Moving to and managing money in Singapore

Most people arrive on an employment pass or a dependant pass sponsored by an employer. Other routes exist and have their own criteria.

Tax residence is generally linked to days and employment in Singapore. Confirm how the year of arrival is treated before you assume a rate.

Local and international banks offer multi-currency accounts widely used by people paid from abroad. You will usually need a pass, an address and standard identification.

Private banking is available above certain balances. It is a service relationship, not a tax arrangement.

Singapore taxes income accruing in or derived from Singapore, and certain foreign income when it is received in Singapore, subject to exemptions and conditions that you should not guess at.

There is no general capital gains tax of the kind some readers will know from home, but specific rules exist and other countries may still tax you.

Additional buyer’s stamp duty and loan rules for foreigners are significant and have been revised more than once. Model the total cost before you fall for a view.

Many internationals rent for a long time. A lease review matters just as much as a purchase review.

Singapore is a booking centre for regional wealth. Whether a platform will accept you depends on residency and on the product’s own distribution rules.

If you remain tax resident elsewhere, that country’s rules can still apply to a Singapore account.

Employer medical cover is common and often limited. Dependants, maternity, and treatment outside Singapore need a careful reading of the schedule.

Integrated shield-style local plans and international plans solve different problems. Compare them on exclusions.

Forming a Singapore company is administratively straightforward compared with many countries. Banking, licensing and hiring are the steps that take judgement.

A company with no real activity in Singapore may not achieve the commercial or tax result you expect.

The Singapore dollar is freely used in daily life. Regional payments in US dollars are also common. Know which currency your costs actually fall in.

For a first arrival, open the account you will be paid into before you give notice, if your employer will support that timing.