Why I Left Australia to Live in Singapore
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- čas přidán 30. 07. 2024
- With over 20,000 Australian #expats in Singapore, and over 1 million Australians living and working in countries across the globe, seeking #opportunities abroad is a popular phenomenon among many #working #professionals.
In this video, Jarrad Brown, the #Australian #Expat #Financial #Planner, #reflects on his time #abroad as he #shares why he made the decision to leave #Australia over 9 years ago and why he plans on remaining in the sunny shores of #Singapore for the years to come.
0:00 Introduction
1:13 Why Singapore is a better tax environment for working professionals and Australian expats
2:46 How to escape the tall poppy syndrome by experiencing life abroad
3:33 Why Singapore is a great environment for connecting with like minded professionals
4:34 Why Singapore is a great place to live for those concerned over safety
5:33 Singapore as a melting pot for experiencing new cultures and meeting new people
6:37 Why Singapore offers an unmatched ability to travel for Australian expats
7:47 Why Australia will always be home for Australian expats living and working abroad
8:39 Final remarks
About Jarrad Brown:
Jarrad Brown is an Australian-trained and experienced Fee-Based Financial Planner with Australian Expatriate Group of Global Financial Consultants Pte Ltd providing specialist financial advice and portfolio management services to Australian expatriates in Singapore. Subscribe to this CZcams channel for his latest tips and updates for Australian expats when it comes to making informed financial choices for their time abroad. Jarrad Brown is an Authorised Representative of Global Financial Consultants Pte Ltd - No: 200305462G | MAS License No: FA100035-3
☞ Book a complimentary meeting or get in touch with Jarrad Brown:
linktr.ee/jarradbrown
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General Information Only: The information on this site is of a general nature only. It does not take into account your individual financial situation, objectives or needs. You should consider your own financial position and requirements before making a decision.
*Please note that Jarrad Brown is not a tax agent or accountant and none of the content outlined here should be taken as personal advice. You should consult your tax agent and financial adviser to review your current personal finances and financial goals to consider whether this strategy is appropriate for you.
Your video makes a lot of practical sense. Australia is still your home but there’s no reason not to seek your full potential over in Singapore and increase your retirement savings whilst here where the personal and corporate tax rates are well below that of Australia. Wishing you all the best from a Singaporean.
Thank you Gerard - I really appreciate your kind message and taking the time to leave a comment here.
Welcome to Singapore! Great choice and hope you enjoy your time here. 😁 - from a Singaporean
Thank you so much! I've certainly enjoyed the first 9 years, and look forward to many more.
Appreciate you taking the time to leave a note here.
You are very smart. Making every opportunity to gain network and working advantage here while you are still building your career. All the best to you.
Thank you - appreciate you taking the time to check out the video.
I am a Singaporean and the company I am with is like a ‘UN’. We have colleagues from all over the world, so to speak.
It’s a large Singapore/international company.
All the best in your endeavour 🙏
That's brilliant - Singapore is certainly a diverse mix of people, culture, and experiences.
Thanks for taking the time to check out the video and leave a comment here.
Wow Tnx brother good
Thanks for the comment Farhan
Agreed!😮
Been to SG many Times! Love it! Back in March! ……… You never mentioned the Weather in SG! Unusual that didn’t come up! 😅😅
Personally, I absolutely love the consistency of the weather. Perfect for early morning jog or gym session, and always great BBQ weather.
I'm mindful it's not everyone's cup of tea though.
Its important to surround yourself with the right people and environment. It makes a big difference. People who want to get ahead, have drive and ambition in a safe pleasant environment.
You're absolutely spot on. As the saying goes, you become the average of the 5 people you spend the most time with - make sure they're the right people.
我1995年来新加坡，来了就不想走了，太喜欢新加坡。
工作稳定，生活自在，方便，安全。
All very much still true today. I wasn't here in 1995, but the last decade has certainly been very enjoyable. Hope you have the opportunity to return.
Nice video
Thank you very much.
Love SG, while missing home Sydney,
There's certainly a lot to miss about life in Australia, but SG is a great place to be based - and Sydney's just a short flight (relatively) away.
Hi Mate welcome to Singapore
Thank you very much - appreciate the note.
Hi Jarrad, i can't find resources for this. But CGT for foreign assets for AU tax residence. does that mean I have to pay CGT on idk houses i own overseas when I sell them? because that sounds insane.
Thanks for reaching out. CGT on foreign assets will always depend on the Double Tax Agreement between the two countries and tax treatment of that specific asset. Sorry I can't be more specific than that, but it does need to be looked at on a case-by-case basis to avoid any nasty surprises.
Australia does effectively have a worldwide tax subject to the DTAs that it has in place with many countries around the world.
Most of the reasons you give for choosing to work in Singapore is mostly economic. Sadly, none has to do with Singaporeans. Even the opportunity "to explore new cultures, meet new people" is all about interacting with like-minded expatriates form other parts of the world.
I was driving a cab when I was was retrenched a few years back, and I used to hear comments from expatriate commuters that to them Singapore is just like a "business park". The place where I live has quite a number of condominiums with obviously quite a substantial expatriate community. You hardly see them in our "heartland" neighborhood. Many expatriates just come here to make their bucks, live in their pigeon-holes, and return to where their "true" home is after a while!!
Hi Maik,
Really appreciate you taking the time to check out my video, so first and foremost - thank you.
As a Financial Planner, I naturally focus on the economic / financial impacts of life in Singapore, however having spent many of my first 6 years here at the Old Airport Rd hawker's centre, I certainly love the neighbourhoods here. I touch on some of this in a prior video - czcams.com/video/BY0j5kiznFM/video.html
I completely agree that many expats don't get to really immerse themselves in the local culture, which is a real shame given the many wonders that are on offer in Singapore.
True true
Welcome to our this little Red Dot!
Thank you very much Jennifer. Appreciate you taking the time to check out the video and leave a note.
Greetings from Los Angeles USA
Thanks for checking out the video Herns - much appreciated.
Is Singapore a good place to retire when compared to Australia? It would be good to see a video on the process of moving to Singapore and what is required to get the status that gives you all the benefits you discussed.
I'll see what I can do for you in putting together this video.
For expats, Singapore is not a desired retirement destination, but rather the ideal location from which to work, travel and accumulate wealth to achieve their financial goals.
For many, if retirement in Asia was on the cards, destinations such as Thailand, Malaysia, Indonesia and even Vietnam would be more popular. Many Australian expats are also planning to split their retirement lifestyles between Australia and these destinations.
Thanks, Jarrad @@AustralianExpatFinance
You're most welcome
@@sentfromgeemail302
@@AustralianExpatFinance kudos to your honest response matey
Ho Jarrad, how often are you traveling back yo Oz for your family? And what are the reasons for not taking your wife (and kids) to singapore. I have a wife and 2 kids and wondering if it will be too cost preventative to move to singapore as a family from Australia.
Hi Kevin,
Thanks for reaching out.
For context, my immediate family are all with me in Singapore, so my base is very much here in SG. I travel to Australia for business, and usually for Christmas to visit family where possible.
With the costs of housing and private education in Singapore, it can be a costly endeavour to bring the family over, particularly if both partners are not working. I would suggest running the numbers on both scenarios.
1. Moving the family to Singapore. This may increase school fees and other living costs in Singapore, but perhaps allows you to rent out a property back in Australia that they're not residing in.
2. Family remaining in Australia: This may reduce living costs, but may increase travel expenses, the cost of running two households, and may also impact tax residency. This may mean co-contributions to superannuation, and other local Australian benefits that could be maintained by your family also.
Unfortunately, there's no one-size-fits-all approach to bringing the family, but by crunching the numbers ahead of any move, you can ensure it's an informed decision and reduce the potential for too many nasty surprises.
@@AustralianExpatFinance thank you for your insight! One more question, what do you think of career development potentials in Sydney vs Singapore in the finance/insurance industry? Are you finding that there are more opportunities in Singapore for career and income growth?
@@kevinli3445 That's a great question. I honestly believe that both have their pros and cons, however here are the key reasons Singapore would place 1st (in my opinion):
- More global opportunities: Being a hub for the rest of the world, and particularly a large portion of the global population, Singapore is geographically well positioned.
- Personal and corporate tax: The tax framework here not only allows expats to truly get ahead financially, but the corporate tax framework ensures that global companies will continue to operate and grow in Singapore.
- Pro-business Government: The Singapore Govt thinks, plans, and executes in 25 and 50 year cycles, which is a stark contrast to the 2.5 year cycles that Australia operates in (allowing for campaign time for the next election).
- No tall poppy syndrome: For many business professionals, Australia's tall poppy syndrome can be quite stifling, whereas in Singapore if someone is doing well, the focus tends to be on what we can learn from them.
Naturally pros and cons to both, and it's important to factor in what truly matters to you.
great video, mate! I was wondering - why not Dubai? the tax rates are even better!
Thank you, really appreciate the feedback.
Excellent question and Dubai does have some very attractive tax rates. Personally, I prefer the proximity to Australia, but I certainly believe Dubai is an excellent destination for Australians to consider.
Tax is the key reason to be a tax resident here and be an expat beyond Singapore. All income earned outside of Singapore is not taxable. Many expats are nomads moving around the world and never become a tax resident in most countries. So, Singapore is a great location.
Great observation Eddie! Unfortunately, the days of being a tax nomad are certainly numbered, particularly for Aussie expats as this can often fail to meet the 'Ceasing Residency' requirements of Australia.
Tax is certainly a major benefit of being in Singapore, however I certainly wouldn't suggest it's the only reason. There are lower tax jurisdictions with lower costs of living around the world also.
Welcome to Singapore 🇸🇬 😄
Thank you Raymond - much appreciated
Singapore is like a 5 star hotel...Clean, Green, very safe, all systems work well. That is what Singapore means to me...be detached from local politics, do not break the many regulations, and you will enjoy the benefits of living in a 5-star hotel.
And if the system ever breaks, someone will be along to fix it very quickly ;)
You forgot to add that English is the official language in Singapore for easier communication whereas there are no other SEA country use English as main media.
That's an excellent point Robin, and I appreciate you raising that one. It certainly makes Singapore a much more seamless option for many.
For retirees who are Aussies, Australia is far more generous that Singapore is to retired Singaporeans. The healthcare in Australia is largely picked up by the Australian system but not in Singapore.
Yes, you're spot on there Eddie. Australia does provide a great deal of support when it comes to education and healthcare, albeit when the system is strained and our skilled migrant numbers are low, being solely reliant on the public system can be extremely challenging for many.
If you're retiring in Australia but worked most of your life abroad, this may certainly seem like a bonus, but when you've paid a significantly higher amount of tax throughout your working career in Australia, this may seem less exciting.
What is a minimum realistic amount if someone wants to invest in stocks in Singapore?.
Thanks for your question.
It's a difficult one to answer as it really depends on what you're hoping to achieve.
For example, you can invest via the fractional share ownership apps and providers, which allow an investor to get started with as little as $5 or $10. There are also platforms and providers that require a minimum of S$75,000.
Good on you Mate! Make more monies while you are here.
Thanks for checking out the video and taking the time to leave a comment - much appreciated.
While a friend of mine struggled for years to gain credits for his application to become a PR in Oz more than 10 years ago. In fact many wanted to go there then
Absolutely Sean - still many want to move to Australia and I still fully believe it’s a wonderful place to live and work.
Appreciate you taking the time leave a note here 🙏
@@AustralianExpatFinance I had that dream too. But I got elder parents to look after and also turtle and plants. So I didn't pursue.
@@SuccessforLifester - Family is certainly a key consideration, particularly parents and is often a driver for many Australian expats to make the decision to return home.
That and their child / children starting secondary school also.
Jared I am your 500!, subscriber congratulations!!!!!!
Fantastic! Thank you so much - I really appreciate it.
Btw my name is Jasper Le Geatpreecha
@@blue_flames6724 - lucky you to be number 500! Missing you in Singapore.
@@AustralianExpatFinance You got anyone to swim with 😂😂😂😂😂
@@blue_flames6724 Not the same 🤣
Correct me if I’m wrong …, you’re saying that it is not that safe in Australia?
Not at all - Australia is much safer than many countries. However, when a country's police force has to reinforce that 'Low Crime Doesn't Mean No Crime' (Singapore), you know it's going to rank very highly on any safety scale.
Very few countries compare to the safety of Singapore.
Did you find an expat Aussie community in Singapore ?
Yes, there are some great Aussie expat communities in Singapore like ANZA, which has all sorts of sporting and personal interest groups and is great for families, to AustCham, which is excellent for connecting like-minded businesses.
Jarred*
Thank you please help me to get real Singapore website please 🙏
Happy to help if I can.
@@AustralianExpatFinance thanks I will wait for your response
@@fafiqueen2269 How can I help you exactly? Feel free to email me directly.
If only Singapore could give Skill based PR like AUS many Middle level skilled migrants would go there !
You certainly highlight an interesting area regarding immigration policy, and for many countries, this seems to be a forever-changing space.
Australia currently has a very wide range of required skills when it comes to assessing PR and visa applications.
@@AustralianExpatFinance Not only that the pathway for AUS is organized and transparent... and that is why many skilled migrants flock to ANZ/ Canada ...Singapore as a hub for technology has good opportunities in Technology / Engg but getting a job ( considering the cost + Very difficult PR + consideration of race when comes to PR ... make sit unattractive... wish it was easier
@@jiti5034 Yes, I think transparency can certainly be more challenging for some jurisdictions, particularly if the goalposts shift over time.
With Singapore being such an attractive hub for both global companies and individual executives, the requirements for work visas and residency here can be more challenging at times.
Wrong Decision..... But being an expat is surely a nice and superior feeling.
But please don't just cocoon in your own expats lifestyles... Get out and get to know the locals.... Don't be like so many expats think that they are at super duper superior...
And treat themselves like King in our land.
I couldn't agree with you more. Part of moving to a new country is connecting with and getting to know the local people, and of course enjoying all of the incredible local food.
I wouldn't say being an expat is a superior feeling at all for me, but rather an incredible opportunity to live, work and experience something new.
@@AustralianExpatFinance Glad you feel this way. I am sure there are many expats who minger with locals, live in HDB flats and eat local foods. But also true that locals need to also learn to live with foreigners.... This is I think a two way street that will many SG a better nice to live.
Cheers.
@@gotmyonu1027 Yes I think you're spot on there. We certainly don't see the point in living and working in a whole new place if you're not going to make an effort to experience local life.
@@AustralianExpatFinance have a blessed time in SG. let's know your experience and looking forward to your videos.
@@gotmyonu1027 Expats are not welcome to Singapore due to overpopulation concerns. Every now and then a random local you stumble upon will remind you of this.
Dare you give up your Australian Citizenship and become a Singaporean Citizenship?
Great question Jacky! One day I do plan to return to Australia and I'm proud to be an Australian citizen. PR in Singapore would be a more likely scenario.
Australians are more friendlier than Singaporeans.
In my experience, there are a lot of really great people in both countries. When I first arrived to Singapore, I found a lot of very helpful local citizens pointing me in the right direction.