One of the biggest mistakes expats make is treating Singapore as a temporary “financial side quest.” But your time here, whether it’s two years or ten, forms a crucial chapter in your long-term wealth story.
Here’s how to integrate Singapore into your global plan seamlessly.
1. Start With Your Anchor Country
Where do you imagine your long-term roots? UK? Australia? Malta? Your anchor country determines: • Tax residency • Currency exposure • Retirement structures • Property strategy • Investment allocations
You need to plan Singapore around that destination, not in isolation.
2. Align Currencies With Future Goals
If your long-term life will be in GBP, you can’t build a portfolio that is 100% SGD. If your dream retirement is in Portugal, EUR matters.
A well-designed global plan ensures assets match future liabilities.
3. Coordinate SRS With Offshore Investments
SRS shouldn’t sit alone. It should be coordinated with: • UK pensions • Offshore investment accounts • Property plans • Currency exposure • Retirement timelines
When planned correctly, SRS becomes a powerful tax-efficient component of a global portfolio.
4. Manage Your Cross-Border Tax Exposure
Expats often accidentally: • Trigger tax residency • Pay unnecessary tax on foreign gains • Withdraw pensions at the wrong time • Mix investment structures badly across borders
A coordinated plan prevents friction between jurisdictions.
5. Avoid Overconcentration in a Single Country or Currency
Living in Singapore doesn’t mean investing everything in SGD. Equally, being British doesn’t mean overloading GBP assets.
Balance is key.
6. Review Your Global Plan Yearly
Life changes, your plan should too.
A global financial plan gives you control, clarity, and confidence. Your money stops being “here and there”, and becomes a unified strategy built around your future.
When it comes to money, few words spark more confusion or anxiety than taxes. And if you’re an expat in Singapore, chances are you’ve heard all sorts of conflicting advice: “Singapore is a tax haven.”“I don’t need to file anything.”“I’ll just keep everything offshore.”
The truth? While Singapore’s tax system is simple compared to many countries, there are still rules you need to understand, and myths that can cost you money, or worse, land you in trouble.
In today’s article, I’ll break down the biggest expat tax myths I hear time and again, explain what’s fact and what’s fiction, and share practical tips to make your financial life smoother.
Myth 1: “Singapore has no tax.”
Let’s start with the most common misconception.
Truth: Singapore does have tax — but it’s relatively low. • Personal income tax is progressive, with rates starting at 0% and capped at 24% (from 2024 onwards). • There’s no capital gains tax, no inheritance tax, and no tax on dividends from Singapore companies.
What this means for you: While you will pay income tax on your Singapore salary, many investment gains are tax-free locally. That makes Singapore an attractive hub for building wealth, but don’t confuse low tax with no tax.
Truth: If your income relates to work you perform in Singapore, it is taxable here, regardless of whether it’s paid into a Singapore or overseas bank account.
Example: If you’re working in Singapore but your employer pays you in pounds or euros into a UK or EU account, Singapore’s Inland Revenue Authority (IRAS) still considers it taxable.
Smart tip: Always declare all employment income tied to your work in Singapore. Hiding it doesn’t make it invisible and penalties can be steep.
Myth 3: “I don’t need to file anything if my employer withholds tax.”
Truth: In Singapore, the tax system is not a Pay-As-You-Earn (PAYE) system. Unlike in the UK or Australia, your employer doesn’t deduct income tax from your monthly salary. Instead, you file once a year with IRAS, usually in April.
Smart tip: Mark tax season in your calendar. If you’re on an Employment Pass, your company may file an employer return, but you are still responsible for filing your personal return unless specifically waived.
Myth 4: “If I’m leaving Singapore, I can just go.”
Truth: Expats leaving Singapore must go through a process called tax clearance. This means your employer withholds part of your final salary until IRAS confirms you’ve settled all outstanding taxes.
Smart tip: If you’re planning to leave, give your employer at least one month’s notice so they can prepare your tax clearance. Otherwise, your last salary may be delayed…not ideal when you’re moving countries…
Myth 5: “Offshore investments are tax-free everywhere.”
Truth: In Singapore, yes — but your home country or your next destination may still tax your income or gains.
Example: A British expat investing offshore may not owe tax in Singapore, but if they move back to the UK, HMRC will want its share (after you fall out of the FIG regime). Similarly, Italian or Australian residents often face global tax rules when they return home.
Smart tip: Think cross-border. Always consider not just where you are today, but where you might move next. Offshore wrappers, trusts, or global investment structures can help mitigate double taxation, but only if set up properly.
Myth 6: “I’m not here long enough for tax to matter.”
Truth: Even short-term expats are subject to Singapore tax if they stay over 60 days in a calendar year. If you stay over 183 days, you’re treated as a tax resident, which often means lower rates.
Smart tip: Keep track of your days. If you’re close to 183, it might make sense to extend slightly and benefit from resident rates.
How to Stay Tax-Savvy as an Expat 1. Know your residency status — tax rules differ for residents and non-residents. 2. Keep records — contracts, payslips, and bank transfers are essential if IRAS asks questions. 3. Plan ahead — consider how today’s decisions will affect you when you eventually repatriate. 4. Get advice when needed — especially if you have assets, property, or income in multiple countries.
Taxes don’t need to be scary, but ignoring them can be costly. By separating fact from fiction, you can avoid surprises, plan smarter, and keep more of your hard-earned money working for you.
Singapore offers expats a unique opportunity: low taxes on income and investments, and a simple filing process compared to many other countries. The key is knowing the rules — and not falling for the myths.
If today’s blog post helped clear up some confusion, make sure you follow the this & the podcast so you don’t miss out more, like where we’ll compare private banking and independent advisers, and help you decide what’s right for you as an expat.
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.
If you’re an expat in Singapore and you’re planning your next move—whether it’s heading home, relocating for work, or embracing a new adventure—there’s one area that often gets overlooked: your investments.
Unwinding your financial life here isn’t always simple. Done well, it can leave you in a stronger position than ever. Done poorly, and you could face losses, tax issues, or missed opportunities.
Here’s what you need to consider.
1. Map Your Investment Landscape
Start by taking stock of everything you hold:
Singapore-based investments – Unit trusts, SGX stocks, local portfolios.
Foreign assets – Property or investments overseas.
Retirement schemes – Including any employer-provided funds or SRS accounts.
Knowing what you own—and where—is the foundation for planning your exit.
2. Understand the Tax Implications
Singapore’s tax system is attractive, but once you leave, things may change:
Your tax residency ends once you stop working or living in Singapore.
If you’re moving to a higher-tax country, capital gains may become taxable.
Selling investments before leaving may be more tax-efficient.
A tax-smart exit can save you thousands.
3. Review Your SRS Account
If you’ve contributed to the Supplementary Retirement Scheme (SRS):
You can keep the account open after leaving.
Withdrawals after retirement age are taxed at 50%.
Early withdrawals may face 24% tax for non-residents, plus a 5% penalty.
Get personalised advice to assess if you should access funds now or later.
4. Decide What to Keep and What to Close
Not all accounts travel well.
Keep:
Digital-first platforms with global access.
Low-fee accounts with flexibility.
Structures aligned with future estate planning.
Close:
Local-only access platforms.
Dormant or high-fee accounts.
Banks or brokers that require Singapore residency.
Check provider policies—some accounts may be closed automatically if you change residency. Be sure this aligns with your tax-efficient goals; some accounts may be easy to access overseas, but have terrible tax treatment in other jurisdictions.
5. Watch Your Currency Exposure
If your portfolio is mostly in SGD and you’re moving to a different currency zone:
As individuals approach retirement, the decision of where to spend their golden years can be both exciting and daunting. For many expatriates and locals alike, Singapore presents a unique blend of modernity, stability, and vibrant culture. However, the idea of returning to one’s home country also holds significant appeal. This article explores the pros and cons of retiring in Singapore versus returning home.
Retiring in Singapore
Pros:
High Quality of Life: Singapore consistently ranks high in global quality of life indices. Its world-class healthcare system, low crime rates, and efficient public services create a safe and comfortable environment for retirees.
Cultural Diversity: Singapore is a melting pot of cultures, offering a rich tapestry of experiences. Retirees can enjoy a variety of cuisines, festivals, and cultural events, allowing for an enriching lifestyle.
Strong Infrastructure: The country’s efficient public transport system and well-maintained amenities make it easy for retirees to navigate and access services.
Financial Stability: Singapore is known for its robust economy and stable political climate, providing a secure environment for financial investments and savings.
Cons:
High Cost of Living: One of the most significant drawbacks of retiring in Singapore is the high cost of living. Housing, healthcare, and daily expenses can be steep, which may strain retirement savings.
Limited Space: Singapore is a small island state with limited space, which can lead to feelings of congestion and a lack of privacy, especially in densely populated areas.
Healthcare Accessibility: Although healthcare is of high quality, it can also be expensive, particularly for those without adequate health insurance.
Cultural Adjustment: For expatriates returning after years abroad, adjusting to local customs and social norms might pose challenges.
Visa Requirements: Generally, only expats who have converted to PR or Singapore Citizen are able to retire in Singapore.
Returning Home
Pros:
Familiarity: Returning to one’s home country can provide a sense of comfort and belonging. Familiar surroundings, friends, and family can offer emotional support during retirement.
Lower Cost of Living: In many cases, the cost of living in one’s home country may be significantly lower than in Singapore, allowing for a more comfortable retirement on a fixed income.
Cultural Connection: Retirees can immerse themselves in their native culture, traditions, and language, fostering a sense of identity and continuity.
Potential for Community Engagement: Returning home may present opportunities to engage in community activities, volunteer work, or even part-time employment, providing social interaction and purpose.
Cons:
Healthcare Concerns: Depending on the country, healthcare quality and accessibility may vary greatly. Some retirees may find themselves facing inadequate healthcare systems or long wait times.
Economic Instability: Certain regions may experience economic challenges, which could impact pensions, savings, and overall financial security.
Social Isolation: If retirees have been away for an extended period, they may find it difficult to reconnect with old friends and adapt to changes in their home environment.
Limited Infrastructure: Depending on the location, retirees may encounter challenges with transportation, utilities, and public services that are less developed than those in Singapore.
Ultimately, the decision to retire in Singapore or return home is deeply personal and influenced by various factors, including financial considerations, family ties, and lifestyle preferences. While Singapore offers a modern, vibrant environment with high-quality amenities, returning home can provide comfort, familiarity, and community connection. Prospective retirees should weigh these factors carefully to make the most informed decision for their future.
As the global workforce becomes increasingly mobile, many UK nationals find themselves living and working abroad. Singapore, known for its vibrant economy and high standard of living, is a popular destination for expatriates. However, living overseas can complicate financial matters, particularly regarding pensions. If you’re a UK expat in Singapore, understanding your pension options is crucial. This article outlines what you can and can’t do with your UK pension while living in Singapore.
Understanding the Basics of UK Pensions
Before diving into the specifics for expats, it’s important to understand the types of UK pensions available:
State Pension: This is a government-provided pension based on your National Insurance contributions throughout your working life.
Defined Benefit (DB) Schemes: Often referred to as final salary pensions, these schemes provide a retirement income based on your salary and years of service.
Defined Contribution (DC) Schemes: These are personal pensions where the amount you receive in retirement depends on how much you and your employer contribute, as well as the performance of the investments.
What You Can Do as an Expat in Singapore
Claim Your State Pension: As a UK citizen, you can claim your State Pension irrespective of where you live. The amount you receive may be affected by your National Insurance contributions and any time spent living abroad. It’s essential to notify the UK government of your overseas address to ensure you receive your payments.
Transfer Your Pension: If you have a Defined Contribution pension scheme, you may have the option to transfer your pension to a Qualifying Recognised Overseas Pension Scheme (QROPS). This can provide you with more flexible access to your funds and potential tax benefits. However, it’s crucial to seek professional financial advice before proceeding with a transfer, as there can be significant charges and tax implications involved.
Continue Contributions: If you’re a self-employed individual or have the option to contribute to a personal pension plan while working in Singapore, you can continue to make contributions to your UK pension generally for the first five years you are living overseas. This can help maintain your retirement savings and potentially increase your eventual payout.
Take Tax Benefits into Account: Depending on your residency status in Singapore, you may be entitled to certain tax allowances which could impact your pension withdrawals or contributions. It’s advisable to consult with a tax advisor to understand your obligations and opportunities. Be aware of the UK tax implications of making withdrawals from your UK pension as the UK/Singapore double tax treaty will usually mean any withdrawals you make will still be subject to UK tax.
What You Can’t Do as an Expat in Singapore
Access Your Pension Early: Generally, you cannot access your UK pension funds before the age of 55, regardless of your location. Early withdrawals can incur significant tax penalties, so it’s crucial to plan ahead.
Ignore Currency Risk: If you transfer your pension to a QROPS or another overseas scheme, you may expose yourself to currency risk. Fluctuations in exchange rates can impact the value of your pension, especially if it is held in a different currency.
Assume Automatic Tax Relief: While living in Singapore, you may be subject to different tax laws and regulations that could affect your pension. It’s important to understand that tax relief on contributions may not apply if you’re no longer a UK resident. Consult a financial advisor to navigate these complexities.
Neglect Local Regulations: Singapore has its own set of regulations regarding pensions and retirement savings (like the Central Provident Fund, CPF). Expatriates should familiarise themselves with local laws and how they interact with UK pension regulations to avoid any compliance issues.
Navigating your UK pension as an expatriate in Singapore can be complex, but understanding your options is crucial for securing your financial future. By knowing what you can and cannot do with your pension, you can make informed decisions that benefit your retirement planning. Always consider seeking advice from financial professionals experienced in both UK and Singaporean pension regulations to ensure you are making the best choices for your circumstances. With careful planning, you can enjoy the benefits of living abroad while also safeguarding your financial future.
It’s the start of a new year, and something that’s always on our to-do list is finances. Many want to start the year off right, by organising their finances to ensure a successful and fruitful year. But then, many get stuck, pondering on where to begin. Here are five ways expatriates in Singapore can achieve financial success in 2025!
1. Create a Budget
Every great plan has sturdy foundations. That’s why it’s essential to develop a comprehensive budget that reflects your income and expenses. It’s crucial to account for factors such as housing, schooling, and healthcare.
Establish a monthly budget that includes all your necessary expenses—rent, utilities, groceries, and transportation—while also allocating funds for savings and discretionary spending. This will help you identify unnecessary spending and make adjustments to ensure you stay within your budget. I like to use the 50/30/20 rule (50% on necessary expenses, 30% on lifestyle & 20% on savings & investments) as a starting point.
Life can be unpredictable, and having an emergency fund is essential for financial stability. Aim to set aside at least three to six months’ worth of living expenses in a high-yield savings account. This fund will act as a safety net in case of unexpected events such as job loss, medical emergencies, or urgent travel.
Establishing this fund will give you peace of mind and allow you to focus on long-term financial goals without the constant worry of financial insecurity.
The SRS (Supplementary Retirement Scheme) is a voluntary savings scheme designed to encourage individuals to save for retirement while benefiting from tax concessions. Investing in an SRS account allows you to contribute up to SGD 15,300 (for Singaporeans and PRs) or SGD 35,700 (for foreigners) annually, depending on your residency status.
The contributions you make to your SRS account are eligible for tax relief, reducing your taxable income. Additionally, the funds in your SRS account can be invested in various financial instruments such as stocks, bonds, and mutual funds, giving you the potential for growth. I would strongly advise not leaving the money as cash within your SRS account, eroding against inflation and investing that money instead.
4. Invest Wisely
Following on from the previous point, investing is a key component of financial success. With the right approach, you can grow your wealth and prepare for the future. Consider your risk tolerance and consider diversifying your portfolio to mitigate potential losses. Understand your objectives, and remember that investing is for the long term, not just for the quick wins.
Seek advice from financial advisors to gain insights into the best practices for investing in Singapore.
As an expat, understanding Singapore’s tax regulations is vital to your financial success. Familiarise yourself with the tax obligations that apply to you, including income tax rates and any reliefs or exemptions available. Consulting with a tax advisor who specialises in expat taxation can help you navigate this complex landscape and ensure you meet all your obligations while maximising any potential benefits. Remember, take into consideration the tax in the country you live in, the tax rules of your home country, and the tax rules of any country you have assets in.
Achieving financial success as an expat in Singapore is attainable with the right strategies. By following these five simple tips, you can set yourself up for a prosperous year ahead. With careful planning and discipline, your financial future in Singapore can be bright and rewarding.
It’s very important to normalise talking about finances, especially as expats in Singapore, where information can be confusing and may not apply to us.
For someone whose job revolves around finances, it’s very easy for me to think about money on a daily basis. But for those who have other areas of expertise; are in the creative field; have a tonne of other priorities to think about; or are just not knowledgeable in this subject, planning finances can seem like an incredibly difficult feat.
How do we know that we are planning correctly? How do we check that we are on track? Do we need to change our financial planning? I’m going to give you a couple of tips on how to self-reflect when it comes to money and, if needs be, do a financial reset.
Think to yourself, ‘Do I have a plan in place?’
This is one of the building blocks of financial planning; you must know what goals you hope to achieve and plan accordingly. Aim for mid- to long-term goals, as this will be easier to plan out using savings & investment instruments. Not only that, you should ensure than whatever planning you do takes into account which country you will be moving to or retiring. Different countries have different tax laws and jurisdictions, so you need to be aware of these if you want to plan your money successfully.
2. ‘Am I prepared for the unexpected?’
While this may be very bleak to think of, it is very important; life doesn’t always go as smoothly as we have planned. Any number of events can happen that can negatively effect your finances, such as a death in the family, a divorce, unexpected illness or even something as small as the fridge breaking. That’s why it’s crucial to have several safety nets in place to cushion the blow of these things impacting you and your family. You should make sure that you have an emergency fund of at least 3-6 months of spending. Not only that, you should ensure that your assets are protected with sufficient insurance, and you and your family should have a will in place for every country that you have assets.
3. ‘Do I know what I spend daily? Am I in control?’
We cannot deny, life is getting more expensive. Inflation is high, the cost of living has increased, you may feel it is more difficult to save each month. Take this time to reflect and be conscious about your spending. If this means putting all your cashflow into a spreadsheet, do so. If you need to use an app to track this, there are plenty of free ones you can use. Remember that what you are spending now will only increase over time (inflation, again!) so ask yourself, ‘Could I live like this comfortably in my retirement? Is this monthly income going to be enough?’. If the answer is no, start making tweaks to your retirement planning.
4. ‘Have I taken steps to plan for later life?’
This final point leads on from my previous one- no one wants to think about getting old but unfortunately, it is a fact of life. With old age comes extra challenges, like will your savings be enough to allow you to retire? Where and when will you retire, and is that even achievable? Not only that, who will you pass your estate on to when you leave, and have you sorted out inheritance tax? As mentioned, no one wants to think about these things, but it is good to ask yourself these tough questions every once in a while.
If you feel like all of this is too much, or you have reflected and now don’t know what to do, reach out to an advisor or a professional to help you mitigate these challenges.
Investing for Singapore Expats 