Retirement Savings - Long Term Singapore or ...

[Jaymatheson]

Hi,

 

At some point I'll be retiring in Thailand and become a non-resident of my country with very few ties to it. 

 

Opening an account in Singapore, moving money over, and investing in mutual funds seems like a viable option.  I have a US SSN so i guess that's worth pondering.  It's all new to me and haven't looked into it.  What are the best options?

 

Thanks,

[aublumberg]

Both Singapore and Hong Kong are attractive (no capital gains tax etc.), some geo-political risk with Hong Kong, plus currency risk if the US dollar peg goes in future. Singapore has seen a lot of inflow (including from Hong Kong) in recent years, so their 'entry ticket' has gone up. I think the minimum nowadays may be SGD200 - 250k, and up. The three local banks in Singapore (DBS, OCBC, UOB) are good and you have international banks (Citibank, HSBC, Standard Chartered). The latter three common in Hong Kong as well. If you bank with any of these currently, they offer 'global' account views and options to move money around within their respective locations easier. There is plenty of material online if you google 'opening a bank account in Singapore', also on YouTube. I can't comment on your US SSN situation and the potential US tax implications.

[Robin]

I keep my money in Singapore.  No capital gains tax or inheritance tax if you are non-resident.  Also easier to visit the bank if you need to.  Many Singapore banks offer asset management services.  I am with Julius Baer and they have done very well for me.

[Jaymatheson]

Many thanks Blumberg & Robin.  Your info is highly appreciated.