Is Singapore a good place to live?

Singapore is a good place to live, boasting one of the highest standards of living in the world. Residents benefit from a safe, clean and scenic environment, a highly efficient public transport system, and a diverse, multicultural society. The city-state is also known for its eclectic food scene, dazzling skyscrapers and thriving arts and entertainment options.

Pros and cons of living in Singapore

Singapore is a captivating destination that seamlessly blends modern innovation with deep-rooted traditions, making it an exciting place to live and work. However, like any country, it has its good and bad points. So, here are some positives and potential challenges to consider before making the big move to Singapore.

Is it hard to move to Singapore?

Moving to Singapore can be complex and varies depending on your passport, work and educational experience, family connections in the city-state, and whether you plan to find employment or study.

Another critical factor is how to transport your belongings to Singapore. The easiest way is to hire a professional overseas removals company who can provide a self-loading moving pod like the Seven Seas Worldwide MoveCube®.

Immigrants are

40% of Singapore's population

Source: Statista

Can I retire in Singapore?

You can retire in Singapore, but it requires careful planning. While Singapore doesn't offer a retirement visa, you can obtain permanent residency via work, family connections or significant investments. To supplement your golden years in Singapore, ensure you have enough money to combat the high cost of living. Non-residents can use the Supplementary Retirement Scheme (SRS) for tax relief on contributions towards their retirement.

Cost of living in Singapore

As the fifth wealthiest city in the world, Singapore's cost of living is high, so ensure you budget for accommodation, utilities, education, transport, entertainment, and food before moving. Housing will likely be your biggest expense, with rental prices in areas like Nassim Road, Marina Bay, and Ardmore Park being particularly steep.

On the plus side, Singapore's living standards are also high. Healthcare is universal and of excellent quality, crime rates are very low, there's long-lasting political stability, and the economy is considered one of the most competitive in the world.

Cheapest place to live in Singapore

The cheapest place to live in Singapore is Ang Mo Kio, according to a recent study by the online learning platform Preply. The average price of a one-bedroom condo is S$1,268* (around US$974) per month.

In contrast, less than four miles south sits Toa Payoh, the most expensive area. Rent here costs S$5,007* (around US$3845) per month, a whopping 93% of Singapore's average household income.

^{*prices accurate as of 2024}

Buying a house in Singapore as a foreigner

Create a budget to determine whether you can afford a mortgage. For private properties, you'll need a down payment of at least 5% of the purchase price and 20% for HDB homes.

For non-Singapore citizens, companies, limited liability partnerships, or societies, you must seek government approval to buy specific properties, such as vacant land, terrace houses and bungalows. Approval is awarded case-by-case, often requiring the applicant to be a permanent resident for at least five years. However, foreigners do not need approval to purchase properties like condominium units, flats and commercial or industrial properties.

Foreign buyers are also subject to a 60% Additional Buyer's Stamp Duty (ABSD) in addition to the standard Buyer's Stamp Duty (BSD). Stamp duty must be paid in cash upfront and cannot be deferred. There are no ABSD charges for US nationals and nationals/PRs from Switzerland, Liechtenstein, Norway or Iceland who are buying their first residential property.

View as many properties as possible using popular sites like EdgeProp, PropertyGuru, and SRX Property, and ask the estate agent detailed questions. One option is to hire a property agent to help you scout for the best deals, work out what you can afford, offer insider knowledge, and deal with paperwork. Property agents typically charge a fee of around 1% for finding you a new home.

Next, get an in-principle approval from a bank to understand the maximum amount you can borrow, likely 75% of the purchase price. Singapore banks that loan to expats include Standard Chartered, Citibank, CIMB and Hong Leong Finance.

The bank will evaluate:

• Your credit history.
• Your income and employment.
• Your debt-to-income ratio.
• The down payment you can afford.
• Information on the property you wish to buy.
• Legal and compliance checks.

When you decide to make an offer, and it's accepted, both parties will sign a Sales and Purchase Agreement, formalising the terms of the sale. Then, pay the deposit and hire a conveyancing lawyer to ensure all legal requirements are met and a property inspector to assess the home's condition and value.

How to get a job in Singapore

Before you begin your job search, it's crucial to understand the conditions of your Singapore Work Pass, which varies depending on your skills and circumstances. For instance, the Employment Pass is for professionals earning at least S$5,000* (around US$3,831) per month, while the S Pass is for mid-level skilled workers.

Next, focus on in-demand industries where your skills and education are valued. Thanks to a robust economy, there are many opportunities in financial services, electronics, healthcare and IT. Emerging opportunities include artificial intelligence, data science and biotechnology. You can find job openings on popular sites like Jobstreet, JobsCentral, and JobsDB.

Consider using a recruitment agency to enhance your chances, such as Manpower (specialising in IT, engineering, and sales) and Robert Half Singapore (finance, technology, and senior management roles), for valuable insights into your target industry.

Tailor your CV for each application, highlighting relevant skills. Ensure your application is in well-written English (the primary business language of Singapore) and include a strong cover letter emphasising your fit for the company. Familiarise yourself with typical employment conditions in Singapore, such as the standard working hours of 9 am to 6 pm and your rights regarding annual leave, public holidays and sick leave.

Networking is crucial. To expand your connections, attend industry events or join professional social groups on Meetup and Facebook.

Finally, the job market in Singapore is very competitive, so be persistent! With the right approach, you can secure a position that fits your qualifications and career goals.

^{*prices accurate as of 2024}

Fun and surprising facts about Singapore

1. Alongside Monaco and the Vatican City, Singapore is one of only three surviving city-states worldwide. Former city-states that have since incorporated into neighbouring countries include Venice, Athens and Tenochtitlan.
2. In 2000, Singapore established a Speaker's Corner in Hong Lim Park, similar to London's Hyde Park. Citizens can freely express their views on almost any topic, provided they follow certain rules.
3. Singapore has banned the sale, import, and manufacture of chewing gum since 1992 to maintain the city's cleanliness. The ban was introduced after stuck gum caused MRT train doors to malfunction, leading to disruptions.
4. The National Orchid Garden in Singapore is home to over 1,000 species and 2,000 hybrids of orchids. It also houses the world's largest display of tropical orchids, attracting botany enthusiasts and tourists from around the world.
5. Sentosa Island, now a popular tourist destination, was once named Pulau Blakang Mati, which translates to "Island of Death from Behind" in Malay due to its reputation for pirate attacks and deadly malaria outbreaks.
6. You can purchase a luxury car from a vending machine! A 15-story building by Autobahn Motors functions as a giant vending machine, dispensing high-end vehicles like Lamborghinis, Bentleys and Ferraris with just the push of a button.
7. The world's first nocturnal zoo, the Night Safari, lets visitors experience the unique behaviour of over 900 animals after dark via walking trails, guided tours, and tram rides. Enjoy a unique journey through lush, open enclosures that mimic the animals' natural habitats.
8. As the fourth wealthiest city in the world, Singapore boasts the highest percentage of millionaires per capita, with nearly one in six households having over US$1 million in disposable wealth.
9. The city-state is home to one of the world's largest floating stadiums, The Float @ Marina Bay. It's hosted numerous high-profile events, including the National Day Parade and boasts a stunning backdrop of the iconic Marina Bay skyline.
10. Singapore has a "no durian" rule on all public transport. The exotic fruit's smell is so intense it was banned in 1984, leading to amusing scenarios of people trying to sneak it in! Despite the ban, durian remains a beloved treat.

Extra resources to help with your move to Singapore

Moving to Singapore checklist

Simplify your big move to Singapore with our handy checklist:

• Plan ahead by asking friends, family, and fellow expats for advice: before making a life-changing decision, it's essential to weigh all the pros and cons of living in Singapore.
• Research all applicable visa and residency options: learn about the various entry methods and the visa application process. Then, select your best option for acceptance.
• Run the numbers: check your bank balances to see if you have enough money to support yourself and your family in Singapore for a few months before landing a job and home.
• Choose a neighbourhood and decide to buy or rent: pick a district that suits your family's needs and consider renting first to give yourself time to acclimate.
• Set up new accounts for your bills and savings: open a Singaporean bank account and transfer money from your home country.
• Secure a job: learn about employment etiquette, job-searching methods, application tips and employee benefits in Singapore.
• Organise schooling: enrol your kids in local schools or register to teach them for home.
• Learn about the Singapore healthcare system: decide whether to go private or take advantage of Singapore's publicly-funded, state-run healthcare services.
• Learn how to get around: discover Singapore's efficient, varied, modern and integrated public transport systems.
• Discover Singapore's storied past and culture: gain a better understanding of the Garden City by learning about its formation, customs, and present-day multicultural influences.
• Book an overseas removal company: research the best overseas removals experts to safely ship your household belongings to Singapore.