Did you know whats the average earning of expats in Singapore — an average of $162,000. It stands #1 on the list of all countries for expats.
The main reason to shift to the Asian countries is to improve theie career and we can see why so. Expats living in Singapore earn an average of $162,000 , which is $56,000 more than the global average.Second to Signapore is New Zealand followed by germany.Canada and Bahrain on 4th and 5th place respeactively. This list was made on the parameters of good schooling facilities, safety in the country and low taxes and better health care facilities- all very important factors in choosing which country to live on.
As a regional financial centre, Singapore maintains strong regulations, a stable currency, and most significantly , it’s easy to urge started on investments here. The large and robust financial markets are tightly regulated by the Monetary Authority of Singapore (MAS). That means your investments are safe in an open and free economy. Advantages of investing in Singapore include having no capital gains tax, and therefore the diverse number of sectors to settle on from.
Financial life of any person can be divided into 2 parts =accumulation phase and the distribution phase. Accumulation = is what we earn in working life and distribution is how we spend our life earning. This is the phase most expats in Singapore get wrong. Especially for an expat in Singapore it is vert efficient to decide on their financial planning using professional expat financial planning Singapore.
What we mean, many expats spend too much money spending in their earning “accumulation” phase. This leaves very little for the retirement years. Expat retirement planners in Singapore can also advice on how to distribute money in retirement years so you live luxurious until death.
continuous planning and dynamic strategies are key to efficient living. Just to avoid getting stuck, its better to invest in professional advice, who can advice and help in proper implementation of your accumulated wealth which turns out to be more useful and worth its weight in gold. Doing all financial planning alone is like a Cowboy without his Posse.
Taxes is another scenario where proper care is needed. Tax regulations keep changing and thus requires proper monitoring. It plays huge role in payouts.
The investments that appear promising with higher returns — may disappoint, while a good diversified mix of investments is the usually best choice, Professional advice can help in this areas as well.
- Bonds: It is similar to borrowing by an company or organization. example special types like the Singapore Savings Bond.
- Exchange Traded Funds (ETFs): Open-ended investment listed and traded on a stock market
- Real Estate Investment Trusts (REITs):
You may wish to build a diversified portfolio by investing in different asset classes to lower the risk of the overall portfolio underperforming.
Another important thing to consider is the financial market and scenario changes, at times we might come across an excellent scheme. Hence having cash on hand is one important factor. As they say cash is king. You should have cash handy to gain benefits of the opportunity at hand.
The market goes up and down. In order to get good returns it is important to have good strategy on planning — saving — and diversifying your wealth.
In order to avoid “financial gun fight” expats in Singapore should consider the above points.