Financial Planning for Foreigners in Singapore
Welcome to Singapore! Based on my experience serving my expats and foreigner clients over the last 15years, here are
5 areas of financial planning you should look into if you want to Preserve and Grow your Wealth while working in Singapore:
- Medical Insurance
- Income Protection
- Save Tax using SRS
- Wealth Accumulation
- Nominations & Will
1. Medical Insurance for foreigners
Most employers would have provided some form of medical insurance. But if the coverage is lacking, you may top-up with your own personal medical insurance. There are 2 main types of medical insurance in Singapore:
• Local health insurance / integrated shield plans: These are low cost, value-for-money medical insurance for inpatient hospitalization in Singapore, where the annual limit is $1,000,000 – $2,000,000 for admission to private or government hospitals in Singapore.
• International health insurance: Although these plans are more expensive, they are great for more comprehensive coverage like outpatient specialist, or international coverage. Also, if your dependant is on social visit pass and does not have a FIN number, you may choose this option too.
Although local health insurance plans are the cheaper option, there are some limitations to such plans, including coverage for selected outpatient cancer drugs only. Click here to read more on coverage for Cancer treatments after September 2022
Tip! Before choosing your personal medical insurance, you should check your company’s medical coverage such as:
• For admission to private hospitals, or government hospitals only
• Claim limits per year or per treatment
• Is the medical plan portable if you leave the company?
2. Income Protection for foreigners
Did you know there is an economic value on your health? For example if you earn $100,000/yr and intend to work for 20yrs, you would have earned $2,000,000! But if there’s pre-mature death or illness, you would have lost this earning capacity.
There’s where a life / term plan would pay a lumpsum benefit upon death or critical illness. This would help replace your income and provide funding for living expenses, as well as pay for treatments not covered under medical insurance.
How much do you need?
For Critical illness protection, a general guide would be to calculate 5 years of your living expenses:
Eg $5,000/mth x 12mth x 5yrs = $300,0000
Read more on Income Protection for Foreigners in Singapore
3. How foreigners can Save Tax using SRS
Singapore has a relatively simple income tax structure. But there are ways to reduce tax payable, especially if you earn > $100,000/yr.
One of the schemes is the Supplementary Retirement Scheme (SRS), where the amount you contribute will reduce your taxable income.
For example if you earn $150,000 and contribute $30,000, you would only be taxed based on $120,000!
Not only does the SRS contribution reduce your taxable income, you can even use these funds to save and invest to grow your wealth!
Click here to find out more on how you can Save tax & Invest the smart way using SRS
4. Wealth Accumulation for foreigners
Singapore dollar is fairly strong, and even with USD appreciating this year due to Fed hiking interest rates, it remains resilient. That is why many foreigners hold Singapore-dollar assets in insurance and investment products to grow their wealth. Singapore dollar may become rare global winner as MAS tightens
Click here to read more on 4 ways to Grow your Wealth for foreigners in Singapore
5. Nominations & Will for foreigners
If you have been working in Singapore for a few years, you would have accumulated assets such as:
• Local bank account(s)
• Insurance policies
• Investments
As your family members are likely to be residing overseas, it’s best to ensure your assets can be transferred to your loved ones in a quick and efficient way.
Nominations
The easiest (and free) way would be to do nominations for your insurance policies (where applicable). This will ensure your loved ones can access the payouts within 4-6 weeks upon your passing.
Will
Do consider setting up a Will in Singapore to take care of your Singapore assets like bank accounts and investments.
This would enable you to appoint your preferred Executor and choose your beneficiaries.
Without a Will, it will become a costly and complex legal matter to determine your domicile and laws of intestacy.
What’s next
I will be posting weekly content with more details on the above, do subscribe to my content if you wish to receive them!
Meanwhile if you have any questions on financial planning, do email me at winniechan@fapl.sg or drop me a message
Important: The information and opinions in this article are for general information purposes only. They should not be relied on as professional financial advice. Readers should seek unbiased financial advice that is customised to their specific financial objectives, situations & needs. This advertisement or publication has not been reviewed by the Monetary Authority of Singapore.
Published By:
Chan Wen Li Winnie
Winnie Chan is a Certified Financial Planner (CFP) and MDRT Court of the Table qualifier (top 5% of advisers) with 15 years of experience in financial advisory services.
She specialises in helping doctors and high-income professionals build sustainable passive income, protect what they’ve worked for, and create a financial legacy for the people they love. Working across different insurers and investment platforms, Winnie focuses on finding the right fit for each client — not the other way around.
Her experience supporting clients through insurance claims has helped families access the financial protection they planned for, providing peace of mind during life’s most challenging moments.
Winnie was recognised as a Top 5 Weighted Premium producer at Financial Alliance in 2025 — out of close to 500 advisers — and received industry-level recognition for Top 3 Single Premium category Insurer award.
She has also brought financial education to organisations including Carousell Group, Singapore National Eye Centre, and Singtel.
Outside of work, Winnie stays active through regular gym workouts and is an accomplished pianist — recently attaining ABRSM Piano Performance Grade 6 (Merit).
She believes balance matters in finances, and in life.
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