Should you Move to Singapore in 2024.

I have lived in four countries, including Singapore. I visited two dozens more, according to the sign outside the airport. I’ve been everywhere; it seems — London to Panama, Dubai to Tokyo. But if there is one place I’d rather return to, than Singapore and Malaysia would top my list. And in 2024, there is no better place than to move to Singapore, and this decade belongs to Southeast Asia.

There’s something unique about each country, but Singapore possesses an incredible sense of optimism paired with excellent level of efficiency and organization. The government is stable and friendly; the people are open and welcoming; the food is some of the best on earth. All this makes for a fairly effortless transition into moving in a country like Singapore in 2024.

Singapore is particularly convenient: every person can get everything they need there. You can visit any district at any time of the day and not be worried about getting lost or having a problem with public transportation because it is one of the world’s best public transportation systems.

In addition, most people in Singapore are bilingual, English being their second language to them — impressive for such a small country!

Moving to Singapore is the easiest for its diverse & dynamic city. A melting pot of Asian and Western cultures. No wonder it is ranked as one of the best cities to work and live in. 

I worked there, Lived with my six months old, with my Husband in a highly demanding Job, yet it was the most comfortable lifestyle I had. It provides the best of both worlds and easy connectivity to other Asian as well as the rest of the world making the move to Singapore an ideal place to be in 2024.

So how do you make Singapore your home? In this article, we’ll look at the various aspect of getting to know Singapore.

Various types of Visa to help you gain entry into Singapore in 2024.

      There are mainly 4 types of visas that can assist you to work in Singapore. Procuring any of these 4 visas takes a minimum of 45 days to 6 months time depending on the type of Visa.

 Eligibility for EP-

• The Employment Pass (EP) grants foreign professionals the right to work in Singapore.
• The EP or the employment pass is for professionals from across the world who are keen to work in Singapore.
• To qualify, applicants must have a job offer in a managerial, executive, or specialised role, and possess high qualifications and specialised skills.
• A fixed monthly salary comparable to the top one-third of the locals.
• Starting September 1st 2023, the minimum salary requirement for obtaining an EP will be increased. Making it difficult to move to Singapore after 2023 difficult.

For those 23 years old and under, the threshold is now 5,000 Singapore Dollars; up to 10,500 Singapore Dollars for those 45 or older. Making it an increase from the current requirement to obtain EP, which is $4500 at the age of 23 up to $8400 at the age of 45 and above.

• Furthermore, COMPASS currently serves as an assessment instrument for various submissions.
• COMPASS evaluates companies on several factors in a point base system, including salary and qualification of employees, diversity of the organisation, and support for local employment, for the partnership with the government on ambitious innovation and internationalisation activities.
• The individual attributes it looks into are salary, and the qualification & uniqueness a prospective EP applicant brings to the Firm & Singapore.
• Moreover, there are bonuses awarded for individual attributes, such as a skill bonus for those with skills in high demand by employers in Singapore.
• Finally, there is a firm-related attribute that rewards firms for entering into partnerships with the government on ambitious innovation and internationalization activities.

Eligibility for PEP-

The Personalised Employment Pass is a type of Employment visa offered to high net-worth individuals who already possess an Employment Pass, and the threshold for this is $12,000. The minimum salary requirement for foreigners is $18,000 (although this figure will soon increase to $22,500. This is the benchmark of the top 10% of the EP holder).

Those eligible for the PEP must receive a fixed monthly salary; those ineligible for applying for PEP include people with EP under the sponsorship scheme, freelancers, foreign workers intending to work on a freelance basis, solo proprietors who are also shareholders or directors, journalists, editors, subeditors, and producers.

Once obtained, the PEP will last for three years before expiring – at which point its holder must either renew their pass or apply for permanent residency status.

What is EntrePass?

If you’re looking to start any business venture in Singapore, you will need to get either an EntrePass or Overseas Networks and Expertise Pass. The EntrePass is for those with a technology-based business idea. There are no minimum salary requirements; it’s only valid for one year with the possibility of being renewed for two more. To bring your family to Singapore with an EntrePass, you must make a yearly income of at least $100,000 and employ three local professionals.

What are Overseas Networks and enterprise pass?

The Overseas Network and Enterprise Pass is a personalized pass for top talent across sectors including business, art, sports, academia, and research. With an ONEP, applicants can start, operate, and work for multiple companies in Singapore at any given time.

In order to be considered eligible, applicants must receive a monthly salary of at least thirty thousand Singapore dollars (S$30,000) or its equivalent in foreign currency from one employer. Additional income sources are considered in a few cases, depending on a case-by-case basis. This Visa provides access for up to five years, which thereafter can be extended for another five years. Worth considering ONEP to move to Singapore in 2024.

Spouse work Permit-

The applicant’s spouse is not allowed to work on some of the above visas, be it EP, PEP, or Entrepass. The exception to this is the overseas network and expertise pass holder, where with a letter of consent, the work permit is provided to the spouse for them to work.

Opening a bank account in Singapore-

Singapore’s banking system is very efficient, and is done entirely online. All you need to provide is proof of residence, such as a copy of your passport.

Even for those living outside the country can apply for a local bank account without visiting Singapore by providing an overseas residential address. Applicants can upload a letter from a government-regulated AML body or a letter from regulated insurance companies of a FATF member countries; they have to do it online. Those who are currently in the country can sign up instantly with Singpass/ Myinfo.

How much money is needed to meet Expenses in Singapore-

Living in Singapore can be as costly as staying in a big city like New York or London, perhaps even more so. Rent takes the biggest slice of your salary payments. Expect food and groceries to be expensive. Most of what’s available is imported from neighbouring countries. However, you can find reasonably priced meals at hawker stalls and wet markets, where fruits and vegetables are sold at more affordable costs.

So budgeting properly before move to Singapore in 2024.

The expenses you would incur, divide it into Fixed Expenses and Variable Expenses-

Keeping in mind a family of 4.

Fixed Expenses

Basic Groceries-1900S$

House Rents (3-4BHK in Condominium) 6000-7000S$

School Fee of International School – 3000-4500/month per child depending on the ranking of the School.

Utilities around –300S$ (Water, Electricity & Gas)

Service Charges- 200-300S$

Car Expenses if you intend on purchasing- 1000S$

Broad Band and Data Plan- 120S$

Variable Expenses

Dining Out-800S$

General Shopping- 400S$

Grooming- 300S$

Entertainment- 300S$

Public Transport- 100S$

To help you compare Singapore Prices with London prices in 2023.

The Data shown above, derived from the website below-

https://www.numbeo.com/cost-of-living/comparison.jsp

Best neighborhood for expats to live in Singapore-

In Singapore, there is no predominance of one particular community. The government takes care to ensure an equitable distribution of all communities, creating a harmonious atmosphere throughout the country. You can live anywhere in the city and feel right at home. There are some areas that tend to be more popular with expatriates.

Central Singapore

Orchard – You will be living right in the city centre. And close to most international companies. 

Pros– proximity to the city.

     Walking distance to the central shopping district.

     Right in the heart of activities.

Most things are either within walking distance or 5-10 minutes MRT ride away.

Cons– Properties here tend to be more expensive and smaller than what you can get if you move slightly out of the main shopping district.

The noise level on weekends can be a bit high.

 Tanglin– Situated between Holland Village and Orchard lies Tanglin, a green leafy area reminiscent of the colonial era with gorgeous traditional black and white bungalows and sprawling homes.

  Pros– A Beautiful neighbourhood, with close proximity to the central shopping area.

 Proximity to excellent schools.

 Close to Gleneagles hospital.

Walking distance to botanical gardens.

Easy to find big-size Landed Property. However, the cost can be very steep.

 Cons- It is an expensive area to live in.

Holland Village – on the same street as Tanglin and Dempsey Hill is Holland Village. Known for good spacious houses, easy approach to public transport. With some of the best food, you can find at restaurants—one of the most sought after places by Expat families.

Pros– 15-20 Minutes to Orchard street. 

    10 Minutes to Botanical Gardens.

    Connectivity via an MRT to Sentosa and City Centre.

Cons– Properties tend to be expensive here.

 Finding a good property may take a bit longer as the area is in high demand.

Robertson Quay – A lively place to be in. Home to an extensive range of bistros & Restaurants. They are open until late at night. 

   Pros– very centrally located. 

       Has its own business district.

       A lot of hotels & resorts are close by.

Cons- tends to get a bit crowded during the day & late evening.

     Noise levels can be a bit on the higher side.

East Side

East Coast– East Coast is another very sort after neighbourhood; It comprises of very modern tall buildings and modern amenities. 

Pros– Residents can find all amenities in their complex. 

    Proximity to Airport.

    Few outstanding International schools.

    Close to East coast park

Cons– Crowded during weekends and holidays.

     Not a very green area compared to other parts of Singapore.

 Westside

Sentosa– A beautiful modern luxurious place to live. All weekend activities are at your door step.

     Pros– right in the middle of a beautiful island overlooking the sea.

         A lot of spaces for kids to play around.

         Close to a lot of wealthy and Entrepreneurs families.

        Walking distance to the golf course.

   Cons– Slightly cut of from the city centre. 

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What is the rate of Taxes in Singapore?

The personal income tax rate in Singapore is typically very low. To calculate the amount of taxes an individual owes, they can apply various deductions, figure out their chargeable income, and then evaluate it with the progressive resident tax rate.

Additionally, there are no capital gain taxes or inheritance taxes. Furthermore, only income earned in Singapore is taxable—income outside of the country is not subject to taxation. It’s also important to remember that different tax rules apply depending on a person’s tax residency.

https://www.guidemesingapore.com/business-guides/taxation-and-accounting/personal-tax/singapore-personal-income-tax-guide#:~:text=Personal%20income%20tax%20rate%20in,resident%20tax%20rate%20to%20it.

Expat healthcare & insurance-

Singapore prides itself on having one of the best healthcare systems in the world, though it does come with a cost. Many employers provide medical insurance for their employees and their families that covers hospitalisation stays, surgeries as well as out-patient care. Popular insurance companies include AXA Insurance, Cigna Healthcare, Bupa International Health Plans, and MSIG Insurance Company.

Culture of Singapore-

The city of Singapore is a vibrant mix of various cultures. It provides locals and visitors a unique blend of Indian, Malay, South Asian, and Eurasian cultures. The Singapore is a congregation of multi culture, shaped by modernity, creating an up-to-date atmosphere.

How much a house help costs in Singapore-

The advantage of living in Asian countries is that the culture of keeping a Live-In-maid is very prevalent.

One can choose from a Live-Out & Live-in or weekly, depending on your requirements.

Most of the helpers in Malaysia are from Indonesia or else the Philippines. Philippine workers are more in demand as they can speak and understand English. 

You pay Live-out helpers monthly or every 15 days as you negotiate with the prospective maid. 

Approximately the cost of a Live-Out helper working 3 days a week, 4 hours each day is around 200 USD/month. Whereas for a Live-in helper, one pays around 1000S$.

Only for this reason lot of expats like to stay as well as move to Singapore even in 2024.

Which School to send your child to? 

Expatriates living in Singapore have a lot of options when it comes to schooling for their children. While it’s possible to apply to local schools, but the priority is typically given to citizens and permanent residents (PR), therefore leaving few openings for those children coming from other countries making the entry barrier very high. Additionally, there are usually reserved quotas for international students in each School making the entry very competitive. English is generally the medium of instruction at most schools.

The most desired private and international schools often maintain long waitlists, so it’s wise to submit applications to multiple schools in order to increase your chances of admission. It’s worth doing before you move to Singapore in 2024.

The local and private schools largely focus on academic excellence, while international schools prioritise providing comprehensive education with an emphasis on the overall wellbeing of the child. Many expats opt to send their kids to international schools, although both local and private offer equally sound educational environments.

Though local as well as private schools are equally good and plays vital role in the development of young children.

Singapore in a Nutshell.

Singapore is truly a gateway to Asia, with high living standards and great amenities. The cost of living may be high, but the potential advantages in the workplace are immeasurable. There’s nothing quite like Singapore in terms of efficiency and convenience; I have yet to find a country safer than it. I’ve been visiting Singapore since 2011 and spent three years there—not once did I feel unsafe or experience any sort of inefficiency. The allure of life in Singapore can be tough to resist. Making it worth your effort to move to Singapore in 2024.