Your First 90 Days in Singapore: The Financial To-Do List
Updated: 6 days ago
Article written by Seif Abdel-Hafez
Stay in Singapore for 183 days or more in a calendar year and IRAS generally treats you as a tax resident for that year. That one rule shapes several of the money decisions you will make in your first three months, which is why the order you do things in matters.
Most expats arrive focused on housing, schools and the job. The financial decisions get pushed back, and by the time they are looked at, a few have already been made by default. This is a practical checklist for your first 90 days, written for professionals moving from abroad.
Week 1 to 2: get the basics in place
Bank account and cash buffer. Open a Singapore account and keep three to six months of living costs in cash before you invest anything. Moving countries costs more than people budget for.
Check your employer benefits. Find out what medical, life and disability cover your employer provides, and what stops if you leave. Group cover usually ends with the job.
Keep a list of every account you left behind. Pensions, ISAs or equivalents, brokerage accounts, savings and property. You will need this list for everything that follows.
Put your tax residency dates in writing. Note your arrival date and when you left your home country. These dates decide who can tax what, and they are much harder to reconstruct later.
Weeks 3 to 6: understand what you are leaving behind
Review your home-country pensions. Some can stay where they are, some can be moved, and some become harder to manage once you are non-resident. Do not transfer anything until you know the rules and costs on both sides.
Check which investments you can still hold. Moving abroad can restrict what you may buy or keep with your old provider, and some providers close or limit accounts when your address changes.
Check your home-country tax obligations. Some nationalities, including US citizens, remain taxable on worldwide income wherever they live. If this applies to you, take qualified tax advice before you invest in anything new.
Review your insurance. Check that your life, critical illness and income protection cover still works in Singapore. Policies bought at home may not respond the way you expect.
Weeks 7 to 12: set the plan
Work out your real timeline. How long do you expect to stay in Singapore, and where will you retire? A five-year stay and a 20-year stay need different plans.
Build a simple cash flow forecast. Income, rent, school fees, savings and any support for family abroad, over the next five to ten years. This is the foundation of every other decision.
Decide your investment approach before you are approached. New arrivals receive a lot of offers. Decide what you want to achieve, and how much you are willing to pay, before you speak to anyone selling a product.
Check the costs of anything you are offered. Ask for the total annual cost in writing, including product, platform and adviser charges.
Four mistakes we see often
Buying a product in the first month because the offer came with the job or a friend's introduction.
Leaving old pensions untouched for years without knowing what they hold or what they cost.
Holding everything in one currency while planning to live in another.
Assuming Singapore's tax system means you have no tax questions at home.
What to do next
A first-90-days review does not have to be complicated. In one conversation we map what you have, where it sits, what it costs, and what needs attention first. If you have recently moved to Singapore, or are about to, book a free introductory call and we will start with your list.
Tax treatment depends on your individual circumstances and can change. Source: IRAS, Individuals required to pay tax.
Valerius Wealth, a brand owned by Seif Abdel-Hafez, who is an appointed representative of Synergy Financial Advisers Limited - UEN: 201217738K | FA License No. FA100050; Seif Abdel-Hafez, RNF No, ASM300847152 is an authorised representative of Synergy Financial Advisers Ltd. Telephone: +65 9014 1415. Email: enquiries@valeriuswealth.com Website: www.valeriuswealth.com
The information contained on this website is provided for general informational purposes only and does not constitute financial advice, recommendation, or solicitation to buy or sell any financial product. The views expressed are solely those of the author and do not represent the opinions of any financial institution or regulatory authority. While efforts are made to ensure accuracy, no warranty is given as to the completeness or reliability of the information provided. You should not rely solely on the content herein for making financial decisions and are strongly advised to seek independent, qualified financial advice tailored to your individual circumstances. This advertisement has not been reviewed by the Monetary Authority of Singapore.
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