in a new country can be more challenging. After all, part of the reason these packages are offered are to entice key staff to take these positions, where top-level talent is needed to expand companies. This may all sound like a lot of work but it’s invaluable, especially in the corporate world. And in due course pave the way to financial independence retire early (FIRE). Otherwise it’s likely you will get something wrong, spend lots of time trying to understand it or in most cases both! One of the most important issues for any person or family that is sent abroad by their company is the expat relocation package. Below are some considerations to maximize your earning potential and savings. You can go external and job hop your way to a higher salary. An Expat Guide To Salaries in Singapore. It is so easy to get connected with other people from either your home country or international people. “Localisation describes the company's practice of replacing an expat compensation package with something comparable to that offered to locals. What's a good package really depends on your perspective and the lifestyle you're used to. Take note of these important factors including career advice to help ‘seed’ the move. The Law in Singapore on Single Mothers – Is ... Real Estate Investments in Southeast Asia: How Safe is Your Money? So you’ve flagged your international aspirations, delivered a standout performance and have built your network. I most recently asked 25 families for their personal benefits. Singapore Expats offers a one-stop residential Singapore property guide, renting procedure and information directory for expatriates living or relocating to Singapore.. This would definitely be something to request for the relevant tax year’s of your move. But ensure you maximize the gross gain and you will truly benefit more than you ever expected. You have a better chance of landing a lucrative expat package if you are being transferred abroad by your current job. Currency can be significantly erode or accelerate financial independence so it’s important to keep on top of how the currency is doing. For further information on the difference see here. With the right package in place, you may find that your years abroad become some of the most most delightful and memorable of your working life. In addition to detailing how long an employees expatriate contract will be valid for (see contract duration and termination notice), the contract should also contain details of whether or not the employment constitutes a break in employment from the employer. In order to justify accepting a job far away from home, in a city with an ever-increasing cost of living, most companies need to offer the best in remuneration. Negotiating a relocation package can be tricky. It’s important to be aware of broader political and economical influences that could impact your salary over time. It may still be worth you voluntarily contributing to the state pension. Malaysia, meanwhile, offers the region’s lowest total expatriate pay packages – with packages falling by 13 per cent in USD terms since 2012, falling behind Sri Lanka and Pakistan in the process. Then map out the sponsors and mentors that could support your expat move. Singapore is rated the world’s most expensive city for 2015, according to the. One of the most important issues for any person or family that is sent abroad by their company is the expat relocation package. 1. Family Medical Insurance, 1 Home flight for 4 pax per year, Accommodations, Handphone bills, Utility bills, Children school fees, others, etc. You could ask your company if they can support you with support from an accountancy firm. This is often preferred by employers as it links to performance versus an outright cash payment. And in line with the financial independence mentality – it’s a marathon, not a sprint. Check out this Grant Thornton guide as a starting point. Here are five ways for employees to ensure their expatriate package serves as a career bolster — and not a major disruption. Spending time on the fundamentals will increase the chances of a successful move. This is still available in some countries, particularly in the Middle East, including Dubai. While packages differ by company, some items appear in most international employment offers: a housing allowance, help paying taxes, spousal employment help and trips home. Negotiating Your Expat Benefits Package. So do your homework beforehand; identify these sorts of issues ahead of time and put yourself in a strong position to negotiate a package that ensures your smooth transition abroad. 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