Financial Planning for British Expats in Singapore

Tax environment

• Territorial tax system — only Singapore-source income is taxable
• Foreign-source income remitted to Singapore is generally exempt
• No capital gains tax on any assets
• No inheritance tax or estate duty (abolished 2008)
• No wealth tax
• Progressive income tax rates capped at 24% on Singapore-source income
• UK-Singapore double tax treaty in force

Financial infrastructure

• World-class MAS-regulated financial services sector
• Major international banks: DBS, OCBC, UOB, HSBC Singapore, Standard Chartered
• Global investment platforms and private banking available to residents
• SGD is a stable, freely convertible currency with a managed float
• English common law legal system — familiar framework for British expats
• Global Investor Programme for HNW investors seeking Permanent Residence

Employment Pass (EP)

The standard work visa for professionals in Singapore. Requirements include:

• Job offer from a Singapore employer
• Minimum salary of SGD 5,600/month (SGD 6,200 for financial services), rising with age
• Degree-level qualifications or recognised professional experience
• Employer must demonstrate fair consideration of local candidates first (FCF)
• Initial EP duration: 2 years (renewable)

Other passes: the Personalised Employment Pass (PEP) for high earners is not employer-tied; the ONE Pass is for exceptional global talent with high income or outstanding achievements.

Global Investor Programme (GIP)

The GIP provides Permanent Residence for HNW investors — without an employment requirement. Three investment options, each with its own minimum threshold:

• Option A: SGD 10 million into a new or existing Singapore business
• Option B: SGD 25 million into a GIP-approved fund investing in Singapore companies
• Option C: Establish a Singapore family office with at least SGD 200 million AUM (SGD 50 million deployed into GIP-specified investments)

GIP PR provides long-term residency security, access to Singapore's full banking and investment infrastructure, and a pathway to citizenship after 2 years of PR.

Is there inheritance tax in Singapore?

No — Singapore abolished its estate duty (inheritance tax) in 2008. There is no inheritance tax, estate duty, or wealth tax in Singapore. However, your worldwide estate — including assets held in Singapore — can remain subject to UK Inheritance Tax at 40% above the nil-rate band. From 6 April 2025 UK IHT exposure is based on long-term residence (broadly, UK resident for at least 10 of the previous 20 tax years) rather than domicile, and it can continue for up to 10 years after you leave the UK. British nationals with assets in Singapore should take specialist advice on their IHT position.

Do I pay Singapore tax on my UK pension?

Singapore operates a territorial tax system — only Singapore-source income is generally taxable. Under Singapore tax law, pension income received from overseas and remitted to Singapore is generally exempt from Singapore income tax. The UK-Singapore double tax treaty also provides that pensions are taxable in the country of residence (Singapore) — but because Singapore does not tax foreign pension remittances, a properly structured arrangement can result in minimal tax on UK pension income for Singapore residents. There are no longer any qualifying QROPS in Singapore — HMRC deregistered Singapore QROPS in 2017. A UK SIPP in drawdown with an NT (nil tax) coding notice applied under the UK-Singapore DTT is the standard approach for British expats in Singapore.

What is the Singapore Employment Pass?

The Employment Pass (EP) is the main work visa for foreign professionals in Singapore. It requires a job offer from a Singapore employer, and the candidate must meet minimum salary thresholds (from January 2026, SGD 5,600 per month for most sectors, SGD 6,200 for financial services, rising with age). The EP must be renewed periodically and is tied to the employer — changing jobs requires a new EP application. Singapore also has other passes including the Personalised Employment Pass (PEP) for high-earners, which is not employer-tied, and the ONE Pass for exceptional global talent.

Can I invest in a UK ISA from Singapore?

No — you cannot contribute to a UK ISA while non-resident. Your existing ISA remains open and existing holdings can be retained, but you cannot make new contributions during any tax year in which you are non-resident in the UK. The ISA itself remains tax-free in the UK while you hold it, but Singapore may or may not recognise the ISA exemption depending on your local tax position. There is also a restriction issue: many UK investment products, including UK ISAs, unit trusts, and OEICs, cannot legally be marketed or sold to Singapore residents under MAS regulations. Internationally compliant portfolio bonds and global investment platforms are the standard alternative for Singapore-based investors.

What is the Global Investor Programme in Singapore?

The Global Investor Programme (GIP) provides Permanent Residence (PR) in Singapore for high-net-worth individuals across three options: a minimum of SGD 10 million into a new or existing Singapore business; a minimum of SGD 25 million into a GIP-approved fund that invests in Singapore companies; or establishing a Singapore family office with at least SGD 200 million in assets under management (of which at least SGD 50 million must be deployed into GIP-specified investments). The GIP is administered by the Singapore Economic Development Board (EDB). Permanent Residence under the GIP provides long-term residency security and access to Singapore's full banking and investment infrastructure without the employment requirement of the EP.