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Home Retirement/Living

How To Play Singapore

Kathleen Peddicord by Kathleen Peddicord
Aug 21, 2009
in Retirement/Living, Singapore
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Singapore at night
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How To Play Singapore

Asia Correspondent Wendy Justice says, “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.

“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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Kathleen Peddicord

Kathleen Peddicord

Kathleen Peddicord has covered the live, retire, and do business overseas beat for more than 30 years and is considered the world's foremost authority on these subjects. She has traveled to more than 75 countries, invested in real estate in 21, established businesses in 7, renovated historic properties in 6, and educated her children in 4.

Kathleen has moved children, staff, enterprises, household goods, and pets across three continents, from the East Coast of the United States to Waterford, Ireland... then to Paris, France... next to Panama City, where she has based her Live and Invest Overseas business. Most recently, Kathleen and her husband Lief Simon are dividing their time between Panama and Paris.

Kathleen was a partner with Agora Publishing’s International Living group for 23 years. In that capacity, she opened her first office overseas, in Waterford, Ireland, where she managed a staff of up to 30 employees for more than 10 years. Kathleen also opened, staffed, and operated International Living publishing and real estate marketing offices in Panama City, Panama; Granada, Nicaragua; Roatan, Honduras; San Miguel de Allende, Mexico; Quito, Ecuador; and Paris, France.

Kathleen moved on from her role with Agora in 2007 and launched her Live and Invest Overseas group in 2008. In the years since, she has built Live and Invest Overseas into a successful, recognized, and respected multi-million-dollar business that employs a staff of 35 in Panama City and dozens of writers and other resources around the world.

Kathleen has been quoted by The New York Times, Money magazine, MSNBC, Yahoo Finance, the AARP, and beyond. She has appeared often on radio and television (including Bloomberg and CNBC) and speaks regularly on topics to do with living, retiring, investing, and doing business around the world.

In addition to her own daily e-letter, the Overseas Opportunity Letter, with a circulation of more than 300,000 readers, Kathleen writes regularly for U.S. News & World Report and Forbes.

Her newest book, "How to Retire Overseas: Everything You Need to Know to Live Well (for Less) Abroad," published by Penguin Random House, is the culmination of decades of personal experience living and investing around the world.

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