Start an International Bank Account
It can be a frustrating process to transfer funds from your local bank to an overseas bank account. It might involve a great amount of time and fees; there is also a possibility of losses arising from unfavorable exchange rate. As most local banking accounts are funded using the local currency, you may be subjected to the bank's exchange rate when you transfer or receive money from home.
To avoid such a situation, it is important to start an international account that allows you to save and invest in multiple currencies. Citibank International Personal Bank (IPB) Singapore allows you to do so with their global account, where you are able to bank with up to 10 different currencies at the same time. Most importantly, you are also able to manage your wealth anytime, anywhere with their online banking services and perform global fund transfers between Citibank accounts digitally without a fee.
Seek Professional Tax Advice
Navigating a new tax system can be daunting as you may not have a clear indication on the tax structure and the tax amount that you will need to pay. Different countries have different sets of tax rules that may apply differently to foreigners. For example, Singapore does not impose capital gains tax (which is tax due on sales of properties, financial assets, intangible assets, etc), whereas countries like United States, France, Denmark and more do.
By engaging a tax consultant, you will receive professional advice on common tax issues and how the tax system works. Most importantly, they will be able to help with tax planning based on your personal assets and financial goals.
Review your Insurance Policies
Your current insurance policies including your life insurance and health policies might not provide coverage after you relocate to another country. One of the key considerations when relocating is to know how you will be able to access healthcare in your new location. You will need to review and consider health insurance that allows you to access private hospitals and cover your costs for any medical treatment you may require in your new country. This is to avoid any hefty fees incurred for seeking healthcare services in your new country.
If you are going to be travelling frequently, especially if you're likely to make more than five trips a year, you may want to consider an annual travel insurance. Paying for a one-time premium rather than a policy to cover you for each individual trip brings you greater convenience.
Managing Your Investments
Whether your investment goal is to capitalize on market opportunities, save for a comfortable retirement or accumulate wealth, it is important to consider which country is best placed to manage your wealth and investments. In order for wealth to grow, savvy investors would look towards a safe, stable and reputable environment.
One such country could be Singapore, as she has maintained a stable political economy and has been ranked top 3 in the World Bank Political Stability Index since 2016. It remains as a top choice for affluent individuals seeking to diversify their wealth internationally. You can easily benefit from the knowledge and expertise of the experienced bankers from a reputable bank such as Citibank IPB Singapore on the safest and most cost-effective way to hold your various assets.
Plan Your Budget and Be Prepared for Extra Expenses
Before relocating to a new country, you will need to research the cost of living as an expat. It is inevitable that there might be a change in the cost of living. If you are unprepared for all possibilities, you might run out of funds very quickly. You will need to prepare for extra expenses such as buying new furniture, rental, health insurance, school fees for your children, etc if they are not covered by your employer.
The more well-prepared you are, the less you will need to depend on any high-interest loans. It is also key to remember that you might face difficulties in taking out big loans as you have no credit score data in your new country.
We hope you will settle in safely and well in your new country of residence in a stress-free and seamless manner.
Looking for a bank account in Singapore and have a minimum of US$200,000 worth of investable assets? Apply for a Citibank IPB Singapore account today.
