Key steps to help expats land a job and ensure financial stability in Singapore.
SINGAPORE: Singapore has witnessed a significant 13.1% rise in its expat population, growing from 1.56 million in June 2022 to 1.77 million in June 2023, according to MoneySmart. This growth highlights the city-state’s growing appeal as a destination for expats, driven by its strong job market and high quality of life.
For expats considering a move, successful relocation starts with thoughtful planning. Here’s a comprehensive guide to securing a job in Singapore and setting up your finances to ensure a smooth transition.
Tips for Getting a Job Offer for Expats
Conduct Informational Interviews: Start by connecting with professionals in your industry. Informational interviews are a great way to gain insights into market compensation, industry trends, and potential job opportunities.
Clarify Role Designation: Before applying for a job, clarify if the role is specifically for expats. Certain positions may have immigration requirements or budget constraints that influence whether expats are considered.
Emphasize Commitment: Employers want to know you’re serious about moving to Singapore. Make sure you communicate your readiness and enthusiasm for relocating during the interview process.
Be Compensation-Aware: Understand the salary ranges for your role, and be ready to discuss compensation. Use online platforms like MyCareersFuture and Glassdoor to gather salary data for your position.
Financial Planning for Expats
Setting up finances before you move to Singapore is crucial. Here are essential steps to help expats prepare financially:
Before Moving: Set up a virtual mailbox and phone number to streamline financial transactions. Create a budget using the 50/30/20 rule to manage living expenses effectively.
Housing Security Deposit: When searching for housing, allocate funds for the security deposit. This will vary depending on whether you’re renting a private condo or an HDB flat.
Basic Financial Services: Open a bank account with local banks such as DBS or UOB. For investment opportunities, consider platforms like Interactive Brokers.
Health Insurance: Check if your employer provides health insurance. If not, explore private medical insurance options. Be cautious when working with financial advisors and consider modular health coverage for savings.
Tips to Save Money for Expats
Singapore offers several financial benefits that can help expats save money:
Supplemental Retirement Scheme: Take advantage of Singapore’s tax-advantaged retirement accounts. These can help you save for the future while deferring taxes.
0% Capital Gains Tax: Expats benefit from Singapore’s 0% capital gains tax on investments, making it an attractive location for wealth-building.
Tax Reliefs: Leverage tax reliefs available to expats, such as the Qualifying Child Relief and Working Mother’s Child Relief, to reduce your taxable income.
Automating Finances Across Borders
Managing finances from abroad can be complex, but setting up automated systems can make it easier:
Set Up Local and Home Accounts: Open both local and home bank accounts to manage your finances. Ensure that your bank account options suit your needs, whether it’s for savings, investments, or paying bills.
Money Transfer Solutions: Use online transfer platforms like Wise to schedule international transfers, making it easy to send money between your home country and Singapore.
Scheduled Payments: Automate recurring payments for credit cards, utility bills, and investments. This helps you stay on top of your finances without the hassle.
By following these steps, expats can ensure a successful transition to life in Singapore, enjoying both the exciting career opportunities and the financial benefits that the city-state offers.
