Retire And Invest In Singapore
How To Play Singapre
Aug. 21, 2009
Singapore
PLUS:
- Political Security Issues In Panama And Croatia...
- Retire On A Sailboat...
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Answers To All The International Health Insurance Questions You Didn't Even Know To Ask
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Dear Live and Invest Overseas Reader,
"As I explained yesterday," continues Asia Correspondent Wendy Justice, "Singapore is a delightful surprise in this part of the world for many reasons. It's ultra-modern, clean, green, prosperous, and English-speaking. It is home to expats from around the globe, many working in the banking and finance industries, who enjoy a very high standard of living.
"Singapore is also expensive. The Economist Intelligence Unit's 2009 report ranks Singapore as the third most expensive city in Asia (more affordable only than Tokyo and Osaka). Mercer ranks it as the 10th most expensive city in the world.
"Many who want to enjoy what Singapore has to offer, at least part-time, settle in Malaysia, where the guidelines for retirement are less stringent and where the cost of living is much lower. Singapore is just across the bridge from the Malaysian city of Johor Bahru, where budget-conscious expats can enjoy the best of both countries.
"In other words, I don't recommend Singapore as one of the world's top retirement havens. This country does, though, right now offer excellent opportunities for investment.
"Real estate prices in this small island nation are always at a premium, as new development and land use are controlled. With the current recession, home prices have dropped considerably, creating a rare buyers market. Direct real estate investment is not necessarily the play, though, and in this country you have an interesting option. You can invest instead in a REIT. These are offered by several regional banks and invest in the development of big high-rise condominium communities and new shopping centers.
"Read more here and here.
"Singapore laws require that banks hold adequate reserves to cover their depositors and loans, making the risk of investing through a bank in Singapore significantly less than it is in many other countries. In addition, Singapore is consistently ranked as the least corrupt country in Asia and one of the 10 least corrupt countries in the world.
"Liberal banking laws allow foreigners to invest in Singaporean banks regardless of their residency status. Most banks require simply a letter of reference from your bank at home, copies of the last 12 months' bank statements, and a copy of your passport. DBS, the largest bank in Singapore, currently offers fixed-deposit accounts in almost all major global currencies. There is no penalty for early withdrawal. Interest is credited monthly, and pulling funds out prematurely results only in forfeiture of the interest accrued in the current month. Interest and capital gains are exempt from Singaporean taxes--another benefit for foreign investors."
Kathleen Peddicord
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Take Your Pick Among These Top 5 Retirement Havens Of The Americas
"Beyond my balcony, vineyards stretch in every direction. As I sip a glass of fabulous local wine, my cook is creating something in the kitchen that smells truly divine...
"My garden is bursting at the seams, though I don't look after it. My gardener does. Honestly, it's a feast
for the eyes...
"I'm so pampered here that I feel like a guest in my own home. Grandchildren coming to visit? A full-time nanny costs US$400 a month. A full-time maid is the same...
"A round of golf is US$4...a good table wine costs US$2 a bottle..."
This paradise is real. In fact, it's but one of five dream lifestyles you could be living right now...
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"Kathleen, could you please give me some feedback regarding political security issues in Panama and also Croatia?
"I am a 65-year-old American woman currently residing on the Riviera in France, and I am considering retiring from my interior design business. I am looking for an area with a similar lifestyle, climate, food, etc., but less expensive."
-- Mary B., United States
You won't find a French Riviera lifestyle in Panama. However, you could, in fact, enjoy la vie Riviera in Croatia, with fewer tourists to interfere.
Both Panama and Croatia are stable countries. The troubles of the 1990s are well in the past for Croatia, a beautiful and historic little country with an abundance of coastline. My favorite parts of Croatia are the Istrian Peninsula (full report on retirement life in this region here) and Dubrovnik, a perfectly preserved jewel of a walled city and a World Heritage Site.
I'd rank Panama, meantime, as the most stable country in its region. Its recently elected President Martinelli, inaugurated last month, is pro-business and full steam ahead on the path of prosperity.
"I have not seen any information in your newsletters about living on a sailboat for retirement. This can be an ideal situation, as you can sample different countries, island-hop, and cheaply revisit the States when you want. Sailboat prices are dropping, and some live-aboards now can be purchased for the cost of a car (new or used).
"I have a lot of freelance writing and photography experience and could write up my experiences as a sailing retiree. My husband and I (ages 52 and 58) had an enlightening adventure, for example, when we decided to sail with a person from New York who we met on the Internet. This was quite the eye-opener. We learned firsthand how much experience sailing takes. We also learned a foolproof remedy for seasickness, how many comforts of home you have to give up living on a boat, how to find our way around on the ocean, and much more."
-- Melinda L., United States
We'd love to hear more, dear reader. We hope you'll write again soon with further tales of your adventures as a sailboat retiree. |
