Singapore is definitely among the most livable countries in Asia for expats. It assures good quality of life and also great financial prospects. But, if you would like to get the most out of living in Singapore as an expat, you have to know some things in relation to the financial laws in the country. When you are faced with any money troubles in Singapore; you could always request for a foreigner loan issued by a licensed money lender singapore. Once your paperwork has been approved by a legal moneylender, your foreigner loan will be made available to you to help you ease your financial problem.
Here are several helpful money management guidelines to help expatriates settle in easily in Singapore.
Know The Tax Implications Of Leasing Your Property Back In Your Home Country
If you were living in your own house back home, you may consider renting it out as you are relocating to another country. Although some countries don’t have extra taxes levied on expatriates renting out their homes, others don’t have any such restrictions. You must know this before subletting your home. And when you are considering selling off the property it is wise to conclude the deal before leaving your home country.
When you have a property back home, you could be wondering if you have to keep it, sell it, rent it out, etc. That choice will typically be based on the property taxes. Some countries will be charging you taxes like a non-resident, and it can make great rental income for you. While in others, the taxes will actually increase when you change it to for-rent property. These matters are complex and costly to handle, so be certain to resolve it before you move to Singapore.
Understand How The Local Tax Works
In Singapore, there is no capital gains tax or the inheritance tax. But the taxes system isn’t as easy as it perhaps appears. For example, when your company offers you stock options, they become a component of your salary and the profits are made taxable. In the same way, when you are considering buying property here, you should know that as an expatriate, you will incur a 15% charge in stamp duties. Consult a tax manager for further explanations.
Don’t Plan To Acquire A Car
Singapore’s well-connected road and rail network makes travel in the small island easy, you can even cover the island from end to the other in exactly 90 minutes. Therefore you won’t need to own a car since it may prove to be quite expensive.
You may need to think about money management during the initial period of settling down in the new country. Accredited moneylenders can be contacted for help with their foreigner loan, in case you need additional money.
There is no need for a car here, a greatly interconnected island which you can walk across in a day. In addition, Singapore is among the priciest cities to own a car, in the world. A family car here can run up costs above S$110,000, and this is not inclusive of the prohibitive road taxes, parking fees, electronic road pricing, and the mandatory insurance. But if you need private transport think of long-term leasing
Select Your Bank Wisely
Look for a local bank that offers a lot of ATM options to open an account with. For those who may want to have an expatriate account to enable deposits from your native country to be made, a lot of the local banks have this facility to offer. You could even pick an international bank, particularly if you hold an account with them, back home. In this case, you might even enjoy zero fee funds transfer option with them. Make inquiries on the available options before you choose a specific one.
Singapore has more than 100 banks that operate here. Besides the “big name” bank brands such as HSBC and Citibank, the country host a range of private as well as offshore banks. This will offer you better deals if you are well off. The Local banks, like OCBC and DBS, have an ease of access advantage as well. They have more ATMs, making it easier for you to make withdrawals and cash deposits.
It is suggested that you pick 2 banks as soon as you land. The first one needs to be an international bank to be used for sending money to and from your home country; this is generally cheaper compared to using non-bank remittance services. And additionally, you could get a reasonable exchange rate. Your second bank has to be a local bank, which will make it more convenient for you to handle transactions for example withdrawals.
Find a Reliable Forex Broker
When it happens that you are bringing in large amounts of money into the country, or you may be planning to transfer huge sums on a continuous basis, it is advisable that you talk to a reliable Forex broker. The Forex brokers always make use of options and futures to get the best exchange rates possible, and they are able to do this for you at an agreed upon fee.
Since the exchange rates keep fluctuating, for someone who is not in a hurry, your Forex broker could also give you advice on when it would be a good time for you to make currency exchanges. It at times is worth the wait for about a few months as this will help you minimize your loss of a lot of money, and especially if you are transacting using a substantial amount.
Locate A Reliable And Legit Moneylender
For financial emergencies here or back home, you need to know where to get the best rates and services from a legal moneylender. When you are going through the hassles of moving to a new country, you wouldn’t want to deal with the added pressure of having financial problems. The excellent news is that as a global financial hub, Singapore will always have something to offer you so you will have numerous choices of service providers like the licensed moneylender companies and banking institutions.