Singapore is a small prosperous nation, which attracts expats from all over the world. For most people, moving to this island opens doors to many amazing professional opportunities. However, these opportunities may also pose a distinct set of financial challenges that must be considered carefully.
Expats must fully understand and utilize the unique financial landscape of Singapore to their advantage or they may have to face various difficulties. To help you avoid difficulties and smoothly grow your finances, we have listed the various financial blunders that expats make in Singapore. So, read on till the end.
The incorrect insurance
Singapore has a superior quality healthcare system, however, there is a steep price tag associated with it. In addition, costs will vary depending on whether you seek treatment at a private or public hospital. However, the best financial advisor for expats in Singapore would advise you that it is best to assume that you may have to pay more than you usually did in your home country.
If an expat becomes gravely ill or severely injured, their medical costs can quickly deplete their savings. Hence, expats must absolutely look for health insurance that perfectly fulfils their unique requirements. If you currently have health insurance, we recommend reviewing your policy to ensure it covers your needs well. Ideally, your insurance should be portable and afford you the extent and type of care/treatment you require. If you have such insurance, you will most likely be able to avoid incurring hefty medical bills once you are in Singapore.
In addition, to have the peace of mind that your insurance coverage is valid in separate jurisdictions, we recommend looking into reviewing your other protection policies. These include:
● Income protection insurance
● Life insurance
● Critical illness cover
It is best to finish reviewing and updating your policies before moving, as doing so will ensure that there are no gaps in your cover. Avoiding gaps is necessary because they can prove quite expensive if you are required to claim.
Not learning new tax rules
As an expat, it is imperative that you fully comprehend your tax position because you may be expected to pay taxes in Singapore and your home country. Having a working knowledge of all applicable tax laws gives you higher returns and helps prevent fines and imprisonment.
Irrespective of how much information is available on the internet, it does not compare to the expertise and assistance the best financial planner Singapore has to offer. This is precisely why we recommend consulting a professional immediately after your move.
Summing up
You can make your transition to Singapore much easier by avoiding the aforementioned financial blunders. Apart from following the advice listed above, we recommend seeking the expert guidance of reputable professionals like the ones at Singapore Expat Advisory, who offer necessary financial solutions based on your unique requirements.
Comments