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How to Make Money When You Move to Singapore

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Pal
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How to Make Money When You Move to Singapore

Post by Pal » Thu, 16 Nov 2017 8:54 pm

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As a wealthy and emerging financial district, Singapore is well and truly putting its name on the map, and attracting many people wishing to work in its lucrative industries. In fact, Singapore works out as the third most lucrative country for professional expats to work in after income tax has been taken into account. Here are some of the best ways to make a living if you are an expat in Singapore.

Tourism

Singapore is a popular holiday destination, and as such has a thriving tourism industry. This means that expats who have just moved to the country should easily be able to secure a job in one of the many businesses which operates in this sector, such as a bar or restaurant.

The Singapore Tourism Board is a possible option for those who want to help Singapore’s tourism industry grow and expand further, and it also contains useful information about the different areas of the tourism industry which you could explore. With visitor numbers likely to keep rising, the Singaporean tourism industry could be a great place to start making money.

Financial District

Singapore is perhaps best known for its booming financial services industry, which harbours a multitude of different businesses and companies. Expats who have professional qualifications and the relevant experience should find it relatively easy to find work in areas like banking, insurance and wealth management.

In fact, more than 200 different banks have a presence in Singapore, meaning that the need for those with experience in the banking industry are likely to always be in high demand. Even without experience, Singapore is a good place to hone skills in and knowledge of any given financial service.

Invest

Another option for expats looking to make money in Singapore would be to invest. For those with large amounts of capital, property could be one potential area of investment which could prove lucrative, as property prices could be set to shoot up soon.

You could also consider trading through platforms like MT4 in order to make money from buying and selling assets on global markets. This is usually slightly riskier, but those who are experienced in this form of investment could be in to make a good living when Singapore’s low tax rates are taken into account.

Freelance

Freelancing is a great way to either make a living until you find a job in Singapore, but it can also be an effective full time occupation if taken seriously. Since those who have just arrived in Singapore may have to wait a significant amount of time before they find a suitable job, freelancing allows them to put their skills to good use almost immediately.

Some of the most popular freelancing areas include writing, web design and accounting, so it lends itself to a number of different skillsets. It may not be as secure as a professional job, but successful freelancers can earn a decent living.

Moving to Singapore can be a great adventure, and one which might benefit you financially too. When you first move, the above methods can start bringing money in fast, but there are many more, so do further research to find the perfect one for you.

By Zak Goldberg
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Strong Eagle
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Re: How to Make Money When You Move to Singapore

Post by Strong Eagle » Sat, 25 Nov 2017 10:51 pm

Expats should be aware that all foreigners must have the legal right to work and live in Singapore before undertaking any sort of venture as described in this article. What follows is a counterpoint to some of the comments made by the original author.

Tourism

The government has been severely curtailing the number of work passes in the food and beverage industry, so much so that some bars and restaurants have closed over the inability to find workers at a reasonable cost. It seems clear that the government wants to encourage the hiring of local citizens, not necessarily with success, however.

F&B jobs have typically been filled by certain nationalities and races... if you are a white European thinking about taking a job waiting tables while waiting for your dream job to come along, it's probably not going to happen.

Financial District

Singapore is indeed a booming financial services hub and if you are having a beer at Boat Quay after work, you will meet many in the financial services arena.

Be aware though, that it is difficult to find a job if you are not living in Singapore. A large percentage of expats who are working in Singapore have been transferred in by their companies from elsewhere. Once in, people do change jobs, but they already live and work in the country.

A large number of support jobs, particularly in information technology and human resources, have been out sourced or off-shored, and as with F&B, the government has been implementing fairly stringent policies to encourage the hiring of locals.

A review of the many threads in the Careers section will illustrate the point. While one can never say never, and if you are serious about wanting to work in Singapore, you might consider working for a multi-national company in another country and then ask to be transferred.

Invest
Another option for expats looking to make money in Singapore would be to invest. For those with large amounts of capital, property could be one potential area of investment which could prove lucrative, as property prices could be set to shoot up soon.
The operative word here is "could". Other people will tell you that residential property is already overbuilt, with more coming online all the time, such that it is equally possible that rents and property values will remain depressed for quite some time.

Consider also that foreigners must pay an additional buyer's stamp duty of 15 percent for residential properties, and the economics of such investments become unclear. Like any real estate investment anywhere, do your homework and make sure the metrics of the deal make sense for you.

Freelance
Freelancing is a great way to either make a living until you find a job in Singapore,


Unfortunately for expats, freelancing is prohibited until and unless you apply for and can convince the government to issue you a work pass to freelance through your own company or business. There are many threads in the Careers and Business section on this topic. Some have achieved success, others have been disappointed.

To be clear, you cannot have any kind of a job, even if it is self employed, without the appropriate work permit. The one exception to this rule is if you are living in Singapore, and working remotely for a company that has no presence in Singapore, and offers no goods or services for sale in Singapore.

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Re: How to Make Money When You Move to Singapore

Post by martincymru » Mon, 27 Nov 2017 11:01 am

To be clear, you cannot have any kind of a job, even if it is self employed, without the appropriate work permit. The one exception to this rule is if you are living in Singapore, and working remotely for a company that has no presence in Singapore, and offers no goods or services for sale in Singapore.
Last sentence not so clear for me. It reads that you can stay in Singapore and do work remotely?To "live" in Singapore without a work pass surely means that your status is a tourist (~30 day)?

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Re: How to Make Money When You Move to Singapore

Post by sundaymorningstaple » Mon, 27 Nov 2017 1:09 pm

Could also be a Dependent Pass holder or an LTVP pass holder. These are residency passes as well.
SOME PEOPLE TRY TO TURN BACK THEIR ODOMETERS. NOT ME. I WANT PEOPLE TO KNOW WHY I LOOK THIS WAY. I'VE TRAVELED A LONG WAY, AND SOME OF THE ROADS WEREN'T PAVED. ~ Will Rogers

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Re: How to Make Money When You Move to Singapore

Post by Wd40 » Mon, 27 Nov 2017 1:24 pm

Many people outside of Singapore are still not up-to-date with how much Singapore has changed in GE 2011.

I read an article on investopedia that says Singapore is one of the easiest countries to get citizenship.

https://www.investopedia.com/articles/p ... retire.asp

This article was written in 2016. How naive the author is:

4. Singapore

Singapore offers a simple route to citizenship. First, obtain permanent residency by establishing a business in Singapore, obtaining employment there or marrying a citizen of Singapore. After two years of residency, you can then apply to become a naturalized citizen. Opening a business, however, can be a costly enterprise: Check carefully for the latest financial requirements; it's not just simply depositing a certain sum in a Singapore bank.

Cautionary note: Singapore requires National Service from its male citizens. If you are of retirement age, you are likely safely outside the age window that obligates you for national service, but if you just won the lottery and are retiring at age 25, you might want to double-check just to make sure you do not have to join the Singapore army for a couple of years. A male permanent resident can also apply for citizenship after completing National Service. Singapore does not allow dual citizenship. You must renounce your prior citizenship to become a citizen of Singapore.

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