The world has developed in the international relationships between countries such that it is not difficult to be an expatriate in any of these countries. However, the economies of countries differ and what you need to know as an expat in one country may differ from another country. Singapore, for example, is rated high and is among the top best countries in which expats can live in. It is actually the best city in Asia to live in as an expat.
The score sheet for her being top-ranked include factors like; low pollution levels, reduced rates of crimes, quality infrastructure- health care & communication systems, and high education levels. However, there are some points you need to know before you make the move to live in this amazing city. These are discussed in the 8 financial guidelines below;
Costs of moving into the country
You would probably need to consider the amount of money you are required to have to move from your home country. This may include; the travel expenses, the legal processing of your stay and maybe what it will take you to survive before you settle properly in the country. This depends on which country you are moving from.
People from the Asian block might find it easy to move into the country as opposed to those from other continents. Your eligibility will also depend on your reason for coming to stay in the country and how frequently you are an expat in Singapore. These reasons may make the legal process much easier.
Will you need to use the bank frequently?
Honestly, it is difficult to walk around everywhere with cash in this technologically advanced world even if the crime levels are very low. You need to use banks several times during your stay. If that is so, then you’re reading the right guideline. Singapore has many globally accredited banks that can assist you.
These include UOB, OCBC, India bank, and DBS. They can help you with your banking needs based on the various services that they offer to clients. As an expat, your bank choice will depend on the needs you have, such as an overseas currency account as well as ease of withdrawal of cash anywhere at any time.
Some banks have ATMs in every small town in the country; you may go for such banks for ease of withdrawal. Opening a savings account may be much needed since your employer will send you money in such accounts. You might also need an account to help when sending money to your home country. Consider opening a UOB worldwide currency account, OCBC worldwide savings account or a DBS expat program account. Any of these accounts is multi-currency and will help you send money to your home country.
You must be ready to regulate your spending pattern
It is not anyone’s duty to tell you how to spend your money but a piece of advice is this; be ready to check on your spending while in Singapore. While it might be unreasonable to do so in such a country, life in Singapore might turn out to be tough if you give in to extravagance. Note that loans for expats are limited and when you go bankrupt, it will be a complicated case. Life in Singapore can be more expensive than you expect, so have a budget. Do not spend unnecessarily!
Credit cards will do you good
This is the most efficient way of paying for services in the country and is accepted to a large extent in many places in the country. Plan to get yourself an appropriate credit card used in Singapore. It will save you from the high fees imposed on processing payments and other transactions. Getting a rewards card might be good as it will help you participate in the government’s program of generous reward funds to her people.
What you need to know about taxation
The revenue authority in Singapore (IRAS) regulates all taxes in the country. Everyone is entitled to tax payment including expats more so those staying in the country for more than 180 days. Tax rates range between 2% to 20% depending on your annual salary; it is a Pay as You Earn taxation. This will be calculated by the tax authority. However, foreign incomes and capital gains are not taxable. It is also a tax law to file your tax returns annually. Make sure you comply with these tax policies without evading.
Know about renting rates
Ask any Singaporean and he will tell you that renting is what makes life in Singapore rather expensive. Rental facilities are available depending on what you want but they are not easily affordable. Be sure to have not less than SGD 7000 for a start to rent a single room in the HDB per month. Of course, it all depends on what type of house or apartment you are looking for and how much you’re willing to spend. For pocket-friendly rooms, check with the HDB apartments. It might save you a lot of financial depression. Other expats also live with citizens as paying guests or live in shared rooms. You may want to try that out.
Costs on transport and food
A tip to maneuver in this sector is; try using public rather than private transportation, cook your food at home instead of buying from a restaurant. This might save you a lot of money as food and transport is not a mere expenditure in this developed Asian country. Public transport will cost you about 5000 USD in a month as compared to 10000 USD when using a personal car. However, this is also something you have to decide on personally depending on your type of work and amount of salary.
Amount of salary you need as an expat in Singapore
This is no different from the citizens of Singapore. What they need to survive might be what you need with only slight variations. This lies also on the type of lifestyle you want to live. If you plan to live a normal comfortable life, $ 50000 USD salary can do. However, to manage a life of luxury, you need not less than $150000 USD salary in a month.
The Bottom Line
By consideration of the above financial tips, it is clear that you can live comfortably as an expat in Singapore. They are indeed guidelines that can help you from unnecessary financial hardships. If you follow them, they can make you come out of Singapore a heroic expat no matter what salary you get or the lifestyle you live. In case you need to borrow, visit https://www.bugiscredit.sg/foreigner-loan/