Living in Singapore as an Expat: Wealth Planning and the Financial Hub

Singapore consistently ranks among the top three destinations globally for high-net-worth individuals relocating abroad. Its combination of political stability, rule of law, an exceptional healthcare system, and a personal tax regime that is low by developed-world standards has made it the financial hub of Asia and a compelling long-term base for wealth accumulation.

As of 2026, Singapore is home to over 600 family offices, more than 200 licensed fund managers, and the regional headquarters of virtually every major global bank and wealth manager. For the internationally mobile professional or entrepreneur, few cities in the world offer a comparable concentration of financial infrastructure alongside such a high quality of life.

Singapore's Tax System: Low but Not Zero

Unlike Dubai, Singapore does levy income tax — but at rates that are highly competitive by global standards. The top marginal rate of 24% applies to income above SGD 1,000,000 (approximately £590,000 at mid-2026 rates). Income below SGD 20,000 is tax-free; the effective rate on a SGD 500,000 income is approximately 16%.

Key features of Singapore's personal tax system:

• Territorial taxation: Singapore taxes only income earned in Singapore or remitted to Singapore from abroad. For most expats, foreign-source income — dividends from overseas investments, rental income from a UK property, gains from foreign assets — is not taxable in Singapore unless it is remitted to a Singapore bank account in connection with a business carried on in Singapore
• No capital gains tax — Singapore levies no CGT on any gains from investment or property sales
• No inheritance or estate duty — abolished in 2008
• No dividend withholding tax for individuals on Singapore-sourced dividends
• GST (Goods and Services Tax) of 9% (as of 2024) applies to most goods and services

The territorial system means that a Singapore-based expat with a globally diversified investment portfolio held through overseas accounts can legitimately accumulate wealth internationally without Singapore income tax applying, so long as those returns are not remitted to Singapore inappropriately.

Residency Options for Expats

Singapore has several pathways to residency:

Employment Pass (EP): For professionals earning at least SGD 5,000/month (higher for financial services — SGD 5,500/month minimum as of 2025 eligibility criteria). The EP is the most common route for corporate expats.

EntrePass: For entrepreneurs launching businesses in Singapore.

Global Investor Programme (GIP): Designed for high-net-worth individuals investing in Singapore. Two main options: invest SGD 2.5 million in a new or existing Singapore business, or SGD 2.5 million into a GIP-approved fund investing in Singapore companies. Successful applicants receive Permanent Resident status.

One Pass: Launched 2023, for exceptional individuals earning at least SGD 30,000/month or who have significant achievements in arts, sports, science, or academia.

Permanent Residency (PR) can be applied for after two years on an EP in most cases. PR status provides access to CPF (Central Provident Fund, Singapore's pension system) and a more stable long-term status.

The CPF System: Singapore's Pension Equivalent

The Central Provident Fund is Singapore's mandatory savings scheme. For Singaporean citizens and PRs, combined employer and employee contributions of up to 37% of salary (for those under 55) flow into CPF accounts — Ordinary, Special, and MediSave — which can be used for housing, medical expenses, and retirement income.

Expats on Employment Passes are not covered by CPF and must plan their own retirement independently. This is both a challenge (no forced saving) and an opportunity (flexibility to choose the most efficient vehicle).

Common retirement savings structures used by Singapore expats include:

• Offshore portfolio bonds (Isle of Man or Guernsey-based)
• UK SIPPs for those with UK earnings history
• QROPS if transferring accumulated UK pension benefits
• Global investment accounts with reputable Singapore-licensed asset managers
• Singapore Supplementary Retirement Scheme (SRS): Open to expats, the SRS allows voluntary contributions (cap of SGD 35,700 per year for foreigners) with a tax deduction on contributions. Withdrawals are taxed at 50% of the amount withdrawn. It is a relatively modest tax benefit but worth using if you plan to retire in Singapore

Banking in Singapore

Singapore's banking sector is among the world's most sophisticated. The three major local banks — DBS, OCBC, and UOB — offer excellent international banking services. HSBC, Citibank, Standard Chartered, and all major European and American private banks maintain substantial operations.

For private banking, Singapore is second only to Switzerland as a global centre. Private banks in Singapore can typically be accessed with a minimum of SGD 1–2 million in investable assets (approximately £590,000–£1.18 million).

Opening a bank account as a new expat requires an Employment Pass or other valid long-term visa, proof of address, and identity documents. Singapore's banks have rigorous KYC procedures, so be prepared for a thorough onboarding process.

Multi-currency accounts are widely available. Wise, Revolut, and local digital banks such as Maribank and GXS Bank complement the traditional banking ecosystem.

Investing From Singapore

Singapore's MAS (Monetary Authority of Singapore) is one of the world's best-regarded financial regulators. Licensed fund managers, financial advisers, and brokers are required to meet stringent standards, and investor protections are robust.

Investment opportunities accessible from Singapore include:

• Regional and global equity markets via licensed brokers (POEMS by Phillip Capital, Interactive Brokers, DBS Vickers, OCBC Securities)
• Singapore Exchange (SGX) listed equities, REITs (Singapore REITs pay no corporate tax if they distribute 90% of income), and bonds
• Private equity and venture capital — Singapore is the VC hub of Southeast Asia
• Family office structures — the Variable Capital Company (VCC) framework introduced in 2020 allows fund managers and family offices to domicile funds in Singapore with significant flexibility
• US and European equities through international brokerage accounts
• Fixed income — Singapore government bonds (SGS) and investment grade corporate bonds are widely available

Singapore's network of over 90 double taxation treaties ensures that expats can usually access investment returns from overseas assets without double taxation.

Property in Singapore

Singapore's property market is among the most expensive in Asia. As of 2026, average condominium prices in prime Districts 9, 10, and 11 exceed SGD 3,500 per square foot, and landed property is largely restricted to Singapore citizens.

Additional Buyer's Stamp Duty (ABSD) is a significant cost for foreign buyers: foreigners pay 60% ABSD on residential property purchases (as of April 2023 increases). This makes direct Singapore residential property investment unattractive for most expats unless they hold PR or citizenship status. PRs pay 5% ABSD on their first residential property.

Many Singapore-based expats choose to rent rather than buy, given both the ABSD burden and Singapore's status as a transient base for internationally mobile families. Monthly rents for a 3-bedroom condominium in prime areas range from approximately SGD 8,000 to SGD 20,000+.

Commercial and industrial properties face different stamp duty rules and can offer attractive yields. REITs listed on the SGX provide a liquid alternative to direct property investment.

Estate Planning for Singapore Expats

Singapore has no forced heirship rules — you are free to distribute your estate according to your will. However, for assets in multiple jurisdictions, careful coordination of wills is essential.

Key actions:

• Draft a Singapore will covering Singapore-based assets
• Coordinate with your UK (or home-country) will — Singapore wills and UK wills can coexist if carefully drafted to avoid conflict
• Review beneficiary nominations on any CPF accounts, insurance policies, and investment platforms
• Consider a trust structure for larger estates, especially where family members are in multiple countries

Singapore-based family offices commonly use trust structures under Guernsey, Jersey, or Cayman Island law, or structure assets through a Singapore VCC or holding company, to achieve both wealth management efficiency and estate planning goals.

Common Financial Mistakes Made by Singapore Expats

• Not planning home-country tax exit properly — retaining UK property, a spouse in the UK, and frequent UK visits can keep you UK-resident for tax purposes regardless of your Singapore Employment Pass
• Ignoring retirement savings — Singapore's low tax environment can encourage spending over saving, particularly for younger expats
• Over-concentrating in SGD assets — keeping all wealth in Singapore may expose you to SGD/GBP or SGD/USD risk when you eventually leave
• Insufficient life insurance — group employer coverage is rarely adequate for HNW individuals
• No coordinated estate plan — dying with assets in multiple jurisdictions without coordinated wills causes protracted legal complications

Compliance Reminder

Tax and regulatory rules change. This guide reflects the position as of 2026. Singapore rules, MAS regulations, and your home country's tax treatment of Singapore income may differ from what is described here. Always seek professional advice tailored to your specific circumstances. All investments carry risk, including loss of capital.

How Global Investments Can Help

Global Investments has deep expertise in advising internationally mobile professionals and entrepreneurs based in Singapore. We can help you structure your investments to take full advantage of Singapore's territorial tax system, choose appropriate pension and retirement savings vehicles, plan your estate across multiple jurisdictions, and ensure your UK or home-country obligations are managed correctly. Our independent perspective means we recommend solutions in your interest, not ours. Contact us for a confidential consultation.