singapore
To establish a trust while living in Singapore, you will need to engage with a qualified solicitor or trust company familiar with both UK and Singaporean laws. The process typically involves drafting a trust deed, appointing trustees, and transferring assets into the trust. I often help set up certain kinds of trusts for my client, to prepare and plan for inheritance tax.
The Role of Term Insurance in Wealth Protection
Importance of Term Insurance
Term insurance is a straightforward and cost-effective way to provide financial security for your dependents in the event of your untimely death. For expats, having a term insurance policy can ensure that your family is protected financially, regardless of where you are living. Sometimes, these policies can also be put into trust to mitigate inheritance tax.
Choosing the Right Policy
When selecting a term insurance policy, consider:
Coverage Amount: Ensure it is sufficient to cover your family’s needs, including living expenses, education, and debt repayment.
Policy Duration: Choose a term that aligns with your family’s needs and financial situation.
International Coverage: Ensure the policy covers you in Singapore and your home country, should you return.
As an expat in Singapore, particularly for British and Australian nationals, protecting your wealth is a multifaceted endeavor. Understanding the tax implications of your residency status, planning for inheritance tax, utilising trusts for asset protection, and securing term insurance are all critical components of a comprehensive wealth management strategy. By taking proactive steps, you can safeguard your financial future and ensure that your wealth is preserved for generations to come.
Engaging with financial advisors who understand the complexities of cross-border taxation and estate planning is highly recommended to tailor an approach that fits your unique circumstances.
Living in Singapore as an expat can come with its own set of financial challenges that are not applicable to locals. From various tax considerations, to dealing with foreign exchange rates, it’s often quite challenging for expats to ‘DIY’ their financial planning. Therefore, it’s important to find a financial planner, or advisor, that has experience with clients that also have these niche issues. Here’s a few things to look out for when you choose a financial advisor:
Their qualifications & regulations
This is not just applicable for expats, but for anyone seeking financial advice in Singapore. Financial advisors need to be licensed and regulated by the Monetary Authority of Singapore (MAS) to legally give advice, and the investments & products they are selling should be regulated by MAS, too. Even offshore investments in Singapore must follow these regulations; if they are not, you run the risk of not being legally protected should anything go wrong.
2. Their independence & ties
There are two types of advisors in Singapore- independant & tied. If someone is independent, it means that, even though they probably work for a specific firm or financial institution, they are able to recommend various investments, insurance etc. from many companies. A tied advisor can only recommend products from the financial institution or insurance company they work for. I started off my journey as a Private Wealth Manager being tied to a local firm, and I found that this limited my ability to help my clients, particularly expats. Now that I work as an IFA (independent financial advisor), I find that I am able to help expat clients a lot more, as various investments will have different tax considerations, and certain insurance products may be better for expats from certain countries, whilst others are not. It’s totally up to you whether you work with a tied or independent advisor, but I do think that planning can be limited if you are only able to have investments from one company.
3. Their experience with working with expats
Look for a financial advisor who has experience working with expats in Singapore, and who understands the unique financial considerations that come with living abroad. Many local advisors or those who solely work with locals, will not be aware of capital gains tax considerations when an expat repatriates, and a surprise tax bill can be detrimental to investment planning. Retirement planning for expats can be complicated due to factors such as differing retirement ages, pension eligibility, and social security contributions. Advisors that have little experience working with expats may not be familiar with these specific considerations and how they can impact an expat client’s retirement goals. For example, I am able to assist my clients who are British or have worked in the UK, with their retirement planning and pensions. The same goes with Australians, as we have investments that are tax-efficient in these countries, and have tax experts on-hand to advise on this portion of their financial planning. Generally, if you are an expat, it’s good to work with an advisor who will be able to understand your unique situation & goals. You can always ask the advisor what kind of clients they work with, or if they have any case studies to share on clients in similar situations as you.
4. Discuss fees and charges upfront
Generally, in Singapore, fee-based advice is not very common. Whilst this is usual in western countries, in Singapore most advisors are paid either a commission, or an on-going fee, let’s discuss the slight differences between the two:
Commissions are paid to the advisor usually upfront, either when you buy an insurance product or an investment. This cost is factored into the premiums that you are paying, along with the company the advisor works for paying a chunk, too. Because these commissions are generally upfront, you may see that the charges are very large in the first couple of years. Due to this, if you are buying a product, be it investment or insurance, that does not require a lot of transactions, you may not always get the same level of service as you did at the start.
On-going fees are usually a percentage of the advisors funds under management. They will get a % on whatever monies their clients have entrusted with them. Because these fees are on-going, there is an obligation by the advisor to give you on-going advice and service. This generally tends to lead to a synergy in yours & advisors interest, because as your money grows, so does their pay!
A couple more fees to look out for are transaction and trailer fees; these fees are normally triggered when you buy or sell out of a fund or investment, or switch your portfolio, and a % is paid to the advisor. It is key to be aware of all fees and charges and that your advisor is transparent.
This means that you could have many meetings with your advisor before they actually receive their pay, so do consider if this is the route you would like to go down.
5. Their personality
To me, this may be one of the most important points; you are going to be working with this person for a very long time, therefore it’s best to choose someone that you feel understands and listens to you. As an expat, you may have specific financial goals or concerns that you need help addressing. Make sure the financial advisor you choose communicates clearly and is responsive to your needs. If you are someone who is a novice in investing, you may not like talking about all the ‘buzz words’ of investing, and would appreciate someone communicating to you in an easy-to-understand way. On the flip-side, if you are a bit more knowledgeable and would like investments in specific areas, it’s good to find an advisor that can discuss and educate you on these topics, along with giving their professional opinion.
To conclude, many may think that there isn’t a need for talking to an advisor; they’d rather watch YouTube videos, or talk to their friends and family about finances. But a financial planner should be giving their professional, unbiased opinion. They will be able to objectively look at your goals and financial situation objectively, and construct a clear plan bespoke to you. Always remember that being an expat comes with its own unique situations, and you should look for an advisor that understands that.
People often ask me how I became so financially literate and what I did to make myself financially stable. So, I thought I would share with you how I planned my finances in Singapore. First of all, I will say, I’m very lucky to have parents who taught me from a young age how to save and be frugal. But, moving to Singapore I realised I needed to do more than just save. So here’s how I did it.
Step One: Have an Emergency Fund
This first step was crucial, as you will see in my story later why. I saved 6 months’ salary in my bank account, as a buffer should anything happen. This meant that rent was never an issue, even with putting a deposit on a new rental and moving apartments. It also meant that I had less buyer’s remorse and I knew how much I could afford to spend on my days off.
Step Two: Spend Wisely
Pre-covid, I travelled a lot. A lot of people, particularly those back home, would often ask me how I did it. It was really quite simple; I often travelled to countries where the Singapore dollar went far. I booked cheap accommodation and ate local food. This kept my budget quite low.
Also, in Singapore I don’t tend to buy a lot of things. I mostly spend on going out for meals or activities with friends, which I find easier to manage, especially if the restaurants are cheap!
Remember earlier I mentioned why an emergency fund is so important? Here’s why. In 2019 I found out I had to have an operation- it wasn’t a particularly big surgery, but it was a crucial one. My doctor had found a growth and was unsure if it was cancerous. It was causing me a lot of discomfort and affected my personal life greatly. I was told that the estimated bill would be roughly $19,000. Thankfully, I had health insurance. Even though foreigners have to pay the cost upfront, I managed to get every penny back through my hospital plan, even the doctor’s appointments leading up to the surgery. It was a massive relief. Luckily, I had the money upfront to pay, but can you imagine if I never got that back? Expats often see insurance as unimportant, maybe because healthcare is free back at home, but it’s a fact that Singapore is not a welfare state, so don’t treat it like one.
Step Four: Don’t Leave it Too Late
I went on to purchase critical illness coverage, as I knew deep down in the back of my head that having an operation at 25 (especially one where the C word comes up) is not normal. (I’m fine by the way, it wasn’t cancer.) So, I felt that it was best to be fully covered for critical illnesses. Hospital plans are not sufficient. Imagine if I were diagnosed with Cervical Cancer, and just had a hospital plan? It wouldn’t cover my change in lifestyle; having to take taxis everywhere; maybe hiring at home help; having to maybe order personalised meals. Not to mention the fact that I wouldn’t be able to work if I was going through chemo. A hospital plan definitely wouldn’t cover all of that.
Ok so I had an emergency fund, I was protected and covered insurance-wise. Now what? How did I make my money grow quicker than leaving it in the bank? My current DBS account has an interest rate of 0.005%…. I’m not being funny but that’s rubbish. So, I took a portion of my savings and invested it in unit trusts. I purchased investment policies that contained a mixture of sub-funds that are managed by portfolio managers. I’m not one to sit and watch stocks and manage that by myself, so I’m very happy to let a professional do that for me. This will help me achieve my long-term goals of purchasing a property and having a very comfortable retirement.
I pride myself on not living paycheque to paycheque; I actually can’t remember the last time I did live like that! I always reflect on these five things and review how on-track I am with my financial goals. I hope this helps those who are confused on where to start. How do you plan your finances? If you feel that you have any questions or need any help, please do get in touch.
Investing for Singapore Expats 