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Consequences: • Wrong risk profiles • Outdated investment allocations • Exposure mismatched with your life stage • Poor diversification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.
Living abroad often makes us focus on the exciting parts of expat life – new opportunities, travel, and career growth. But for expats in Singapore, there’s one area that’s often pushed to the bottom of the to-do list: estate planning.
And here’s the thing: Singapore doesn’t have an inheritance tax, but that doesn’t mean you can skip estate planning. In fact, the international nature of expat life means your assets might be scattered across multiple countries, each with their own tax rules and legal systems. Without a plan, your loved ones could face delays, legal disputes, and even unnecessary taxes.
1. Why Estate Planning Matters for Expats
• Multiple Jurisdictions: Bank accounts in Singapore, property in your home country, investments offshore — each could be subject to different inheritance laws. • Family in Different Countries: If heirs live abroad, the probate process may be more complex. • Tax Exposure: Even if Singapore doesn’t tax estates, other countries (including your home country) might tax worldwide assets.
2. Wills: One or Multiple?
• Single International Will: Covers all assets worldwide. Simpler, but may take longer to execute if assets are in multiple jurisdictions. • Separate Country-Specific Wills: Useful if you have significant assets in countries with complex probate systems (e.g., UK, Australia). These must be carefully drafted to avoid contradictions. Tip: In Singapore, a will must be signed in the presence of two witnesses (who are not beneficiaries).
3. Understanding Cross-Border Inheritance Laws
• Forced Heirship: In some countries, you can’t disinherit certain relatives, regardless of your will (e.g., France, Spain). • Community Property: In some jurisdictions, marital assets are split equally regardless of who earned them. • Domicile Rules: Your domicile can affect how your estate is taxed globally — it’s not always the same as your residency.
4. Using Trusts for Asset Protection & Control
Trusts can: • Avoid probate (assets transfer directly to beneficiaries). • Offer tax planning benefits in certain jurisdictions. • Protect assets for children or vulnerable beneficiaries.
Types relevant to expats: • Revocable Living Trust: Flexible, but may have less tax benefit. • Discretionary Trust: Trustees decide how and when beneficiaries receive assets.
5. Don’t Forget Digital Assets
Online bank accounts, cryptocurrency wallets, domain names, cloud storage — all need to be included in your estate plan with clear access instructions.
6. Life Insurance as a Wealth Transfer Tool
• Can be used to equalise inheritances between beneficiaries. • May provide liquidity to pay taxes in other jurisdictions without selling assets.
7. Keep Your Plan Updated
Review your estate plan when you: • Move to a new country. • Buy or sell property abroad. • Change marital status or have children.
Estate planning isn’t morbid — it’s one of the greatest gifts you can give your loved ones. As an expat in Singapore, you have the unique challenge (and opportunity) to design a cross-border plan that keeps your assets protected and your wishes honoured, wherever life takes you.
For many expat women, life in Singapore can feel like a dream, career opportunities, vibrant culture, and a safe environment. But beneath the excitement, there’s a challenge: living abroad can disrupt your long-term financial security. If you’re relying on a partner’s income, pausing your career, or simply unsure how to start investing, financial independence might feel out of reach.
The truth? You don’t have to be a finance expert to take control. You just need a plan, a willingness to start, and the right strategies tailored to life as an expat in Singapore.
1. Why Financial Independence Matters More for Expat Women
• Mobility Risk: Your life in Singapore might be tied to a visa, a job, or a partner’s contract. • Career Gaps: Many trailing spouses step back from work temporarily, impacting savings and pension contributions. • Currency & Retirement Planning: You may be earning in SGD but plan to retire in GBP, EUR, AUD, or elsewhere.
Financial independence means being able to make life choices without being financially dependent on anyone else; whether that’s staying in Singapore, moving back home, or starting fresh somewhere new.
2. Start with a Clear Financial Picture
• List your assets: bank accounts, investments, property, pensions. • Identify liabilities: loans, credit cards, mortgages. • Track your monthly spending (yes, even the Grab rides and Cold Storage wine runs).
Once you know your numbers, you can set realistic goals for investing and saving.
3. Build an Emergency Fund
Your first safety net is liquidity. • Aim for 3–6 months of essential expenses in an accessible account. • If you’re on a dependent visa, err towards the higher end…your income options might be more limited in an emergency.
4. Understand Your Risk Profile
As an expat, your risk tolerance might differ from when you lived back home. Factors to consider: • Time horizon until you need the funds. • Currency exposure. • Possible relocation in the short to medium term.
5. Start Investing — Even Small Amounts Count
Common starting points for expat women in Singapore:
• Global Equity Funds: Diversified exposure to companies worldwide. • Exchange-Traded Funds (ETFs): Low-cost, transparent, and easily tradable. • SRS Account: Tax-deferral benefits while you’re in Singapore.
6. Don’t Forget Retirement Planning
If you’re not contributing to a pension scheme in Singapore (CPF is for citizens and PRs), you’ll need to make private arrangements. This might mean: • Continuing contributions to a home-country pension. • Using investment portfolios to create a retirement income stream. • Planning for currency conversion later in life.
7. Protect What You’re Building
• Life and health insurance to cover unexpected events. • Income protection if you’re working. • Critical illness cover if affordable.
8. Leverage Your Community & Resources
Join local women’s finance networks, attend investment workshops, and connect with advisors who understand both the Singapore market and cross-border planning.
Financial independence isn’t about amassing a fortune overnight. It’s about making consistent, informed decisions that put your future in your own hands — no matter where in the world you are. The earlier you start, the greater your options will be.
Investing for Singapore Expats 