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Rough expectations of salaries?

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crease123
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Rough expectations of salaries?

Postby crease123 » Fri, 08 May 2009 10:49 pm

First-time poster here, so hi everyone!

Me and the wifey is planning to return to Singapore in the hopefully-not-too-distant future. Before we do, I'm just trying to get an idea of what kind of salary to expect to avoid any unneccesary shocks.

So a little background about us. Both of us are in New York right now. I'm a Singaporean, came over to US to do my masters in economics. Current job is in as a portfolio/investment manager. Holds a CFA, deals mostly with US equities.

My wife is an American. Currently a colorectal surgeon.

Both of us are hoping to remain within close proximity to our field of work if possible.

I know there are probably a million and one factors that can determine your salary, but we don't need an exact quote, just a rough benchmark will do.

Thanks in advance peeps!

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taxico
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Postby taxico » Sat, 09 May 2009 7:33 am

don't know about you, but in singapore, your wife's gonna earn as much as she's willing to put in the effort, and her experience and qualifications.

on average, surgeons in rake in 250k a year (sing $) - private surgeons i know earn way more than that (like, 2-4 times more depending on field).

if she decides to run her own clinic, she's gonna need to lower her initial expectations as it takes time to build up a practice and it's not cheap to start one.

having said that, there's (only) one comprehensive public colon and rectal clinic in singapore, and that's not a bad place to begin either.

public specialists start at around 100k a year - the more qualified and experienced you are, the faster your pay will be/increases over time.

i'm not in the finance industry, so i don't know how much you'll earn.

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taxico
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Postby taxico » Sat, 09 May 2009 7:40 am

there're also tax considerations for your wife, so her mileage may vary.

this is something i'm hoping you'll have thought through...

feel free to share those thughts, eh?

crease123
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Postby crease123 » Sat, 09 May 2009 9:50 am

Thanks Taxico for the comments.

$250k annnual doesn't sound too bad. We are coming back to Singapore for the money, but obviously we want to be at the very least compensated reasonably.

I don't think my wife likes the idea of running her own practise, the business aspects of it puts her off. In that sense, I think she most likely will be working from a hospital or the likes.

As for taxation, I'm not a 100% on this but I think there is some kind of dual taxation issues between US and a foreign country. Do enlighten me.

Taxico, whats your gig? Are you in the medical field?

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taxico
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Postby taxico » Sat, 09 May 2009 11:12 am

i don't know enough on the whole tax shebang, but as i'll be working (as part of my post-grad training) in singapore next year, i may have to be chummier with H&RB...

meanwhile, you may find this useful:

http://www.singaporeexpats.com/forum/ft ... f9c578467e

that $250k figure was an average, so there's a bunch of factors affecting your wife during her time in a public hospital.

if you guys are here for the dough, it may be best to work with a view towards establishing a private practice.

you should know how it's like; 95% of doctors in singapore are unethical money grabbing b@stards!

i didn't willingly choose to be a doctor, so i don't count myself in that field. i don't like the work nor the hours.

in an ideal world, i should be at my CPW apartment attached to my tivo. all day, everyday.

or riding motorcycles. that works too... oh yeaaah...

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maneo
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Postby maneo » Sat, 09 May 2009 2:28 pm

crease123 wrote:As for taxation, I'm not a 100% on this but I think there is some kind of dual taxation issues between US and a foreign country. Do enlighten me.

Some Foreign Earned Income can be excluded from US tax liability.
See the IRS website for Form 2555, or:
http://taxes.about.com/od/taxhelp/a/ForeignIncome.htm

Being overseas, you can file your tax form later to allow enough time to meet the time requirements.
Filing Form 4868 may allow you to get a 6 month extension.
However, you must pay what is owed on time or face penalties and interest (no late payment allowed).

For the non-excluded income, Singapore taxes on this portion could be taken as a credit against US tax owed (IRS Form 1116).
http://taxes.about.com/od/taxhelp/a/ForeignTaxCred.htm

Suggest you check IRS Publication 54, "Tax Guide for U.S. Citizens and Resident Aliens Abroad."
Can be obtained online (as pdf).

crease123
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Postby crease123 » Sat, 09 May 2009 8:19 pm

Thanks guys on the tax issues.

Anyone from the finance sector? Care to share any insights on whether are there any demands/markets for portfolio/fund manager that deals exclusively with US equities and mutual funds?


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