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.
As an expat in Singapore, your financial life is more global, more complex, and frankly, more full of blind spots, than you realise. The end of the year is the perfect time to take stock, optimise taxes, review investments, and tighten up the loose ends most people ignore until it’s too late.
Here are the key year-end money moves every expat should make before 31 December.
1. Maximise Your SRS Contribution Before the Deadline
The Supplementary Retirement Scheme is one of Singapore’s most underrated tax planning tools.
Why it matters: • Contributions made before 31 December count towards this year’s tax relief. • High-income earners gain the biggest advantage. • It’s one of the few tax optimisation tools available for non-PR, non-citizen expats.
To review now: How much have you contributed this year? Should you top up further to reduce your taxable income? Is your SRS money invested, or sitting idle in cash?
2. Audit Your Investment Portfolio
Year end is the perfect time to tighten your portfolio: • Rebalance after market volatility • Consider adding to your investments • Reallocate based on new income, currencies or life changes • Check if your risk profile has shifted
Most expats don’t rebalance, they simply “add and forget”. That’s where returns quietly slip away.
3. Review Global Assets and Cross-Border Exposure
Your life isn’t contained in one country, your money shouldn’t be either.
Year end is the time to review: • UK pensions • UK property or AU property • Offshore accounts • Existing insurance policies • FX exposure between SGD, GBP, USD and EUR • Future moves or repatriation plans
A global review helps ensure nothing clashes; tax, currency, retirement timelines, and liquidity all need to be aligned.
4. Clean Up FX Leakage
If you send money home frequently, year end is a good moment to: • Compare FX providers • Reduce unnecessary transfers • Consolidate currencies • Align assets with future goals (e.g., don’t hoard GBP unless you need GBP)
Many expats lose thousands a year in poor FX decisions without realising it.
5. Review Your Insurance and Health Cover
Especially critical if you changed jobs or incomes this year.
Do you still have adequate hospitalisation cover? Is your coverage tied to an employer who could cut it suddenly? Are your personal policies still fit for purpose?
6. Run a Lifestyle & Spending Review
Not glamorous… but a massively effective wealth-builder. • Cut dead subscriptions • Review spending categories • Map expected 2026 major expenses • Set realistic savings goals
7. Book a Professional Year-End Review
This is the ideal time to speak with a financial planner – especially one who understands cross-border planning and expat complexities.
The end of the year is when small tweaks make the biggest difference. These are the money moves that ensure you’re not just earning well…you’re building something meaningful.
Singapore is 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.
One of the most challenging aspects of expat life is uncertainty. Unlike at home, where long-term plans might feel straightforward, living abroad often comes with a question mark over your future: visa renewals, career moves, family considerations, or even global events can change your plans overnight.
This uncertainty can make planning for the future feel impossible. Yet, it’s exactly this uncertainty that makes financial foresight more important than ever. You need a plan that works whether you stay in Singapore for five years, twenty, or decide to move again.
1. Embrace Portability as a Guiding Principle
When you’re unsure how long you’ll stay in one place, the first step is thinking about portability in every financial decision: • Investments: Choose assets that can be accessed globally or moved without heavy penalties. International equities, funds, or offshore accounts can give you flexibility. • Banking: Maintain accounts that allow smooth transfers and currency conversions. A local account is essential for daily expenses, but an international account can safeguard your savings. • Insurance: Life, health, and disability coverage should be valid internationally or easily transferable.
Portability is about freedom. Your money should move with you, not tie you down.
2. Build a Flexible Financial Foundation
Even with uncertainty, some financial basics remain universal: • Emergency fund: Aim for 6–12 months of expenses in a liquid account. This ensures you can handle sudden changes, from visa delays to unexpected relocation costs. • Debt management: Minimise high-interest debt and be mindful of local credit rules. Keeping debt low ensures options stay open if plans change. • Essential insurance: Health insurance, critical illness coverage, and life insurance provide stability and peace of mind, even in a changing environment.
The key is not rigidity; it’s creating a foundation that adapts to different scenarios.
3. Think in Scenarios, Not Certainties
Instead of planning as if life will stay static, think in “what if” scenarios: • Scenario 1: You stay in Singapore long-term. What are the investment and savings steps that make sense locally? • Scenario 2: You move abroad again in 3–5 years. How can your finances be transferred, protected, and grown internationally? • Scenario 3: Life circumstances change unexpectedly — career, family, or health. What safety nets do you need?
By mapping out these scenarios, you gain clarity and control. You’re not trying to predict the future, you’re preparing for it, whatever shape it takes.
4. Prioritise Liquid Assets and Accessible Savings
Uncertainty makes liquidity a priority. Avoid tying up all your resources in illiquid investments or long-term contracts that penalise early withdrawal. Consider: • Savings accounts in local and foreign currencies for flexibility. • Short- to medium-term investments that can be accessed if relocation becomes necessary. • Diversified portfolios to balance growth with security, without locking all capital in one market.
Liquidity isn’t just a safety net; it’s freedom to move without financial stress.
5. Use SRS and Other Flexible Investment Vehicles
In Singapore, the Supplementary Retirement Scheme (SRS) can be a strategic tool for expats. It allows for: • Tax deferral on contributions, easing your current cash flow. • Investment flexibility, as funds can be placed in a variety of financial instruments. • Portability, as the SRS account remains yours even if you leave Singapore.
Pairing SRS with offshore or global investment options creates a layered approach: some funds are accessible now, others grow tax-efficiently for the future.
6. Protect Your Family and Loved Ones
Planning isn’t only about yourself, if you have dependents, consider: • Life insurance to provide for your family regardless of your location. • Estate planning to ensure assets are distributed according to your wishes internationally. • Emergency communication plans for family abroad, including funds and contingencies.
These steps reduce stress and protect loved ones if relocation or unforeseen events occur.
7. Make Planning Practical, Not Overwhelming
It’s easy to feel paralysed by uncertainty, but planning doesn’t need to be complicated: • Set small, actionable goals: automate savings, schedule portfolio reviews, and update insurance. • Review quarterly: life changes quickly abroad; a regular check-in keeps your plan aligned. • Seek guidance: a financial advisor familiar with expat challenges can provide clarity and structure.
The aim is confidence, not perfection. You’re creating a roadmap that works across multiple possibilities.
8. The Mindset Shift: Planning for Flexibility
Ultimately, planning while living abroad requires a mindset shift: • From certainty to flexibility: accepting that plans may change but your preparedness remains constant. • From accumulation to alignment: ensuring that savings and investments support your lifestyle and values, not just numbers on a balance sheet. • From fear to empowerment: using financial planning as a tool to create freedom, not anxiety.
When you adopt this mindset, uncertainty transforms from a source of stress into an opportunity for intentional living.
If you’re navigating life abroad and want guidance on creating a portable, flexible financial plan, I explore strategies for saving, investing, and protecting your future on my blog and podcast. Find practical tips and real-life examples here or reach out to find out more.
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.
As an expat living and working in Singapore, you’re likely looking for smart, tax-efficient ways to save and invest during your time here. But with limited access to local schemes like CPF, and the potential for a transient lifestyle, long-term financial planning can feel more complicated than it needs to be.
That’s where the Supplementary Retirement Scheme (SRS) comes in.
Many expats are unaware they’re eligible to participate, or dismiss it as something only Singaporeans benefit from. But in reality, SRS is one of the most underutilised and valuable tools available for high-earning foreigners living in Singapore—especially when it comes to reducing tax and building investment wealth.
In this article, we’ll explore what SRS is, why it matters for expats, and how to make the most of it while you’re here.
What Is the Supplementary Retirement Scheme?
The SRS is a voluntary savings programme launched by the Singapore government to encourage individuals to save for retirement, while also providing immediate tax benefits.
While CPF is mandatory only for Singapore Citizens and Permanent Residents, SRS is open to everyone, including foreign professionals. The scheme is designed to:
Reduce your taxable income in the current year
Provide a flexible investment account
Allow tax-deferred growth on your investments
Offer preferential tax treatment upon withdrawal (especially if planned strategically)
Why SRS Is Worth Considering as an Expat
Let’s start with the biggest benefit: income tax relief.
If you’re an expat working in Singapore and earning a relatively high income, your marginal tax rate could be anywhere from 11.5% to 24%. By contributing to an SRS account, you can reduce your taxable income and pay less tax each year.
Example:
Say you’re earning SGD 160,000 a year. If you contribute the maximum SGD 35,700 to your SRS account, that amount is deducted from your taxable income—potentially saving you over SGD 5,000 in tax, depending on your personal situation.
This is especially valuable if:
You’re in a high tax bracket
You expect to remain in Singapore for at least a few more years
You’re already maximising other basic reliefs (like earned income relief, spouse relief, etc.)
How Much Can You Contribute?
As of now, the SRS annual contribution cap for foreigners is SGD 35,700, compared to SGD 15,300 for Singaporeans and PRs.
You can contribute any amount up to this limit each calendar year. Contributions must be made by 31 December to count toward that year’s tax relief.
What Can You Invest in Through SRS?
SRS contributions sit in a designated account (held with DBS, OCBC or UOB) and can be left in cash or invested. If you leave them in cash, the interest earned is minimal, so it’s far more effective to deploy the funds into investments.
SRS-approved investments include:
Stocks and ETFs (listed on SGX or overseas exchanges)
Unit trusts and mutual funds
Fixed deposits
Bonds (corporate or government)
Insurance products (like endowment plans or retirement income plans)
REITs
Certain structured products
This gives you flexibility to align your SRS strategy with your risk appetite, time horizon, and return expectations.
When Can You Withdraw—and What Are the Tax Implications?
Here’s where it gets interesting.
You can begin making penalty-free withdrawals from your SRS account from the statutory retirement age that was applicable at the time of your first contribution. For now, that’s age 63. Withdrawals before this age incur a 5% penalty, unless for specific reasons (e.g. death, medical grounds, bankruptcy, or if you’re leaving Singapore permanently, subject to the account being open for 10 years).
But the real benefit is this: only 50% of each withdrawal is subject to tax.
This creates a powerful opportunity. If you’ve left Singapore and have no other taxable income in the country, you could potentially withdraw funds with little or no tax payable at all—especially if the withdrawals are spread over several years.
Example Scenario:
You’re retired, possibly still a tax resident in Singapore, and you start withdrawing SGD 40,000 per year from your SRS account. Only SGD 20,000 counts as taxable income. And if that falls below the basic income tax threshold, you pay nothing.
This is particularly appealing for expats who plan to retire overseas or in lower-tax jurisdictions.
What Happens if You Leave Singapore?
If you’re leaving Singapore permanently and don’t intend to return, you can withdraw your SRS funds penalty-free—but there’s a catch.
While the 5% early withdrawal penalty is waived, 100% of the withdrawn amount becomes taxable, not just 50%.
This often leads to a dilemma for expats: Do you withdraw everything now and take the tax hit, or leave the funds in SRS and defer withdrawal until you’re eligible for the 50% tax concession?
In many cases, it may make financial sense to keep your SRS account active—particularly if you’re confident you won’t need the funds for many years, and you can benefit from long-term tax-deferred investment growth.
That said, this decision should be based on your personal situation, including:
Your expected future income and tax residency
Whether you’ll still have ties to Singapore
How long until you reach statutory retirement age
Currency considerations and investment preferences
A financial adviser can help you model the impact of each option. One interesting point to take note is that if you are a non-resident at the time of withdrawal, the 50% will be taxed on Singapore’s highest tax rate (currently 24%). This may not be so much of an issue if you are already a high-tax income earner, but it is definitely something to take into consideration when you are planning your withdrawals.
Strategic Tips to Maximise Your SRS Benefits
1. Contribute consistently, especially in high-income years.
Use SRS to reduce taxable income when you’re in a higher bracket—it’s less effective when your income is already low or tax-exempt.
2. Don’t leave funds sitting in cash.
Once contributed, invest your SRS funds thoughtfully. Holding cash long-term defeats the purpose of tax-deferred investment growth.
3. Plan withdrawals carefully.
If you’re retiring or leaving Singapore, aim to spread withdrawals over 10 years after reaching the qualifying age to minimise tax.
4. Be mindful of currency exposure.
SRS contributions and most investment options are SGD-denominated. If you plan to retire in a different country, factor in exchange rate risks.
5. Coordinate with your global financial plan.
Ensure SRS complements—not conflicts with—your other retirement vehicles and tax structures across jurisdictions.
The Supplementary Retirement Scheme may not be as well-known as CPF, but for expats in Singapore, it can be a powerful tax and investment tool. It allows you to save smartly during your higher-earning years, benefit from immediate tax relief, and grow your wealth in a tax-deferred environment.
More importantly, it gives you flexibility. Unlike some national pension schemes, you control how your funds are invested and when (and how) you withdraw them.
With the right strategy, SRS can play a key role in your long-term financial independence—wherever you eventually call home.
Wondering if SRS fits into your expat financial strategy? Let’s have a conversation about how it could help reduce your tax bill and build wealth for the future.
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:
Singapore is known for its strong economy, high living standards, and, of course, its high property prices. While this presents opportunities, it also means planning is essential. The cost of housing can be a significant hurdle, and with the high cost of living, saving for travel and retirement requires smart strategies.
But don’t worry—by understanding your financial landscape and setting clear goals, you can make steady progress. Let’s look at some strategies tailored for those living in Singapore.
Saving for Housing
First up, housing—probably the biggest financial goal for many. First, define your property goals—are you looking for a holiday home, an investment property, or a future residence? Once clear, establish your budget, considering factors like property prices, taxes, and ongoing costs in your target country. Since Singapore offers a stable financial environment, many expats set up dedicated savings accounts or investments specifically for property purchases abroad. Automating monthly transfers helps in disciplined saving, and some opt for foreign currency accounts to hedge against currency fluctuations.
Buying property overseas involves currency considerations. Expats should monitor exchange rates and consider options like forward contracts or currency hedging to lock in favorable rates, minimising risks associated with currency fluctuations.
Thorough research is vital. Understand the legal requirements, taxes, and restrictions for foreign buyers in your target country. Don’t forget to save for additional costs such as stamp duties, legal fees, and ongoing maintenance. Also, explore financing options—some countries offer mortgage options to foreign buyers, but terms vary.
Saving for Travel
Travel is a wonderful way to experience the world, and us who live in Singapore love exploring nearby countries. To fund travel adventures, here are some tips:
1. Set a dedicated travel fund: Open a separate savings account for travel. Automate monthly transfers as soon as you receive your income.
2. Use the 50/30/20 rule: Allocate 50% of your income to essentials, 30% to lifestyle and leisure—including travel—and 20% to savings and investments.
3. Find ways to cut costs: Look out for travel deals, off-peak discounts, and credit card rewards. Use cashback and points to offset expenses. I recently have been using the ENTERTAINER app, which is great for savings!
4. Save consistently: Even small amounts add up over time. The key is consistency—make saving for travel a non-negotiable monthly habit.
5. Plan ahead: Book flights and accommodations early to benefit from lower prices. Having a clear plan helps you prioritise savings.
Saving for Retirement
Retirement might seem far off, but the earlier you start saving, the better. Those in Singapore have several options:
Maximising CPF contributions: Those that have gained PR or even Citizenship can contribute to CPF. Your CPF Special Account offers higher interest rates—up to 5%—and is ideal for retirement savings.
Supplement with voluntary contributions: Open a Supplementary Retirement Scheme (SRS) accounts for additional tax benefits and investment options.
Invest for growth: Don’t rely on government schemes for retirement funds; grow your retirement nest egg through personal investments.
Set clear retirement goals: Estimate how much you need, considering inflation and lifestyle expectations. I do a very detailed plan based on current lifestyle assumptions for my clients and factoring in inflation.
Review and adjust: Regularly review your retirement plan and adjust contributions as your income grows or circumstances change.
Integrating Your Savings Strategy
All these goals require a coordinated approach. Here are some tips to keep everything on track:
Create a comprehensive financial plan: Define your priorities, timelines, and target amounts for each goal.
Automate your savings: Set up automatic transfers to different accounts to avoid temptation.
Monitor progress regularly: Use apps or spreadsheets to track your savings and adjust as needed.
Stay disciplined: Avoid lifestyle inflation—just because your income increases doesn’t mean your savings should decrease.
Seek professional advice: Consider consulting a financial planner familiar with Singapore’s landscape for personalised strategies.
Living in Singapore offers many opportunities but also presents unique challenges for saving for big goals. With clear planning, disciplined savings, and leveraging available tools like CPF and investment schemes, you can turn your dreams—whether it’s owning a home, traveling the world, or retiring comfortably—into achievable milestones.
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.
Investing for Singapore Expats 