Financial Advice for Australians Moving to Singapore

• Renting in Singapore can be costly, especially in central areas like Orchard Road, Marina Bay, and Holland Village.

• Public housing (HDB flats) is more affordable but generally unavailable to non-permanent residents.

• Condominiums with amenities such as pools and gyms are preferred by expatriates but come at a premium.

• Singapore has an efficient public transport system (MRT and buses), making it cost-effective compared to owning a car.

• Cars are significantly expensive due to high taxes and the Certificate of Entitlement (COE) system.

• Eating out ranges from affordable hawker centers (~SGD 5 per meal) to high-end restaurants (~SGD 50+ per meal).

• Groceries can be expensive, particularly for imported Australian brands.

• International schools are expensive, with fees ranging from SGD 20,000 to SGD 50,000 per year.

• Singapore has a progressive tax system with rates ranging from 0% to 22% for residents.

• There is no capital gains tax, inheritance tax, or tax on foreign income (unless earned through a Singaporean business).

• Individuals spending at least 183 days in a calendar year in Singapore are considered tax residents and enjoy lower tax rates.

• Australians moving abroad need to determine their tax residency status with the Australian Tax Office (ATO).

• If you remain an Australian tax resident, you must declare your global income, including Singapore earnings.

• If you become a non-resident, Australian-sourced income remains taxable, but foreign income (such as your Singapore salary) is exempt.

• Australia and Singapore have a double taxation agreement (DTA) to prevent double taxation on income earned in both countries.

• Seeking professional tax advice can help optimize your tax situation.

• Major banks in Singapore include DBS, OCBC, and UOB, alongside international banks like HSBC and Citibank.

• Required documents typically include a passport, employment pass, and proof of residence.

• Many banks offer multi-currency accounts, which can be beneficial for Australians receiving income in AUD.

• Services like Wise (formerly TransferWise), OFX, and Revolut provide cost-effective international money transfers compared to traditional banks.

• Check for fees and exchange rates before making large transfers.

• Credit cards in Singapore offer perks such as cashback, air miles, and dining discounts.

• Personal loans and home loans are available to expatriates but may require higher eligibility criteria.

• Australian superannuation accounts cannot be transferred to Singapore’s Central Provident Fund (CPF).

• If you become a non-resident, you can leave your super in Australia, but contribution options may be limited.

• Consider consolidating super funds and reviewing investment strategies before moving.

• Expatriates are generally not required to contribute to CPF but can explore private retirement savings options.

• Investment-linked insurance plans and annuities can supplement retirement planning.

• Singapore has world-class healthcare, but medical expenses can be high.

• Expatriates should obtain comprehensive health insurance, either through their employer or private providers.

• Consider reviewing your existing Australian life insurance policies and checking if they remain valid overseas.

• Singapore has various insurance providers offering term life and critical illness coverage.

• If renting, consider renter’s insurance to protect belongings.

• Car insurance is mandatory but varies based on vehicle type and driver history.

• The Singapore Exchange (SGX) offers opportunities to invest in local stocks, Real Estate Investment Trusts (REITs), and ETFs.

• Australian expatriates can also continue investing in ASX-listed stocks via online brokerage accounts.

• Foreigners can buy private condominiums but face restrictions on purchasing HDB flats and landed properties.

• Stamp duties, including Additional Buyer’s Stamp Duty (ABSD) for foreigners (currently 60%), should be factored in.

• Singapore has a thriving fintech and startup scene, offering venture capital and private equity investment opportunities.

• Fixed deposits and bonds are also available for conservative investors.

• A will drafted in Australia may not be enforceable in Singapore.

• Having a separate will for Singapore-based assets is recommended.

• Singapore follows the Intestate Succession Act, which may differ from Australian inheritance laws.

• Estate duty has been abolished in Singapore, but tax implications may still apply depending on asset locations.

• Australian expatriates may not be eligible for Centrelink benefits while living abroad.

• Medicare benefits are not available in Singapore, making private health insurance crucial.

• Foreigners do not contribute to CPF, but employer-provided retirement plans may be available.

• Understanding Singapore’s social security system helps in long-term financial planning.