Category : Blogs

Sub Category : Miscellaneous

Singapore is a prosperous country. It is well-known as a shoppers’ paradise. The country has diverse types of naturally beautiful and well-maintained travel spots that attract backpackers from across the globe. As an industrially thriving nation, Singapore is one of the most popular destinations for other nationals who want to settle and succeed in another country far flung from their native lands.

However, it is not difficult to understand that gaining a strong foothold in a foreign country is anything but a child’s play. You need to understand the financial challenges and disburse your investments accordingly for maximum returns. To secure and safeguard your financial future, seek help from a reputable financial adviser for Australian expats in Singapore.

In the next section, we will discuss some of the most common challenges faced by Australian expats in Singapore. 
High Living Cost: Singapore is known for promoting good quality of life. However, you must have enough resource to retain high and healthy lifestyle. Housing, education and healthcare are particularly expensive. Meticulous planning is needed; otherwise, it will leave your financial resources completely drained out. 
To avoid such a precarious situation, prioritize your necessary expenses, adopt cost-saving approaches and budget carefully without compromising on lifestyle.

Currency Fluctuation: This is another common challenge for expats in Singapore. Since financial commitments span across different currencies, exchange rate fluctuations heavily impact expats’ saving and investments.

To reduce the risk, you should focus on developing and maintaining a diversified financial portfolio across various currencies. Explore strategized hedging to keep your financial portfolio immune to adverse currency movements.

Complex Tax System:  The system of taxation is different in Singapore and Australia. You need to understand the unique complexities in taxation after relocating to Singapore. This is a challenge for expats.

Unfamiliar tax regulations, double taxation and many other intricacies are likely to make it difficult for you to develop a strong, stable and sustainable financial plan that will ensure measurable success. 

Seek guidance from a financial planner for Australians in Singapore. The person should have knowledge in international taxation to help you with tax liabilities and comply with regulatory requirements.  

Retirement Planning: Expats are unlikely to have access to the same retirement benefits and schemes that the local residents enjoy. Therefore, retirement planning becomes a more important consideration for expats. 

You should explore alternative savings options to build up a nest egg for your sunset years. These include investment portfolios or pension schemes customized to wealth accumulations in the long run.