Category : Blogs

Sub Category : Miscellaneous

Regardless of where you live, there are some basic rules that expats need to follow for effective financial planning in a new country. If you are an expat in Singapore, it’s important to make necessary adjustments to secure your financial wellbeing aligned with rules and regulations abroad.
 
Here is what an experienced financial planner for Australians in Singapore suggests:

Do Research

Before you start packing in preparation to relocate to Singapore, whether alone or with your family, do your research on necessary expenses. Compare how much more or less you have to pay in Singaporean Dollars.
 
Expats in Singapore are allowed to open a bank account. Processes may vary from one bank to another but the basics remain the same. You need to submit the following documents for opening a bank account in Singapore:

	A copy of your passport
	A domicile certificate in your home country
	Student pass or employment documents (depending on why you’re relocating to Singapore)
	Long-term visit, a letter of admission/employment, dependent pass
	Additional documentation (These vary from one bank to another)

It takes nearly one week or less to process the bank account. 

Be Pragmatic about Your Financial Ability

Whether you are in your native country or living abroad, being pragmatic about financial strengths and weaknesses works to your best advantage. Housing and personal vehicle costs contribute most to your monthly expenses in Singapore. If you cannot afford housing and personal vehicles, think about cheap alternatives. 

In Singapore, car ownership comes at a heavy price. If you are short on money, you should choose public transportation methods such as taxis, motorcycles, MRT etc. 

Transportation fees are cheaper than the cost of owning a car, allowing you to save a significant sum. 

Familiarize with Your Tax Responsibilities

When living in Singapore, you should know the details of your tax responsibilities. It is the same as what you used to do in your homeland. Fortunately, Singapore has tax-friendly policies for expats. 

Singapore being a territorial tax country, doesn’t require you to pay tax on your income that you earn here. Furthermore, there is no inheritance tax or capital gains tax in this country. As a result, you don’t have any obligation to pay income tax on properties, intangible assets or sale of shares. 

When you start preparing your financial planning, consult with a financial Adviser for Australian expats in Singapore. He is the best professional to guide you with comprehensive analysis and advice regarding what you should do and shouldn’t for successful financial planning.