Case Study: Mr P
Mr P, a Canadian, called into us as he wanted to know if he could possibly buy a property in Singapore. He had no idea of the rules for foreigners buying in Singapore or if his finances could afford it, but since he was aiming to remain in Singapore for a long time it seemed to make more sense than renting.
After meeting with him and reviewing his situation, this is what we did:-
- Arranged financing for him to buy a property in Singapore up to S$2.2 million (he was only looking at properties around S$1.5)
- We then arranged re-financing on his UK property transferring it into his name only, enabling him to arrange a financial settlement with his ex-wife and finally finalise their divorce. Something that had got stuck for over two years, to the frustration of both of them.
- We then helped him arrange up to date wills and powers of attorney on himself and his new partner.
- We also consolidated Mr P’s three UK pensions into a single overseas arrangement which gave much better death benefits for his new partner and future wife, and arranged a top-up pension that will bring him on target to retire in Canada at 60 rather than 65.