Learning - Foreigners in Singapore

Foreigners in Singapore

There is a significant number of foreign persons in Singapore who are likely to own enough Singapore assets to be concerned about estate planning. If one were to add the number of permanent residents and the number of employment pass holders, the total is close to 750,000.

For them, especially for those with young children, the need to plan is pressing given that they tend to travel frequently and their permanent families may be far away from Singapore.

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  • He should write a standalone Singapore Will that deals only with his Singapore assets. His Singapore Will would have to have a revocation clause that revokes any previous Singapore Wills that deal only with his Singapore assets. If he has written a will in his native land, he would have to review it with his lawyer there to make sure its revocation clause does not revoke his Singapore Will.

 

  • He should sign a declaration that he accepts that the distribution of his estate may be subject to the laws of his nationality and domicile.

 

  • He should appoint an executor who is based in Singapore even though there is no requirement for executors to be Singaporean, or even be based in Singapore. By appointing a lawyer or a licensed Trust company as executor, his estate can be probated and distributed more speedily than if he were to appoint someone who is overseas.

 

  • If he has minor children in Singapore, he would appoint a guardian in his Will in the event both parents pass away together. Such a guardian who is appointed in the Will is called a testamentary guardian. His testamentary guardian is likely to be a relative who lives in his home country. He should consider appointing a temporary guardian who is typically a person resident in Singapore who can temporarily look after his children until the testamentary guardian arrives to take over the permanent guardianship of his children.

 

On his passing assuming that he is resident in Singapore at the time of his death:

 

  • The executor would apply for a grant of probate in the Singapore courts, on the basis of the Singapore Will.
  • Once the grant has been obtained, the executor can proceed to follow the Will to distribute his assets.

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