Job changes are common for expats, but they come with financial consequences people rarely think about. Here are the three things every expat must review before making a career move.
1. Insurance & Medical Coverage
Your employer-sponsored health insurance often ends the day you resign.
Before you move: Check if your hospitalisation coverage is tied to your employer Review any exclusions or loading on personal plans Consider securing your own independent cover before leaving
Changing jobs is the worst time to discover a coverage gap.
2. SRS & Bonus Timing
How and when bonuses are paid impacts: • SRS contribution timing • Tax relief • Investment planning
If your bonus arrives early in the new year, you might miss the chance to use it for this year’s SRS contributions.
3. Employer Benefits & Retirement Schemes
Consider: • Loss of corporate benefits • Loss of employee stock options • Changes in tax exposure • Opportunities to consolidate investments • Need to adjust your portfolio risk
Job changes should trigger a full financial review.
A smooth career move includes financial clarity. Review these three areas before signing any new contract, and you’ll protect yourself from unexpected gaps and missed opportunities.
Life as an expat in Singapore is extraordinary, but your finances can quietly leak in places you don’t notice until it becomes expensive. These hidden costs don’t show up on a bank statement; they show up as lost opportunity, currency erosion, and financial instability later on.
Here are the key wealth drains expats routinely overlook.
1. Currency Erosion — the Silent Wealth Killer
Expats often underestimate how much currency volatility affects long-term wealth.
Common mistakes: • Holding too much GBP or EUR when your life is in SGD • Sending money home “when it feels right” instead of strategically • Investing in GBP assets when your retirement is elsewhere • Ignoring natural currency exposure
A currency-smart plan can add tens of thousands to long-term wealth, without changing your income.
2. Leaving SRS Money in Cash
This is one of the biggest and most avoidable mistakes expats make. Cash inside SRS earns almost nothing, which means you lose purchasing power every single year.
Without investing, you’re missing the entire point of the scheme.
3. “Set and Forget” Investing
Expats move countries, change jobs, and open accounts across continents. But their portfolios rarely get updated.
Consequences: • Wrong risk profiles • Outdated investment allocations • Exposure mismatched with your life stage • Poor diversification
A yearly portfolio review solves this immediately.
4. Paying Too Much in Fees Overseas
Many expats unknowingly hold products back home with unnecessary fees or tax drag. This is common with: • UK pensions • Old workplace schemes • Bank-managed portfolios • Property management companies
A cross-border audit usually reveals easy wins.
5. Insurance Gaps
Expats often assume: “My company covers me.”
But employer policies in Singapore can be removed instantly when you resign, or if the company restructures.
Gaps are common in: • Hospitalisation coverage • Critical illness • Income protection • Life insurance
Replacing cover after a health issue is far more expensive… or impossible.
6. Cross-Border Tax Inefficiencies
Your assets across countries may unintentionally trigger: • Double taxation • Unnecessary reporting • Incompatible product structures
A global financial plan stops tax leakage before it happens.
The hidden costs aren’t dramatic, but they compound over years. Addressing these areas early is the difference between “I earned well” and “I built wealth.”
If there’s one universal truth in expat life, it’s this: the admin is never-ending.
You can be thriving in your career, juggling two currencies, planning investments across borders… and still end up drowning in PDFs, renewal emails, HR benefit summaries, and three different insurance policies you vaguely remember buying but can’t quite locate. Add on the “free” protection that comes with credit cards or company packages, and suddenly your life admin becomes a full-time job.
As someone who works daily with expats on their financial planning, I see this chaos all the time. Clients come to me with folders of mixed paperwork, half-complete coverage, overlapping policies, and sometimes, gaps they didn’t even know existed.
Our expectations for banking and investments have evolved massively. We track expenses from our phones, invest with a swipe, and send money globally in seconds. So why doesn’t insurance feel the same? Why is the most important safety net in our lives stuck in a world of PDFs, policy jargon, and patchy visibility?
That’s why I’m genuinely excited about what forgettable is building.
The App That Simplifies Life Admin (finally)
Forgettable is a Singapore-based insurtech built for Millennials and Gen Z, but honestly, anyone who has ever sighed at a policy document could benefit. Their approach is simple: to help people actually see and use the protection they already have, before topping up with anything new.
The platform:
Turns messy PDFs into smart digital cards: Upload your policies and Forgettable transforms them into clean, visual summaries that show exactly what you’re covered for. No jargon. No fine print scavenger hunts.
Surfaces protection from your credit cards & work benefits: Most people don’t realise how much “free” cover they already have. Forgettable pulls those benefits together so you don’t miss perks you’re already paying for.
Shows overlaps, gaps, and total insurance spend: This is a big deal. Insurance planning shouldn’t be guesswork. With everything centralised, it becomes instantly clear where you’re double-paying, under-protected, or perfectly balanced.
Visualises claims, limits, and geographical coverage: Especially for expats, knowing where your cover applies is crucial. Forgettable helps you understand your protection geographically, Singapore, home country, travel, and where the blind spots are.
In short: It’s life admin, but easier. It’s insurance, but finally modern.
Clarity = Confidence abroad
One of the biggest emotional undercurrents I see in expat financial planning is uncertainty. We’re far from home. Our systems are different. Our support networks shift. Insurance is one of the few tools that gives people stability and confidence, but only if they understand what they have.
Having everything centralised not only helps clients make better decisions, it also empowers them with knowledge. And when someone understands their foundation, they’re far more prepared to build on it; whether that means topping up critical illness, adding maternity riders, or planning long-term medical insurance as a foreigner in Singapore.
Why I’m sharing this
I don’t often highlight specific platforms, but I think forgettable is solving a very real pain point, especially for expats who already juggle more admin, more uncertainty, and more moving pieces than the average person.
Anything that helps people gain clarity, save time, and make smarter decisions about their protection is a win in my books.
And of course, if you ever want help understanding your insurance planning or how your existing coverage fits into your wider financial goals, I’m always here. Because the right insurance should protect you, not confuse you.
Singapore is a city that dazzles with opportunity – efficient transport, world-class healthcare, clean streets, and a thriving expat community. It’s no wonder many dream of retiring here. But as an expat, the question isn’t just “Can I live here?”, it’s “Can I retire here comfortably and sustainably?”
The answer depends on planning, lifestyle choices, and a clear understanding of the financial realities of expat retirement.
1. Understand What Retirement Means for You
Retirement isn’t just a number in your bank account, it’s a lifestyle. For some, it means early mornings at the golf course and evenings exploring cultural events. For others, it’s quiet days at home or travel abroad.
Ask yourself: • How do I want to spend my time? • Where do I want to live in retirement? • What standard of living am I aiming for?
Answering these questions early helps shape your financial plan and determines how much you’ll actually need.
2. The Cost of Living: Realistic Expectations
Singapore offers a high standard of living, but it comes at a cost. As an expat retiree, you need to budget for: • Housing: Rental or purchase costs can vary widely depending on location and property type. • Healthcare: While Singapore has excellent healthcare, private medical care is costly without insurance. Planning for comprehensive coverage is essential. • Daily living expenses: Food, utilities, transportation, leisure activities, and domestic help if needed.
Realistically, retirement in Singapore requires a substantial financial buffer. It’s not impossible, but it demands planning and disciplined saving.
3. Saving and Investing for Retirement
The traditional approach of a local pension may not apply to expats. Instead, consider: • SRS (Supplementary Retirement Scheme): Offers tax-deferred contributions and flexible investment options. • Global investment portfolios: Diversified equities, bonds, and funds can grow wealth in a way that’s accessible internationally. • Property: Owning a home can provide stability, but it’s essential to weigh upfront costs and ongoing maintenance.
The key is building multiple layers, some funds accessible in the short term, others growing for long-term security.
4. Health Planning: The Overlooked Factor
One of the biggest risks to expat retirement is healthcare costs. While Singapore’s healthcare system is excellent, private medical care can be expensive without coverage.
Strategies to consider: • Maintain comprehensive health insurance valid through retirement. • Include coverage for chronic conditions or long-term care. • Consider a savings buffer specifically earmarked for healthcare emergencies.
Being proactive about health planning prevents unexpected expenses from eroding your retirement security.
5. Immigration and Residency Considerations
Retirement as an expat isn’t just a financial decision, it’s a legal one. Your ability to live long-term in Singapore depends on visa eligibility: • Long-Term Visit Pass (LTVP): For family members of citizens or permanent residents. • Employment Pass or EntrePass extensions: If planning to continue to work or run a business. • Permanent Residency (PR): Provides greater security but has eligibility criteria and obligations.
Unlike in some countries where retirees can simply buy residency, Singapore’s rules mean that your financial independence must align with immigration pathways.
6. Currency and Cross-Border Planning
Even if your retirement savings are in Singapore dollars, consider: • Currency diversification: Savings in multiple currencies can hedge against fluctuations. • Support for family abroad: Factor in potential remittances or financial support. • Investment portability: Choose assets that can be accessed internationally, in case plans change.
The financial identity shift we discussed earlier applies here: your money must be mobile and adaptable.
7. Lifestyle Planning: Balancing Comfort and Reality
Many expats underestimate lifestyle expenses in retirement. For example: • Regular dining out or entertainment can quickly add up. • Travel and home maintenance costs are ongoing commitments. • Social expectations and hobbies can inflate budgets.
A clear picture of your desired lifestyle allows you to plan realistically, so you can enjoy retirement without constantly worrying about money.
8. Practical Steps for Retiring in Singapore
1. Set a target retirement budget: Include housing, healthcare, daily expenses, and discretionary spending. 2. Build layered savings and investments: Mix accessible funds with long-term growth vehicles like SRS and global portfolios. 3. Plan for healthcare: Comprehensive insurance and a dedicated medical savings buffer. 4. Review immigration options: Align financial planning with visa or PR eligibility. 5. Consider contingency funds: For unexpected expenses or changes in plans. 6. Regularly review and adjust: Life abroad is dynamic; retirement planning should be iterative.
Taking these steps ensures that retirement in Singapore is both achievable and enjoyable, rather than stressful or uncertain.
9. The Mindset Shift for Expat Retirement
Retiring abroad requires a shift from “what I want now” to “what I need sustainably”. It’s not about limiting your lifestyle, it’s about: • Being realistic about costs. • Building financial resilience. • Planning for legal and healthcare contingencies. • Ensuring flexibility if circumstances change.
With the right preparation, Singapore can offer a secure, comfortable, and enriching retirement for expats who plan carefully.
If you’re considering retiring in Singapore or want to understand what long-term financial independence looks like for expats, my blog and podcast offer practical guides, examples, and tips tailored to your unique situation. You can explore more here or reach out personally for more information.
Living abroad offers incredible opportunities, but it also comes with risks that can feel amplified when you’re far from your home country. Visa changes, sudden health issues, market swings, or unexpected family obligations can all have a significant impact.
A financial safety net is your buffer; a set of practical measures that protect you, your family, and your future, so that you can live abroad with confidence rather than constant worry.
1. Why a Safety Net Matters for Expats
Back home, many of us rely on informal safety nets: family, government support, and local familiarity. Abroad, those cushions may be thinner or more complicated: • Family might be in another country. • Local social services may not be available to expats. • Currency fluctuations can suddenly affect your savings.
This is why deliberate planning is essential. A safety net isn’t about fear, it’s about freedom. When you know you’re protected, you can make bold career moves, enjoy lifestyle experiences, and invest in your long-term goals without stress.
2. Build a Cash Reserve
The first pillar of any safety net is a liquid emergency fund. • How much? A common guideline is 6–12 months of living expenses. If your income is variable or your job security is uncertain, lean toward the higher end. • Where to keep it? In accounts that are easy to access locally and, if needed, internationally. Avoid tying emergency funds to investments with withdrawal penalties. • What to cover? Rent, bills, groceries, health costs, and any dependent expenses.
The goal is peace of mind – if something unexpected happens, you can handle it without disrupting your life or going into debt.
3. Insurance: Protecting Health and Income
Insurance is another crucial layer. Expat life often brings unique risks, and local or international coverage can make all the difference.
Health insurance: • Choose plans that cover hospitalization and outpatient care in Singapore. • Consider top-ups for specialist care or chronic conditions. • If your family lives abroad, ensure they have coverage in their location.
Life and critical illness insurance: • Life insurance protects dependents financially if the unexpected occurs. • Critical illness coverage can cover medical and living expenses if you face serious health issues.
Disability or income protection: • A sudden inability to work could have a huge financial impact. Income protection policies replace part of your salary for a defined period.
A well-rounded insurance plan is a cornerstone of any safety net, providing financial resilience in unpredictable situations.
4. Diversify Your Assets for Security
Many expats focus on growing wealth but forget the “security” side of investing. A balanced approach includes: • Liquid savings: Your emergency fund and short-term accessible accounts. • Medium-term investments: Portfolios designed for 3–5 years that can be accessed if plans change. • Long-term growth: SRS contributions, global equities, or retirement-focused investments.
Diversifying across time horizons and asset types ensures you’re prepared for emergencies without sacrificing growth.
5. Consider Portability in All Planning
As an expat, portability is not optional — it’s essential. Your safety net should be functional even if you move countries: • Investments should be internationally accessible or transferable. • Insurance policies should cover multiple countries or be easily moved. • Emergency funds should be in accounts that allow quick withdrawals in different currencies.
Portability allows you to maintain protection without being locked into one location.
6. Legal and Estate Planning
A safety net isn’t just financial; it’s also legal. Having proper documentation ensures your plans work regardless of where you live: • Wills: Make sure your estate planning is valid in Singapore and, if relevant, in your home country. • Power of attorney: Grants someone you trust the authority to manage affairs if you can’t. • Beneficiaries: Review all accounts, insurance policies, and investment vehicles.
Even basic legal planning adds a layer of certainty to unpredictable circumstances.
7. Psychological Benefits of a Safety Net
Beyond the numbers, a safety net gives you something priceless: peace of mind. • You can focus on career growth without panic. • Travel, leisure, and lifestyle choices become less stressful. • Relationships and family commitments are easier to manage when financial fear isn’t in the background.
For many expats, knowing they have a robust safety net is liberating, it transforms decision-making from reactive to intentional.
8. Building Your Safety Net: Practical Steps
Here’s a simple framework to get started: 1. Assess your needs: Calculate living expenses, family obligations, and potential emergencies. 2. Create an emergency fund: 6–12 months of expenses in a liquid account. 3. Review insurance coverage: Health, life, critical illness, and income protection. 4. Diversify investments: Combine short-term access with long-term growth vehicles. 5. Check portability: Ensure accounts, policies, and investments are internationally flexible. 6. Address legal matters: Wills, power of attorney, and beneficiary updates. 7. Review regularly: Life changes fast abroad — check your safety net quarterly or after major events.
Taking these steps builds confidence, reduces stress, and supports a sustainable expat lifestyle.
A well-structured safety net is the foundation of a confident and resilient expat life. On my blog and podcast, I dive into strategies for creating flexible, portable financial protection tailored for expats in Singapore. You can explore practical tips and real-life examples here or reach out to find out more.
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.
Singapore regularly tops the charts as one of the world’s most expensive cities. For many expats, this comes as no surprise: the glossy high-rises, Michelin-starred restaurants, and international schools paint a picture of luxury. But what does expat life here really cost? And how do you avoid falling into the “expat trap” of overspending without realising it?
In this article, I’ll walk you through the true costs of living in Singapore as an expat, the hidden expenses you might not expect, and the strategies you can use to enjoy life here without sacrificing your long-term financial goals.
Housing: Your Biggest Expense
For most expats, rent is the single largest monthly outgoing.
• Rental market realities: A three-bedroom condo in central Singapore can easily run between SGD 7,000–10,000 per month. Even outside the central districts, newer condos often sit around SGD 4,000–6,000. • Hidden costs: Many first-timers don’t factor in agent commissions, stamp duties, or the two-month deposit. Moving costs, furniture, and utilities quickly add up. • Lifestyle creep: It’s easy to be lured into a glossy condo with pools, gyms, and concierge services, especially when “everyone else in the expat circle” seems to live that way.
Smart strategy: Decide early on what you value most – space, location, or amenities. Look slightly outside prime districts (think Novena, East Coast, or fringe areas) for significant savings. And don’t be afraid to negotiate: in softer rental markets, landlords often prefer securing a stable tenant over holding out for a higher rate.
Schooling & Education
If you have children, education can rival rent as your biggest financial commitment.
• International schools: Annual tuition can range from SGD 25,000–40,000 per child, excluding uniforms, extracurriculars, and trips. • Hidden fees: Application costs, technology levies, and even bus transport can be surprisingly steep. • Waitlists: Some of the most popular schools require application years in advance, pushing parents to consider multiple options or last-minute relocations.
Smart strategy: Budget well beyond tuition. If you know you’ll fund university abroad later, start early with dedicated investment accounts. Offshore education savings plans or a globally diversified portfolio can help smooth out future costs.
Healthcare Costs
Singapore has excellent healthcare, but it’s not cheap, especially for foreigners. • Corporate coverage: Many expats rely on their employer’s health plan, but coverage limits can be low, and dependants aren’t always included. • Out-of-pocket surprises: A GP visit might cost SGD 40–70, but specialist consultations or scans can easily run into the hundreds. Private hospital stays can cost thousands per night. • Insurance gaps: Without an Integrated Shield Plan or international medical insurance, you could face hefty bills for surgery or long-term care.
Smart strategy: Review your coverage early. If your corporate plan is thin, consider supplementary insurance while you’re still healthy and eligible, it’s far cheaper to buy cover before you need it.
Transport & Lifestyle
Transport is another area where costs vary dramatically. • Public transport: The MRT and bus system is efficient and affordable, with most journeys costing under SGD 2. • Owning a car: This is where costs explode. Between the Certificate of Entitlement (COE), insurance, maintenance, and petrol, monthly costs can reach SGD 2,000–3,000 easily. • Eating out: Hawker food is famously affordable at SGD 5–8 per meal. But expats often gravitate towards restaurants, cafés, and bars — where a dinner for two with wine can top SGD 200. • Alcohol & entertainment: Import duties make alcohol pricey. A single cocktail may cost SGD 20–30, and wine markups are significant.
Smart strategy: Strike a balance. Enjoy hawker culture during the week and save splurges for weekends. If you don’t need a car, skip it. Grab and GoJek are usually far more cost-effective.
Travel & Repatriation
One of the joys of being based in Singapore is its proximity to Asia-Pacific destinations — Bali, Tokyo, Bangkok, Sydney are all a short flight away. But travel costs add up. • Family flights: A return trip to Europe or Australia for a family of four can exceed SGD 6,000–10,000. • Relocation costs: Few people factor in eventual departure expenses: shipping, storage, pet relocation, and temporary accommodation while waiting for visas.
Smart strategy: Treat travel as part of your annual budget. Use miles programmes strategically, book flights early, and build a “repatriation fund” to cover the costs of your eventual move.
The Hidden Costs Nobody Talks About
Beyond the obvious categories, there are smaller but significant costs:
• Helpers: If you employ a domestic helper, costs include monthly salary (SGD 600–900), the foreign worker levy, insurance, and annual leave flights. • Social life: The “expat bubble” often encourages frequent brunches, memberships, and nights out, which can quietly add up to thousands per month. • Emotional cost: While harder to quantify, there’s also the mental fatigue of keeping up with social expectations and lifestyle pressures.
How to Take Control
The good news? With planning, you can enjoy Singapore’s lifestyle without draining your wealth. • Build a realistic budget: Track actual expenses for 3–6 months to get a true picture of your spending. • Set guardrails: Decide which luxuries matter (maybe travel) and which don’t (maybe daily fine dining). • Automate savings: Pay yourself first. Direct part of your salary into investments before lifestyle costs eat it up. • Think long term: Singapore’s high salaries are an opportunity. Use these years to accelerate wealth building rather than watching it slip away.
Singapore is a wonderful place to live and work, offering safety, opportunity, and a high quality of life. But it’s also easy to overspend if you don’t know the real costs of expat living. By approaching your finances with intention, you can enjoy the best of what Singapore has to offer and secure your long-term financial independence.
Most expats in Singapore breathe a sigh of relief when their employer hands them a shiny corporate health insurance card. But here’s the catch; that coverage might not be as comprehensive as you think, and it almost certainly isn’t designed with your long-term needs in mind. Singapore’s healthcare system is world-class, but it’s also expensive if you need private care or aren’t covered. Relying solely on corporate insurance could leave you with gaps, especially if you switch jobs, leave Singapore, or face a major medical event.
1. Public vs Private Healthcare in Singapore
• Public (Subsidised): Lower cost but longer wait times, eligibility depends on residency status (most expats aren’t entitled to subsidies). • Private: Shorter wait times, wider choice of doctors, more personalised care — but higher cost. Example: A private room for surgery can easily exceed SGD 20,000, depending on complexity.
2. The Limits of Corporate Health Plans
• Coverage Caps: Many corporate plans have annual and lifetime limits that may not cover high-cost conditions. • Geographical Restrictions: Some policies only cover treatment in Singapore. • Job-Linked Risk: Lose your job, lose your cover — sometimes instantly. • Pre-Existing Conditions: If you change employers, your new insurer might not cover them.
3. Supplementary Health Insurance Options
• Integrated Shield Plans (IPs): Available to PRs and citizens; some insurers allow foreign residents to join with restrictions. Offers access to private hospitals and higher claim limits. • International Health Plans: Tailored for expats, with global coverage, useful if you travel or might relocate. • Critical Illness Cover: Pays a lump sum on diagnosis of specified conditions, useful for covering out-of-pocket costs.
4. Re-Entry Medical Cover for Relocation
If you plan to move back to your home country, think ahead: • Some countries have waiting periods for public healthcare eligibility. • Private insurance might require medical underwriting — harder to get as you get older or if you’ve had health issues. • Consider portable plans that can move with you.
5. How to Assess Your True Coverage Needs
Ask yourself: • Would I want private treatment for a major condition? • Could I afford the shortfall if my corporate plan’s cap is exceeded? • Am I likely to move to a country with high healthcare costs in the next 5–10 years?
6. Cost vs Value
Yes, private insurance can feel expensive; but compare the premiums with the potential cost of uncovered treatment. The peace of mind is often worth it. Corporate insurance is a great benefit, but it’s just that: a benefit, not a plan. For long-term peace of mind, think beyond your current job and ensure your health cover can keep up with your life, wherever it takes you.
Being an expat often looks glamorous from the outside—high salaries, tropical brunches, and weekend trips to Phuket. But behind the scenes? It’s expensive. And not always in the ways you expect.
While most people prepare for the obvious costs—rent, transport, food—the hidden costs of expat life are what catch many families off guard. School fees, relocations, health insurance, and even the price of flying “home” can add up fast. If you don’t plan for them early, they can quietly erode your savings and leave you feeling financially stuck.
This guide is your financial reality check—and your toolkit—for managing the true cost of life abroad.
The Real Cost of International School Fees
International schools in Singapore offer world-class education—but they come at a serious price. Annual fees often range from SGD 25,000 to SGD 50,000 per child, depending on the school and year group. That doesn’t include:
Registration or enrolment fees
Uniforms, textbooks, and materials
School trips, technology fees, extracurriculars
Bus transport or meals
If you have more than one child—or plan to stay abroad long-term—these costs multiply quickly.
What to plan for:
Start saving early if you’re paying privately.
Consider a dedicated investment account or education savings plan.
Factor in inflation—school fees tend to rise 3–6% per year.
If your package includes school fees now, think ahead: What happens if your employer stops covering them?
The Price of Moving (and Moving Again)
Relocations aren’t cheap. Even if your company pays for the bulk of your move, you’ll still face:
Temporary accommodation and deposits
Storage costs
Visa and immigration expenses
School application fees
Admin setup (utilities, transport, mobile plans, furniture)
Travel costs for house-hunting or visa runs
And most expats move more than once. You may relocate within Singapore (e.g. upgrading to a bigger flat), or leave for another country down the line. Each move brings another wave of expense.
What to plan for:
Build a dedicated “mobility buffer” in your emergency fund (3–6 months of expenses, or more if you move frequently).
Keep your financial documents digitised and accessible from anywhere.
Maintain accounts or cards in more than one currency to ease transitions.
Hidden Career Costs (Especially for Partners)
For many expat families, one partner’s career takes priority—while the other may pause work, switch industries, or face employment restrictions. This leads to:
Lost income and pension contributions
Gaps in CVs
Limited access to professional networks
Increased financial pressure on the main earner
Over time, this has a knock-on effect on retirement savings and long-term financial independence, especially for women.
What to plan for:
Talk openly as a couple about joint financial goals and decision-making.
Consider building individual investment portfolios or savings accounts.
Factor in retraining or requalification costs if the non-working partner plans to return to work later.
Health Insurance Gaps
Singapore has excellent healthcare—but for expats, it’s not free. Without access to public subsidies, private insurance is essential—and expensive.
Many employers offer a basic medical plan, but it may not include:
Maternity coverage
Dental or optical
Pre-existing conditions
Mental health support
Dependents
And if you change jobs, lose coverage, or move countries, those gaps can become costly quickly.
What to plan for:
Review your insurance policy each year—not just for coverage, but also for portability.
Consider top-up or international policies for peace of mind.
Build a health emergency fund in addition to your main safety net.
The Cost of “Settling In”
Even if your relocation is covered, everyday life setup can be pricey:
Furniture and appliances
Car purchase or lease
School uniforms and supplies
Club memberships or activities
Replacing items left behind (like winter clothes)
Many expats underestimate this “soft landing” cost, which can run into thousands in just the first few months.
What to plan for:
Budget realistically—not just for the move, but for the first year.
Create a checklist of one-time vs recurring costs.
Don’t forget smaller items (like SIM cards, local bank fees, or childcare).
Home Leave and Family Travel
Visiting home is a must for most expats—but flights during holidays can be eye-wateringly expensive. Add in:
Accommodation (if you’re no longer a guest at your parents’ place!)
Travel insurance
Meals, gifts, and spending money
Pet boarding or travel costs
Missed workdays or unpaid leave
Multiply that by how many times a year you plan to go back—and then again for major life events like weddings, funerals, or emergencies.
What to plan for:
Start a “home leave” savings pot.
Book early to take advantage of flight deals.
Consider travel insurance that covers cancellations and health overseas.
Tuition for University Abroad
For many expat families, it’s not just school fees in Singapore—it’s also university abroad, often in the UK, Australia, Canada, or Europe.
Tuition fees for international students are significantly higher than for residents. And that’s before you add:
Accommodation
Flights
Visas
Health insurance
Living expenses
What to plan for:
Use long-term investments to grow your education fund.
Explore the pros and cons of keeping assets in your home country versus Singapore.
Plan well in advance—university costs can be forecast and planned for over 10+ years.
Putting It All Together: How to Plan for the Hidden Costs
To stay on top of these hidden costs, build your financial plan around three key pillars:
1. Short-Term Buffer (0–2 years)
Emergency fund
Moving and relocation
Health insurance gaps
Home leave
2. Mid-Term Goals (3–7 years)
School fees
Housing upgrades
Career transitions
Family support
3. Long-Term Wealth (7+ years)
Retirement
University tuition
Repatriation
Property purchases
Each pillar needs a mix of savings, investments, and insurance. And you’ll want to review regularly as your expat journey evolves.
Expat life is exciting, full of growth and adventure—but it’s not cheap. The most financially confident expats are the ones who expect the unexpected. They plan ahead for school fees, moving costs, and long-haul flights—not just the day-to-day expenses.
With the right plan, these costs don’t have to derail your goals—they just become part of the strategy.
Worried about school fees, moving again, or how to juggle it all financially? Let’s build a plan that makes your expat life sustainable, not stressful.
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.
Investing for Singapore Expats 