The first year in Singapore is when financial decisions are easiest to get right — and hardest to undo if you miss them. Work through this checklist early.
List what your employer provides: group medical limits, inpatient and outpatient sub-limits, dependent coverage, group life multiple and any critical illness or disability cover. Identify gaps before an incident reveals them.
Three to six months of Singapore living expenses in a local account. This covers job transitions, sudden medical costs or unplanned travel without disrupting investments or triggering foreign exchange moves at short notice.
Singapore taxes Singapore-sourced income. Your first-year tax position depends on arrival date and physical presence. Cross-border situations (home-country pensions, property, investments) add complexity. Get clarity from a qualified tax professional early.
Check what you still owe or are entitled to in your home country: pension contributions, tax filing obligations, dormant accounts, standing policies and any joint financial arrangements. Distance makes these easy to neglect and costly to untangle later.
Assess whether employer cover is sufficient for your dependants and liabilities. Term life, critical illness and disability income protection are the three most common gaps for expats. Lock in insurability while you are healthy.
A Singapore Will and Lasting Power of Attorney are independent of your home-country documents. If you have assets or dependants in Singapore, the absence of local estate documents creates delays and uncertainty. Do this while it is straightforward.
A qualified adviser maps your full picture: coverage, cash flow, tax position, cross-border considerations and estate. The first year is the right time — not after a gap becomes a problem. Verify licensing at mas.gov.sg before engaging anyone.
Financial planning questions, income tax for expats, life insurance for expats, insurance questions and wills and LPA.
Map employer coverage gaps, build a local emergency fund, clarify tax residency, review home-country obligations and see a licensed adviser about protection and estate planning.
Yes, on Singapore-sourced income. Tax residency rules in the first year are nuanced — consult a tax professional.
No. We route requests to MAS-licensed financial advisers only.
General information only. SG Expat Desk does not provide financial, tax, investment, legal or insurance advice. Consult qualified professionals for your specific situation.