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4 ways to Grow your Wealth for foreigners in Singapore

I always say this to my clients:

“Either you earn more, or spend less; and what you do with the difference will determine how fast you can reach financial independence”

Here are some ways you can grow your Wealth while working in Singapore:

1. Allocate at least 20% of income to ‘forced’ savings/investment

These are contractual savings or investment plans to help you save consistently, to reach your financial goals.
As a foreigner, you do not have the safety net from CPF like Singaporeans & PRs to fund your future retirement lifestyle.

Usually mid-term plans from 5-10yrs would be a good start to build your wealth.
If you have longer-term plans in Singapore, you can consider plans ranging from 10-15 years.

2. Allocate to Capital guaranteed plans

2022 has been a volatile year, with most investment assets suffering losses.
If your goal is to preserve your capital or receive steady retirement income, it’s best to allocate your spare funds to capital guaranteed plans.

Examples of such plans include endowments (pays lumpsum at end of term), passive income (income payouts within 5yrs) or annuities (income payouts from retirement age).

Did you know? Policies in Singapore are protected under the Policyowners Protection Scheme, which is managed by the Monetary Authority of Singapore.

3. Allocate to Investment-linked plans

Investment -linked plans are investments done through insurance companies with the following benefits:

  • Access to institutional funds
  • Hassle-free payouts to beneficiaries through nominations / joint accounts (upon your passing)
  • Secured death benefit, with potential investment upside
  • Possible Tax benefits

If you have a 5-10year investment horizon, this would be the best time to take advantage of market volatility to build your investment portfolio.

As you may know, the S&P500 went into a bear market in June 22 after falling >20% from 3Jan high. Historically, the average duration of a bear market is 19months. In this case, the next 12months would be crucial to start your regular investment for the next 10years to meet your retirement and other long-term goals.

Ideally would be to use a platform which allows you to invest more (through welcome/start-up bonus) to buy more units during these periods of volatility, as well as protect your investment from downside risks.

4. Use SRS for Wealth accumulation

Supplementary Retirement Scheme (SRS) is a tax deferment scheme which allows you to reduce your taxable income.

The contribution is voluntary and you may contribute up to $35,700/yr.
For example, if you contribute the maximum amount of $35,700 and your tax bracket is 20%, you would have saved $7,140/yr in taxes!

Read more on SRS contributions and tax relief here

Once you have contributed to your SRS account, you may use these funds for selected capital guaranteed and investment plans.

SRS is a great tool for saving tax and growing your wealth at the same time. If you contribute and invest $35,700/yr over the next 10 years at 5%pa, you would have accumulated $450,000!

What’s Next

If you’d like to know which is the best way to grow your Wealth, do drop me an email at winniechan@fapl.sg or chat with me here

Related articles:

Financial Planning for Foreigners in Singapore

Income Protection for Foreigners in Singapore

SRS – Save Tax & Invest the Smart Way

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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根据《个人数据保护法》，鑫盟理财私人有限公司征求您的同意向您收集并使用您的个人信息。鑫盟理财将根据公司的个人数据保护政策所阐述的用途使用您的个人资料（例如姓名，证件号码，联系电话，邮寄地址，电邮地址和照片）。 该政策可在本公司网站上查寻，网址为 https://fa.com.sg/data-protection-policy/.

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  • Financial Alliance Pte Ltd ( “FAPL”) is licensed by the Monetary Authority of Singapore (“MAS”) and allowed to conduct financial advisory activities in accordance with the Financial Advisers Act (Cap. 110) (“FAA”) and the Securities & Futures Act (Cap. 289) (“SFA”) within the jurisdiction of the Republic of Singapore and in accordance with the licenses granted by MAS
  • 鑫盟理财私人有限公司( “鑫盟理财”)持有由新加坡金融管理局(“MAS”)所颁发的牌照，并许可在新加坡共和国境内依据财务顾问法（第110章）和证券与期货交易法（第289章）进行财务咨询等相关业务
  • Any services provided by FAPL to persons not ordinarily resident in Singapore are provided solely on an offshore basis from Singapore, resulting from direct enquiry on the part of the foreign residents.
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  • As an integral part of the provision of such services, FAPL may from time to time make available to such residents, documents and information making reference to capital markets products (for example, in connection with the provision of fund management or investment advisory services outside of the foreign jurisdiction).
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  • Such documents and information are provided by Financial Alliance Pte Ltd (“FAPL”) is for general information only and is not intended for anyone other than the recipient.
  • 此类由鑫盟理财所提供的文件和信息仅供收件人做一般信息参考。
  • It does not take into account the specific investment objectives, financial situation or particular needs of any particular person.
  • 此类文件和信息不会把-个人投资目标，财务状况或其特定需求等考虑在内。
  • It does not constitute the making available of, or an offer or solicitation by FAPL to buy or sell or subscribe for any such capital markets product or to enter into a transaction or to participate in any particular trading or investment strategy nor an advice or a recommendation with respect to such financial products.
  • 鑫盟理财向该人士提供此类文件和信息将不构成要约或招揽购买或出售或认购任何此类资本市场产品，或达成交易或参与任何特定的投资策略，也不构成有关此类金融产品的建议或推荐。
  • These documents may not be published, circulated, reproduced or distributed in whole or in part to any other person without FAPL’s prior written consent.
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  • You shall ensure that you have and will continue to be fully compliant with all applicable laws in your home country when entering into discussion or contracts with FAPL.
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In compliance with the Personal Data Protection Act, Financial Alliance Pte Ltd (“FAPL”) seek your consent to collect and use your personal data (e.g. name, NRIC, contact numbers, mailing addresses, email addresses and photograph) for the purposes of and in accordance with FAPL’s Data Protection Policy, which can be found on FAPL’s website at https://fa.com.sg/data-protection-policy/.

根据《个人数据保护法》，鑫盟理财私人有限公司征求您的同意向您收集并使用您的个人信息。鑫盟理财将根据公司的个人数据保护政策所阐述的用途使用您的个人资料（例如姓名，证件号码，联系电话，邮寄地址，电邮地址和照片）。 该政策可在本公司网站上查寻，网址为 https://fa.com.sg/data-protection-policy/.

By submitting this form, you are deemed to have read and understood FAPL’s Personal Data Policy.

提交此表格，即表示您已阅读并理解鑫盟理财私人有限公司的个人数据政策