Singapore’s financial year runs from 1 April to 31 March.

Singapore’s financial system for savings and investment is centred on the Central Provident Fund which is a compulsory employment based savings scheme for permanent residents of Singapore as well as working Singaporeans. This includes a level of contributions (employer and employee) which in many cases exceeds 35% in total.

A central element of planning for expatriates based in Singapore, as well as Singaporeans with overseas based assets centres on the wording of the Singaporean double tax agreement, which in many cases provides excellent tax planning opportunities.

It is essential that this is properly considered as part of any strategy being considered.

Likewise, your intentions both pre and post retirement are essential so that any pension or cross border financial planning work undertaken on your behalf properly considers whether or not you intend to remain in Singapore for your retirement.