BBCWatcher, what are the pros and cons of maintaining assets offshore?
Assuming legal behaviors -- let's please do that -- I think it's prudent to have at least reasonable
investment portfolio diversification, and that includes not investing solely or predominantly in securities that are highly dependent on one country. The broker/custodian's(s') home(s) is(are) less interesting but still somewhat interesting.
I am from India and working in Singapore on EP. It would take a miracle for me to get any kind of permanent residency anywhere, even a work visa will be difficult from now, so no choice but I have to go back to India, once I lose my job in Singapore.
A "miracle," or true love and marriage, opposite sex or (now in many countries) same sex.
But I would like to keep at least 30% of my assets offshore, just to avoid the risks of being in an emerging/third world market.
I prefer "reasonable global diversification." If you're living in Country X, that doesn't mean you must have all or most of your investments in stocks headquartered in, and doing business predominantly in, Country X.
To pick an example, Royal Dutch Shell is headquartered in Holland (I think). RDS does very little business in Holland. From the perspective of a Dutch investor buying stocks traded in the Netherlands, RDS is already "offshore" in the sense I mean it. As another example, a U.S. investor buying shares of McDonalds traded in New York would be roughly 2/3rds invested outside the United States. About 2/3rds of McDonalds revenue is from operations, licensing, and other business activities outside the U.S.
I think what you're talking about is the reliability and safety of a broker/custodian, or of a particular country's financial system. That you maintain clear title and unfettered access to savings. So should you have one or more "offshore" brokers/banks? Maybe. I guess it depends on whether you come from a country that pulls stunts like demonetization. Even so, I wouldn't get too crazy about it. A couple legal, declared, tax compliant (domestic and foreign) accounts in a couple reliable, developed, well regulated countries is enough.
How easy is it to maintain a bank account in Singapore after leaving Singapore?
Fairly easy, I think.
But will the banks let us keep the bank account after we lose our EP?
Yes, with the caveat that a bank in Singapore is under no
obligation to do business with you, even if you still live in Singapore.
Also maintaining brokerage account in Singapore/Hong Kong or US(I think with IBKR our assets are really in the US?). How difficult is that going to be? Do you see any pitfalls?
The tax and financial reporting complications can be, er, complicated, and in some cases the tax consequences can be unfavorable.