Tag Archives: travel

Can You Really Retire in Singapore?

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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.

The Financial Identity Shift: From Local to Global Citizen

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Moving abroad isn’t just a change of address; it’s a shift in perspective, priorities, and, often, finances. As an expat in Singapore, you might have noticed that the way you used to think about money back home doesn’t quite fit anymore. The same salary, the same savings habits, the same assumptions about investments, suddenly, they feel… different.

This is what I like to call the financial identity shift. It’s subtle, emotional, and deeply practical all at once. And understanding it is the first step to making smart, empowered financial decisions while living abroad.

1. From Familiar to Fluid: Your Money Mindset Changes

When you were at home, your financial decisions were guided by context you understood: local property markets, familiar banks, tax rules, and long-established social safety nets. Moving abroad disrupts that framework. Suddenly:
• Your salary is in a different currency.
• Your banking options feel more complicated.
• Long-term savings and retirement planning require new structures.

You may start asking questions you never considered:
• “Should I invest locally or offshore?”
• “How do I protect my family if we’re in different countries?”
• “What happens if my visa status changes?”

These questions aren’t just logistical; they signal a shift in how you define financial security. The comfortable rules you once followed no longer apply, and you need to build a new framework; one that fits a more fluid, international life.


2. Spending in Singapore: Lifestyle vs Luxury

One of the biggest adjustments expats notice is the cost of living, and the temptation to spend. Singapore offers incredible lifestyle options, from world-class food and shopping to vibrant cultural experiences. It’s easy to slip into patterns where spending feels like self-expression, rather than necessity.

Here’s the key distinction:
• Lifestyle spending: Money that enhances your daily experience…a weekend brunch with friends, a fitness class that keeps you energised, or a hobby that brings joy.
• Luxury spending: Money that signals status or attempts to match someone else’s standard of living, rather than improving your own well-being.

Many expats find themselves overspending because they’re trying to adapt or fit in, rather than consciously choosing what adds value. Recognising the difference is critical. Start by asking: “Does this expense make my life better, or just look better?”



3. Your Portfolio Becomes Portable

Back home, retirement might have been a distant, almost automatic consideration; a pension or provident fund, a property plan, or a steady investment account. Abroad, the picture is more nuanced.
• Flexibility is everything: You want investments that can travel with you, rather than being tied exclusively to one country.
• Diversification matters more: Currency fluctuations, different regulations, and international exposure mean your portfolio should be resilient to change.
• Offshore options: International equities, bonds, and funds can provide access to global markets, while local accounts like the SRS can offer Singapore-specific benefits.

The financial identity shift here is about thinking of your money as mobile and adaptable, not fixed. You are building a plan that works whether you stay in Singapore for five years or twenty.


4. Currency Awareness and Cross-Border Considerations

One of the more practical but often overlooked aspects of this shift is currency awareness. Even if your salary is in Singapore dollars, you might still have family, property, or investments elsewhere. Changes in exchange rates can have a real impact on your savings and lifestyle.

Tips to navigate this:
• Keep some savings in the currency you’ll spend it in most frequently.
• Consider regular small transfers if you need to support family abroad…it’s often cheaper than lump-sum conversions.
• Use local accounts for day-to-day living to avoid repeated conversion fees.

By recognising the financial identity shift, you start seeing your money in relative, global terms, rather than just what the balance shows at the end of the month.



5. Emotional Side of Money Abroad

Money isn’t just numbers, it’s deeply tied to identity, comfort, and belonging. Expats often report feeling “less financially secure” despite having higher earnings than at home. Why?
• You’re building systems from scratch.
• You might not have extended family nearby as a fallback.
• Local rules, cultural norms, and hidden costs make planning feel complicated.

Acknowledging this emotional side is vital. Instead of forcing yourself to replicate old financial patterns, redefine what security and success mean for your current context.


6. Practical Steps to Embrace Your New Financial Identity

Here are some actionable strategies to help make this shift concrete:
1. Audit your spending: Separate lifestyle from luxury. Know what brings you value.
2. Build portable investments: Focus on assets that are flexible and accessible internationally.
3. Plan for contingencies: Emergency funds, insurance, and legal structures protect you and your family.
4. Educate yourself: Learn about Singapore’s financial landscape, SRS options, and local investment vehicles.
5. Revisit your mindset regularly: Check in with your goals, lifestyle choices, and whether your money aligns with your values.

Each step reinforces the idea that being an expat isn’t just a geographic move — it’s a mindset shift, and your financial life should reflect that.


7. Looking Forward: Building Confidence as a Global Citizen

The financial identity shift can feel unsettling at first. Old habits don’t work, and everything feels new and complicated. But this is also an opportunity: to design a financial life that is aligned with your values, flexible across borders, and resilient for the long term.

Being a global citizen doesn’t mean abandoning your roots, it means choosing consciously what matters to you and how you want to live. Your finances can support that, rather than dictate it.


If you’d like a practical guide to navigating this shift, I’ve broken down strategies for spending, investing, and building a safety net for expats in Singapore on my blog and podcast. You can explore more tips and real-life examples here, or reach out to find out more.

Financial Exit Planning: Preparing for Life After Singapore

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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.

The Real Cost of Being an Expat in Singapore: What You Need to Know

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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.

Healthcare Beyond Corporate Insurance

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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.

Maximising Savings with the ENTERTAINER App: A Week of Delicious Deals in Singapore

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As a finance and lifestyle blogger here in Singapore, I’m always on the lookout for ways to enjoy the city’s best offerings without breaking the bank. One tool that has truly transformed my dining and entertainment experiences is the ENTERTAINER app. With its extensive range of 1-for-1 deals and discounts across restaurants, cafes, and lifestyle venues, it’s a game-changer for savvy savers like me.

What is the ENTERTAINER App?
The ENTERTAINER app is a digital membership that offers exclusive 1-for-1 deals and discounts at numerous merchants in Singapore. It’s incredibly user-friendly—simply browse the deals, search by location or category, and redeem instantly. One of my favourite features is the map search function, which helps me find nearby deals effortlessly—perfect for spontaneous outings or planned dinners. You can check out their website here: https://www.theentertainerme.com/ where you can see all the great merchants they work with! Recently, the price has been reduced: It’s only $72. So essentially you could save double what I “paid” for it!

Deals Available & What I Love About the App
From local hawker-style eateries to fine dining restaurants, the app covers a wide spectrum. I love how the app not only provides great discounts but also allows me to try new places I might not have considered before. Plus, most merchants are familiar with how to use the app, making redemption seamless.

A Week of Savings in Singapore
Here’s a quick rundown of my experience this week using the ENTERTAINER app:

Monday:

  • Poke Theory at Raffles Place
    BYO Pokebowl (Tuna, Chicken, Tempeh) at SGD 17.50 each. I shared this with a colleague, so we split the cost—saving half.

Tuesday:

  • Poke Theory again
    This time, with a drink included, the bowl still at SGD 17.50, plus an additional deal for 1-for-1 mains at Sichuan Alley, Telok Ayer. My friend and I enjoyed home-style mashed pea noodles and braised pork rib noodles. The total bill was SGD 28, but with the deal, I got the cheaper dish free—saving SGD 13.80. I also noticed Sichuan Alley offers cocktail deals through the app, which I’m eager to try next!

Wednesday:

  • Dinner at Harry’s, Boat Quay
    A 1-for-1 mains deal meant I enjoyed a delicious salmon dish while my client had chicken. Total savings: SGD 21.83.

Thursday:

  • Back to Poke Theory
    This time, I added a snack pack of almonds (my colleague got cashews). Over three visits, I saved a total of SGD 57.13—amazing value for consistent dining!

Friday:

  • Quentin’s The Eurasian Restaurant, Ceylon Road
    My husband and I tried this place on a whim as it was a different cuisine that we both hadn’t had in a long time. We ordered several dishes—prawn curry, fish bostador, and a meaty cutlet—some under the 1-for-1 mains deal. Our total savings: SGD 28.02. The food was fantastic, and I didn’t expect such a feast!

Sunday:

  • Stirling Steaks, East Coast Road
    I am normally not in the mood for ‘western food’, but my husband & I decided that we will go on the hunt for a really good steak! Both of us enjoyed perfectly cooked sirloin steaks with fries and a garden salad. Total savings here: SGD 21.83. The steak was so good—I can’t wait to go back! I also noticed that they do a steak buffet & have a speakeasy upstairs, so that would be cool to try.

Total Savings for the Week: SGD 148.46

Why I Recommend the ENTERTAINER App
This week’s experience highlights how easy and rewarding using the ENTERTAINER app can be. It complements my previous posts about saving money in Singapore, proving that with a little planning, you can enjoy a variety of amazing places while keeping your budget in check. The app’s user-friendly interface and the familiarity of merchants with how to use it mean redemption is quick and hassle-free.

Whether you’re a foodie, a coffee lover, or someone who enjoys exploring new entertainment venues, the ENTERTAINER app makes it simple to try new places and save big. It’s a fantastic way to make the most of Singapore’s vibrant dining scene without overspending.

I haven’t even explored the other options available on the app, like massages, treatments and manicures. As a foodie, I’ve mainly been focusing on the restaurant deals, but for experiences & treatments, this app is great too!

Final Thoughts
If you’re looking to stretch your dollar and enjoy Singapore’s best offerings, I highly recommend giving the ENTERTAINER app a try. My week of savings shows just how much you can enjoy—SGD 148.46 saved in just seven days! Whether for casual meals, special date nights, or catching up with friends, this app is a must-have for any budget-conscious person in Singapore.

Happy saving and dining!

(Don’t forget: You can check out their website here: https://www.theentertainerme.com/ where you can see all the great merchants they work with! Recently, the price has been reduced: It’s only $72. So essentially you could save double what I “paid” for it!)

And I’m very excited to announce that I have a discount code – DANNI20 – for $20 off for my readers! You just need to add this promo code at checkout.

Checkout [theentertainerme.com]

Cost of Living Comparison: Singapore vs. Other Expat Hotspots

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As an expat in Singapore, it’s natural to compare the cost of living here with other popular expatriate destinations. Singapore is often lauded for its high standard of living, safety, and excellent infrastructure, but it also comes with a hefty price tag. In this article, we will analyse how Singapore’s expenses stack up against other expat hotspots like Hong Kong, Dubai, Sydney, Bali, and London. *** The Aussie dollar fluctuates constantly in comparison to SGD, so a lot of these conversions are general from AUD to SGD. When I moved to Singapore, it was one for one, but as of today, SGD 1 is equivalent to AUD 1.20.

1. Housing Costs

Singapore: Housing can be one of the most significant expenses for expats. Depending on the location and type of accommodation, monthly rents for a two-bedroom apartment can range from SGD 2,500 (although I’m seeing less on this price range) to SGD 5,000 in popular districts.

Hong Kong: Often regarded as one of the most expensive cities globally, housing in Hong Kong can be even pricier than in Singapore. A similar two-bedroom apartment in central areas can cost upwards of HKD 30,000 (approximately SGD 5,200).

Dubai: In contrast, Dubai offers more affordable housing options. A two-bedroom apartment in a desirable area may range from AED 7,000 to AED 12,000 (approx. SGD 2,400 to SGD 4,200).

Sydney: The rental market in Sydney is competitive, with costs ranging from AUD 2,500 to AUD 4,000 (approx. SGD 2,400 to SGD 4,800) for a two-bedroom apartment in the city centre.

Bali: Bali stands out as a budget-friendly option. A two-bedroom villa can be rented for as low as IDR 6,000,000 to IDR 12,000,000 (approx. SGD 570 to SGD 1,140), making it an attractive option for expats seeking affordability.

London: Housing in London can be steep, particularly in central areas where a two-bedroom apartment can range from GBP 2,500 to GBP 4,000 (approx. SGD 4,500 to SGD 7,200).

2. Transportation

Singapore: The public transport system in Singapore is efficient and affordable. A monthly use of public transport costs around SGD 120, while taxis and rideshare services are readily available.

Hong Kong: Similar to Singapore, Hong Kong has an excellent public transport system. A monthly pass costs around HKD 600 (approx. SGD 102), making it comparably priced.

Dubai: Public transport options in Dubai are limited compared to Singapore and Hong Kong, but the metro system is expanding. A monthly pass costs AED 300 (approx. SGD 110).

Sydney: Sydney’s public transport system can be expensive, with monthly costs around AUD 200 (approx. SGD 200).

Bali: Transportation in Bali is typically by scooter or car rental, with costs being relatively low. A scooter rental can average around IDR 1,000,000 (approx. SGD 95) per month.

London: The cost of public transport in London can be higher, with a monthly pass costing around GBP 150 (approx. SGD 270).

3. Groceries and Dining Out

Singapore: Grocery prices in Singapore can be higher than in many countries, with a monthly grocery bill averaging around SGD 400 to SGD 600. Dining out ranges from SGD 5 for a local meal (in local hawker centres) to SGD 100 or more for nicer restaurants or fine dining, and in the SGD 200 and above price point for buffets.

Hong Kong: Groceries can be slightly more expensive than in Singapore, averaging around HKD 3,000 (approx. SGD 510) per month. Eating out can also be pricey, with meals ranging from HKD 50 to HKD 1,000 (approx. SGD 8.50 to SGD 170).

Dubai: Grocery prices are relatively affordable, averaging around AED 800 (approx. SGD 300) per month. Dining out can vary widely, with local meals costing AED 30 (approx. SGD 11) and upscale dining ranging much higher.

Sydney: Groceries in Sydney can be similar to Singapore, costing around AUD 600 (approx. SGD 600) monthly. Dining out can be pricey, with local meals averaging AUD 25 (approx. SGD 25).

Bali: Grocery costs are significantly lower, averaging around IDR 2,000,000 (approx. SGD 190) per month. Dining out is also economical, with local meals often costing less than SGD 5.

London: Grocery prices in London can be high, with average monthly costs of GBP 300 (approx. SGD 540). Restaurant meals can range from GBP 10 to GBP 100 (approx. SGD 18 to SGD 180).

4. Healthcare

Singapore: Healthcare in Singapore is of high quality, but costs can add up. A typical health insurance plan for expats can be around SGD 3,000 to SGD 6,000 per year.

Hong Kong: Healthcare costs are comparable, with expats typically spending around HKD 30,000 (approx. SGD 5,100) annually for health insurance.

Dubai: Healthcare costs are generally lower, with health insurance averaging around AED 8,000 (approx. SGD 3,000) annually.

Sydney: Healthcare can be more expensive, with health insurance plans costing around AUD 2,000 to AUD 3,000 (approx. SGD 2,000 to SGD 3,600) yearly.

Bali: Healthcare is affordable, but quality can vary. Expat health insurance plans may range from IDR 2,000,000 to IDR 5,000,000 (approx. SGD 190 to SGD 480) annually.

London: Healthcare is often covered by the NHS for residents, but private health insurance can range from GBP 1,000 to GBP 2,000 (approx. SGD 1,800 to SGD 3,600) annually.

In conclusion, while Singapore is one of the more expensive cities for expats, it offers a unique blend of quality of life, safety, and cultural diversity. Housing costs are a significant factor, especially when compared to cities like Dubai and Bali, which offer more affordable options. Transportation and healthcare costs are relatively competitive, but groceries and dining out can add to your monthly budget.

Ultimately, the best choice for an expat depends on personal priorities, lifestyle, and financial situation. Each city has its own unique advantages, and understanding the cost of living in relation to those factors is crucial for making an informed decision.

Financial Implications of Moving Back Home: What Expats in Singapore Should Consider

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Relocating back to your home country can be an exciting yet daunting prospect, especially for expats living in Singapore. Beyond the emotional aspects, it’s crucial to understand the financial implications of your move. Here’s a comprehensive guide on what to consider when planning your return, focusing on key jurisdictions like the UK, Australia, France, Germany, other parts of the EU, Southeast Asia, and India.

1. Cost of Living Adjustments

One of the first financial aspects to evaluate is the cost of living in your home country compared to Singapore. Cities like London or Sydney might have similar living costs, but factors such as housing, transportation, and utilities can vary significantly. Research the current costs in your destination to create an accurate budget.

2. Currency Exchange and Transfer Costs

Handling your finances while moving back home involves currency exchange and transfer fees. The Singapore dollar will need to be exchanged for your home currency, and fluctuating exchange rates can impact how much money you ultimately receive. Consider using money transfer services that offer competitive rates and lower fees to maximise your funds. I’ve mentioned before that I’ve used companies like OFX to handle my currency exchange, to ensure the best rates.

3. Tax Obligations

Understanding your tax obligations is crucial before returning home. Each country has different rules regarding tax residency and obligations for returning expats. For instance:

  • UK: You may be subject to tax on your worldwide income if you return and remain a tax resident.
  • Australia: Similar rules apply; if you become a resident again, you’ll be taxed on your global income.
  • France and Germany: Both countries have strict residency rules, and you may need to pay taxes on your global income.
  • Other EU countries: Tax residency rules can vary widely; it’s essential to consult with a tax advisor familiar with cross-border taxation.
  • Southeast Asia and India: Tax implications can also differ significantly in these regions. For example, India taxes global income if you meet specific residency criteria.

Tax is a huge part of financial planning; we are very lucky whilst living and working in Singapore, as taxes are low & there is no Capital Gains Tax on investments. However, that won’t always be the case upon repatriation, which is why tax planning is so important.

4. Pension Considerations

If you have been contributing to a pension scheme in Singapore, such as an SRS account, or CPF if you’ve become PR, you may wish to understand how this will be affected once you return. Some expats choose to leave their pension funds in Singapore, while others may transfer them back home. Each option has its own implications for taxation and access to funds, so seek professional advice tailored to your situation. Check out my previous content on SRS & pensions for more information on this.

5. Property Ownership and Housing Market

If you own property in your home country, consider the current housing market. Will you sell, rent, or keep your property? If you’re returning to a place where property values are fluctuating, this can significantly impact your financial situation. For example, in the UK, property prices can vary dramatically by region, while in India, urban growth might be changing property values rapidly.

6. Health Insurance and Medical Costs

Healthcare systems differ vastly from Singapore, where expats often enjoy comprehensive health insurance. In the UK, the NHS provides public healthcare, but private health insurance may be advisable. In Australia, the Medicare system is available, while in India, the private healthcare sector can be expensive without insurance. Ensure you have adequate health coverage that meets your needs upon your return.

7. Employment Opportunities

If you’re considering employment upon your return, it’s important to assess the job market in your home country. Research potential salaries and benefits, and consider how your experience in Singapore might translate into local job opportunities. Economic conditions can vary widely—Australia and Germany have robust job markets, while certain sectors in the UK and EU may be more challenging. Don’t forget to calculate how tax will impact your salary, too.

Moving back home is a significant step that requires careful financial planning. By considering cost of living, tax obligations, pension implications, housing markets, health insurance, and employment opportunities, you can navigate your return more smoothly. Consulting with financial advisers familiar with both Singaporean and your home country’s regulations can also provide valuable insights, helping you make informed decisions as you embark on this new chapter of your life.

Maximising Savings with Singapore’s Financial Opportunities: A Guide for Expats

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Singapore, often regarded as a global financial hub, offers a spectrum of financial products designed to cater to both residents and expatriates. With a robust banking sector, various local banks and financial institutions provide a range of savings accounts, fixed deposits, and investment-linked products. This article aims to give expats an overview of these offerings to help maximise their savings and investment potential while living in this vibrant city-state.

Understanding the Financial Landscape in Singapore

Before diving into specific products, it’s important to understand the financial landscape in Singapore. The Monetary Authority of Singapore (MAS) regulates the country’s banks and financial institutions, ensuring a safe and stable environment for investors. Expats are often eligible for the same products as Singaporean citizens, allowing them to take full advantage of the financial services available. One thing that is very important to understand whilst looking at financial products in Singapore, is understanding the regulations, and the tax implications involved if you were to move abroad.

Savings Accounts

1. High-Interest Savings Accounts

Many local banks offer high-interest savings accounts specifically designed to attract depositors looking for better returns on their savings. For instance:

  • DBS Multiplier Account: This account offers tiered interest rates that increase based on the account holder’s monthly transactions, which could include salary credits, investments, and insurance premiums. It’s ideal for expats looking to consolidate their banking activities and earn higher interest.
  • OCBC 360 Account: Similar to DBS, the OCBC 360 Account provides various ways to earn bonus interest rates. Expats can benefit from higher rates by meeting certain criteria, such as making regular deposits or using their credit cards.

2. Joint Accounts

For expat couples, joint savings accounts can be a practical way to manage household finances. Many banks offer joint accounts with competitive interest rates, making it easier for partners to save together while enjoying the benefits of compounded interest.

Fixed Deposits

Fixed deposits (FDs) are a popular option for expats seeking secure and guaranteed returns. These accounts require users to commit their funds for a fixed term, during which the interest rate remains constant.

1. Standard Fixed Deposit Accounts

Most local banks, including UOB, Maybank, and HSBC, offer fixed deposit accounts with varying tenures, typically ranging from one month to several years. The interest rates for FDs are generally higher than traditional savings accounts, making them an attractive option for expats looking to grow their savings without exposure to market risks. However, this is not a stable long-term financial plan, and should only be used for short-term.

2. Foreign Currency Fixed Deposits

For expats earning in foreign currencies, foreign currency fixed deposits can be advantageous. They allow individuals to hold deposits in their home currency while potentially benefiting from favorable interest rates and currency fluctuations. Banks such as Citibank and Standard Chartered offer these products, which can be tailored to the specific needs of expats. It’s important to remember that there will always be currency risk when dealing in FX (foreign exchange),so be mindful of this when looking at the FD returns.

Investment-Linked Products

For those looking to go beyond traditional savings and fixed deposits, investment-linked products provide a way to grow wealth through market exposure while enjoying some insurance benefits.

1. Endowment Plans

Many insurance companies in Singapore offer endowment plans that combine savings and insurance protection. These plans typically have a fixed maturity period and offer guaranteed returns, making them appealing to people who want a low-risk investment option. However, I always say that if a product offers ‘guaranteed returns’, it’s guaranteed that you will lose out! These products’ returns are very low, sometimes between 1-3%, which most of the time will not even battle inflation. While they are suitable for those who are very risk adverse, they are not a very stable way to generate long-term returns, as you could (most probably will) be missing out on potential upside, that you could have gotten from other investments.

2. Unit Trusts

Unit trusts are collective investment schemes that pool money from multiple investors to invest in diversified portfolios. These cater to different risk appetites, from conservative to aggressive. Expats can leverage these products to diversify their investment portfolios and potentially achieve higher returns over the long term. Many of these will have insurance wrappers, that don’t really offer a tonne of coverage, but means that: 1. your loved ones will receive the gains when you pass on & 2. they may be classed as a tax-efficient product in various jurisdictions.

Maximising savings while living in Singapore involves understanding and utilising the diverse range of financial products available. From high-interest savings accounts to fixed deposits and investment-linked products, expats have numerous options to grow their wealth. It’s essential to assess individual financial goals, risk tolerance, and investment horizon when choosing the right financial products.

Before making any decisions, expats should consider consulting with a financial advisor to tailor a savings and investment strategy that aligns with their unique circumstances. With the right approach, expats can effectively navigate Singapore’s financial landscape and maximise their savings for a secure financial future.

Expats Unlocked: Financial Planning Q&A for Expats in Singapore

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Whether you’ve just landed or you’ve been here for a while, navigating the financial landscape can be tricky. But don’t worry – we’ll tackle the most common questions and misconceptions you might have!

FAQs About Financial Planning for Expats

I’ve compiled a list of the most common questions expats have about financial planning.

FAQ 1: Do I need a local bank account?


This is one of the first questions many expats ask. Generally, yes, opening a local bank account is advisable. It makes transactions easier, especially for salary deposits and paying bills. Plus, many local accounts offer competitive exchange rates and lower fees for international transfers. The best part about having a local bank account is being able to use Scan Pay & Pay Now. But remember to bring the necessary documents, like your passport and proof of address!

FAQ 2: How does the tax system work for expats in Singapore?


Great question! Singapore has a territorial tax system, meaning you’re only taxed on income earned within the country. If you’re a resident for tax purposes, which generally means if you’ve been in Singapore for at least 183 days in a year, you’ll be taxed at progressive rates. Always consult with a tax advisor to understand your obligations, especially if you have income from overseas. Another great thing about Singapore is that there is no Capital Gains Tax on investments!

FAQ 3: What about retirement planning? Should I contribute to a local CPF?


Another common misconception is that expats must contribute to the Central Provident Fund, or CPF. Actually, most of the time this isn’t even possible. CPF is primarily for Singaporean citizens and Permanent Residents. However, expats can consider other retirement savings options like an SRS, international pension plan or a personal retirement account. It’s essential to explore the best options that fit your long-term goals.

FAQ 4: Is it worth investing in local property?


Investing in property can be appealing, but it’s important to understand the regulations and potential taxes involved. Foreigners can buy property in Singapore, but they are typically limited to private residences and face additional taxes. For example, most (apart from a few exempt nationalities) must pay an additional 60% stamp duty, which is hefty! It’s also worth taking note that you can’t really ‘flip’ properties here in Singapore like you can in other countries. It’s crucial to conduct thorough research and possibly consult a property expert before diving in.

FAQ 5: How do I send money back home?


Sending money back home is straightforward, but it’s vital to consider the fees and exchange rates. Traditional banks can charge high fees, so many expats opt for digital services like TransferWise or Revolut, which offer better rates. I use OFX to send money to and from the UK, as I find that their rates are always better than Wise. Always compare options to get the most value for your money, and feel free to reach out if you have any questions on how I do it!

Common Misconceptions


Now that we’ve tackled some FAQs, let’s discuss a few misconceptions that often arise when it comes to financial planning for expats.

Misconception 1: It’s unnecessary to have a financial plan because I’ll be here temporarily.


Many expats think, “I’m only here for a year or two, so why bother?” But having a financial plan is crucial, no matter how long you stay. It helps you budget for daily expenses, plan for emergencies, and even save for future investments. You might be surprised; many expats end up staying longer than expected!

Misconception 2: All financial advice applies universally.


Just because something works in your home country doesn’t mean it will work in Singapore. Financial regulations, investment opportunities, and tax obligations can vary greatly. Always seek advice tailored to your situation in Singapore.

Misconception 3: Expat packages cover all my financial needs.


While expat packages often include benefits like housing and schooling, they may not cover everything. Consider your long-term financial goals, such as retirement, insurance needs and investment strategies, which may require additional planning beyond what’s provided by your employer. It’s always best to ask your HR for a breakdown of what your company provides, and the level of coverage, so that you are fully aware.

Tips for Effective Financial Planning


Now that we’ve cleared up some common questions and misconceptions, let’s get into some actionable tips for effective financial planning as an expat in Singapore.

TIP 1: Set Clear Financial Goals.


Define what you want to achieve financially. Are you saving for a house? Planning for retirement? Having clear goals will help guide your financial decisions.

TIP 2: Build an Emergency Fund.


Life can be unpredictable, especially in a new country. Aim to save at least three to six months’ worth of expenses in an easily accessible account. This fund can be a lifesaver during unexpected situations.

TIP 3: Consult a Local Financial Advisor.


Working with a financial advisor who understands the local market can be invaluable. They can help you navigate investments, taxes, and retirement planning tailored to your circumstances. It’s best for them to be licensed by MAS, and would be ideal if they have worked with expats before, so that they understand the unique challenges and situations you may face.

TIP 4: Stay Informed About Changes.


Keep yourself updated on any changes in regulations or financial products in Singapore. Financial literacy is key to making informed decisions. This applies for things such as tax reliefs available to you, retirement age for SRS accounts, or currency fluctuations.


I hope I’ve answered some of your burning questions and dispelled a few myths along the way. Remember, effective financial planning is essential for a smooth expat experience. If you enjoyed this article, please share it with your fellow expats and subscribe for more insights!