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Welcome to Singapore and the ANZA community! As an expatriate, you may face complex financial decisions when it comes to holding assets across multiple jurisdictions. However, with the correct planning, you can build and protect significant wealth offshore. Here’s how:
1 Continue to save for retirement
If you’re not a Singapore citizen or PR, you won’t be contributing to CPF, which could result in gaps in your retirement planning. Setting up a regular contribution is crucial for reaching retirement goals. If you were in places like Australia, New Zealand and UK, you would have been contributing approximately 10% per annum to retirement structures like Superannuation, KiwiSaver, or UK Pensions. For some who are abroad for some time, the retirement gap left by not contributing can make a big impact.
2 Embrace the favourable tax
Singapore offers internationally portable, multi-currency investment accounts that can help you to take advantage of various tax-effective investment opportunities. The benefits you reap from tax exempt accounts can continue even after you return home. Some can also further assist with estate and succession planning for your children and grandchildren.
3 Protect you and your family
It’s important to discuss the subject of death with loved ones, especially if you’re living away from trusted friends and family. There are a few key considerations as an expat in addition to the normal Wills, Power of Attorney and Temporary and Permanent Guardianship that you may not have in your home country.
4 Review your current arrangements
Mortgages/Loans, Retirement Accounts, Insurance and Property should be reviewed to ensure they are working hard and relevant while you are abroad. Consider consolidating retirement accounts for ease of management and lower fees. Review property annually to ensure no nasty surprises when you return.
5 Seek advice
Managing your personal finance may seem daunting, especially if you have assets across multiple jurisdictions. Seeking advice can help you navigate complex financial decisions and make informed choices.
Living in a foreign country can be exciting and paying lower income tax and no Capital Gains Tax on investments can be rewarding. However, it’s important to be forward thinking. Singapore offers favorable tax structures and reviewing your current arrangements can ensure you’re making the most of them.
The levels and bases of taxation and reliefs from taxation can change at any time. The value of any tax relief depends on individual circumstances. You are advised to seek independent tax advice from suitably qualified professionals before making any decision as to the tax implications of any investment.
The value of an investment with St. James’s Place will be directly linked to the performance of the funds selected and may fall as well as rise. You may get back less than you invested.
Advice relating to a Will, Guardianship and/or Lasting Power of Attorney involves the referral to a service that is separate and distinct to those offered by St. James’s Place.
Please note your home or other property may be repossessed if you do not keep up repayments on your mortgage.
If you’d like to discuss further planning on how to make the most of your time in Singapore, please contact Jamie on jamie.burgmann@sjpp.asia or +65 91679634 to arrange a consultation.
The ‘St. James’s Place Partnership’ and the titles ‘Partner’ and ‘Partner Practice’ are marketing terms used to describe St. James’s Place representatives. Members of the St. James’s Place Partnership in Singapore represent St. James’s Place (Singapore) Private Limited, which is part of the St. James’s Place Wealth Management Group, and it is regulated by the Monetary Authority of Singapore and is a member of the Investment Management Association of Singapore and Association of Financial Advisers (Singapore). Company Registration No. 200406398R. Capital Markets Services Licence No. CMS100851.
St. James’s Place Wealth Management Group Ltd Registered Office: St. James’s Place House, 1 Tetbury Road, Cirencester, Gloucestershire, GL7 1FP, United Kingdom. Registered in England Number 02627518.
