Contrary to popular belief not all expatriates are filthy rich (as you probably know) but most of us will have quite a decent salary which means you may have some money to invest and there are plenty people who are willing to ‘help’ you with this.
If you have been here a while you will probably start getting calls from undetermined companies (saying they are) calling from Manila or Jakarta or Shanghai and offering you incredible investment opportunities, sometimes very direct, sometimes very indirect.
Whether you want to listen to these or not is entirely up to you but be adviced not all of these 'companies' are legitimate, some quotes from a newspaper article are added below for reference. If you have money to invest and want to do it here our advice is to pick the asset management / investment company yourself and not vice-versa, or be a DIY-er in this area. There are a number of big and small players active on the Singapore market. As a start to help you choose you can find some more information here on:
Offshore Portfolio Bonds
If you want to do it yourself most banks offer possibilities to ‘invest’ in foreign currency, mutual funds and/or Singapore exchange. Through some you will also be able to place orders on other regional bourses or even European and American.
Managing finances for your pension and/or your kids’ studies are long-term investments and unless you expect to be here for many years to come we assume you’ve already got something going, if not the many insurers and investment companies will be glad to help you. As with many things Singapore has strict regulations in this area too set by the Monetary Authority of Singapore.
From “The Business Times, March 18, 2004
"Cold-call scams are so named because the perpetrators make unsolicited calls to their victims. Also commonly referred to as boiler-room operations, they usually involve a con artist who is based in another country phoning potential investors and inviting them to buy securities purportedly listed on Nasdaq or other over-the-counter markets in the US. If the individual expresses interest, more hard-sell tactics will be used and he would then be asked to remit money to a bank account in either his home country or another country. The money is then quickly transferred away by the perpetrator. Later on, when the investor wants to sell his shares, the cold caller is often uncontactable."
"Figures from the Commercial Affairs Department yesterday showed that the white collar crime busters received nearly 50 complaints about boiler-room operations from both foreigners and Singaporeans who have lost a total of US$1.5 million to such fraudulent investment scams. Of that amount, about US$700,000 was lost by 13 Singaporeans and the remainder, by 36 foreigners."
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