Now what? How do I save?

al_yrpal

APSG wrote:

Really good advice al_yrpal and tomstrcikland. What you posted al_yrpal makes so much sense...the biggest issue we have here in Singapore is low interest rates. Check this out:

Savings interest rates (% p.a.)
First S$3,000 (1,000 pounds) 0.1500
Next S$47,000 0.3750
Next S$50,000 0.5000
Above S$100,000 (33,000 pounds) 0.6250

But we also have very low taxes here...

You'd have to check but I wouldn't think that there is anything to stop you making your investments through UK based funds, or in using a UK savings account, although you would lose out a little with exchange costs, and have the extra worry of the exchange rates. As you are non resident you have the advantage of no Gordon Brown. If you intend to return to blighty eventually, it could be a good move.
I have a Malaysian pal who lives in Singapore, and he keeps an ex local authority flat here that he lets out to visiting pals - he has made an enormous amount on the capital over 20 years because he bought it on Maggies right to buy when he was resident.

If you save enough you might even get enough for a Singapore car permit eventually!

APSG

al_yrpal wrote:

You'd have to check but I wouldn't think that there is anything to stop you making your investments through UK based funds, or in using a UK savings account, although you would lose out a little with exchange costs, and have the extra worry of the exchange rates. As you are non resident you have the advantage of no Gordon Brown. If you intend to return to blighty eventually, it could be a good move.

Yes, I checked with a UK financial adivser and he said I could do that. Not a bad idea. Maybe every 3-4 months send a stack of $$ to the UK. Who is Gordon Brown?

al_yrpal wrote:

If you save enough you might even get enough for a Singapore car permit eventually!

Hahaha I have one and that's the main reason I'm screwed right now! :eek:

al_yrpal

Gordon Brown is the UK Chancellor of the Exchequer who ultimately decides what taxes we pay, and reputedly soon to be our next leader. I can't give more details here because this is the home of the nanny state, although its not as bad as Singapore (yet!)

System

Might i remind users that points should be made without resorting to personal comments even if it is about the Chancellor of the Exchequer.:D

Cook_County

1. Are you putting the maximum in the Singapore Provident Fund?
2. Are you using dual contracts to reduce your tax bills?
3. Are you aware that Singapre is outside the EU Savings Tax Directive? For some investors this is very important.
4. If you want money in Sterling and so get Sterling interest rates then onshore in the UK is not typically recommended for non-UK residents. The Channel Islands & Isle of Man are a better bet. Local banks in Asia can probably also quote you Sterling deposit rates.