But bear in mind it can be more risky. And it’s often intended so that you are being ‘borrowed’ to then return back to home country, which might not be aligned with your plans. See the below as a guide to wringing the towel to maximize your salary and potential savings rate. There will also be ‘speed bumps’ along the way that can be more difficult to weather in a new organisation. Borrowing from a moneylender – what you need to kn... Curveball Series: Sudden Death of Key Man, A Guide To Becoming A Singaporean Citizen. Or even subsidizing your accommodation costs abroad. The healthcare may also not be as strong as your home country. Our Singapore Property Classifieds provide one stop property search for apartment, condo or house for rent or sale in Singapore. This is due to rents being high and traditionally payment required in one annual cheque. If you have decided to relocate abroad, negotiating a good expat package is an important part of the process. Smart Expatriation, 1st expert online solution to calculate your earnings abroad by taking into account the differential cost of living, housing costs, and the amount of taxes and social contributions. Negotiating Your Expat Benefits Package. This may all sound like a lot of work but it’s invaluable, especially in the corporate world. If you require any advice or information, please speak to practicing lawyer in your jurisdiction. You have a better chance of landing a lucrative expat package if you are being transferred abroad by your current job. The summation should mean that you are leading on important projects or strategic parts of the business. Before you take up an expat employment offer, make sure you understand what life will be like abroad and the day to day costs for you and your family so you know what your negotiation 'red lines' are. No individual who is a member, partner, shareholder or consultant of, in or to any constituent part of Interstellar Group Pte. Required fields are marked *, div#black-studio-tinymce-10{ display : none; }, All RIGHTS RESERVED Ⓒ 2017 ASIA LAW NETWORK, What to Negotiate For in a Singapore Expat Package, Though these packages are on the decline in the last few years, as worldwide talent and education begins to catch up with the demand at big companies, they are still somewhat common in Singapore. If you’re relatively senior in a corporate company it can be linked to shares and performance vs just cash. It’s also less of an area for negotiation in an expat package as usually this will be a company defined policy for all employees. Examples include estate agent fees, clothes for a different climate etc. Banks often offer ‘consent to let’ at your current interest rate should you need to move with work.And this rate is likely to be significantly lower vs having to take an expat mortgage. Family Medical Insurance, 1 Home flight for 4 pax per year, Accommodations, Handphone bills, Utility bills, Children school fees, others, etc. Expat employment packages in Singapore that include a housing allowance, cars, medical cover and school fees are almost an urban myth these days. When you are looking for roles abroad then identify the decision-makers or people in positions of influence. I’d also recommend an offset mortgage back home allowing you to use any surplus cash (FU money or contingency fund) against your mortgage interest. The benefits you get really do vary from employer to employer, and whether you get a full expat package. It’s important to be aware of broader political and economical influences that could impact your salary over time. And finally, schools can be expensive so if moving with as a family be sure to include support here. So don’t get bogged down in whether you managed to negotiate a few extra thousand pounds into your contract. This is similar to the UK but often more lucrative given the lower tax rate. In turn, accelerating the path to financial independence retire early (FIRE). Rent out your property to take advantage of the £12.5k tax free allowance (UK only!). As more and more expatriates are required to negotiate their expat’s package aka expat’s benefits, we have compiled some information on this regard for those in need. Expat packages are one of the reasons that executives originally considered taking positions overseas. And if not offered then I would recommend that you engage privately with an accountant that can help give clarity. In this article, we would particularly focus on how you can efficiently negotiate the terms of your expat package to get a better deal: Negotiate Upfront . Whilst it still gives you the ability to access it should you need it. ... Singapore's Richest. 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