Complete Guide to Living in Singapore for Expats in 2024

Singapore is a bustling and vibrant Asian city-state that has become a hotspot for expats looking for a long-term country to settle in. The selling points of living in Singapore are non-exhaustive: a world-class education system, extreme levels of safety, and a competitive job market are just a few of the biggest attractions that the country has to offer. 

Singapore, over the decades, has transformed into a city-state on the cutting edge of modernization and socio-economic development milestones. This modernity comes at a cost- Singapore ranks amongst the most expensive cities to live in throughout the world, with an average monthly cost of living in the range of 3000-4000 SGD. 

Despite a high cost of living, Singapore's economy supports one of the world's technology and financial hubs. The country’s economy is highly specialized, given the fact that its small geographical area does not allow for domestic agricultural and unspecialized production. Many opportunities exist for expats seeking to relocate to Singapore. These include jobs in the business, medical, financial, and legal fields. 

Taking a closer look, the average cost of living in Singapore is highly dependent on several factors, including your typical lifestyle, your number of dependents, and your accommodation location. That said, we have provided a breakdown of a modest lifestyle for a single person living in an average-priced apartment. Here is a breakdown of the average cost of living in Singapore. 

• Rent: 1,500 SGD
• Transportation: 150 SGD
• Daily expenses (food, entertainment): 1,100 SGD

Bear in mind that this cost of living increases per dependent person and child in school. The cost of living in Singapore for an American or Westerner as opposed to one coming from an ASEAN country can vary, as education centers can charge substantially more for non-ASEAN international students. 

Living in Singapore also means converting to their national currency, the Singaporean Dollar (SGD). Here is a small conversion table for the average going rate of the SGD compared to other popular expat currencies. 

Due to its size relative to the population, the average cost of living in Singapore is quite high. The majority of Singapore’s residents live in apartments built and owned by the National Housing and Development Board (HDB). These apartments are the most popular form of accommodation in Singapore and are often the most reasonably priced. If you are planning for a modest cost of living in Singapore, prioritizing these apartments may be the best option for you. 

For those with more freedom in their monthly costs or who are looking for more luxurious accommodation in Singapore, there is a wide range of high-rise condos and flats for you to rent or purchase. It should be mentioned that buying property in Singapore comes at a steep price, although the rising demand for real estate in the country may make for a lucrative and worthwhile investment. 

Living away from home is never an easy task, and many expats moving to Singapore seek out foreigner-dense hotspots to settle down in to get a sense of a home away from home. Several areas have a higher concentration of expats living in Singapore. Some popular areas include: 

• Holland Village: highly sought after due to its central location
• Tanglin: a highly affluent neighborhood located close to Holland Village
• Woodlands: located outside of the city center, and highly favored by American expats living in Singapore for its proximity to the International American School. 
• Tiong Bahru: uniquely styled low-rise apartments, perfect for expats seeking accommodation in Singapore that is not located in high-rise buildings. 

Many expats, when considering the cost of living and types of accommodation in Singapore, struggle to decide between renting or buying property. While compelling arguments can be made for either case, the final decision comes down to one’s budget and long-term plans in the country. Here is some quick information about renting and buying accommodation property in Singapore:

• Renting: the average cost of rent for a single studio apartment in Singapore can go from as much as 2000 SGD/month to over 8000 SGD/month for a 3-bedroom flat. While the law does not stipulate a standard in setting a security deposit, the going rate is one month of rent per year of the lease. 
• Buying: HDB properties are subsidized by the government and are the cheapest form of accommodation in Singapore for those looking to purchase a property. These apartments can range between 500,000 and 900,000 SGD. For non-HDB subsidized properties, the price for a 3-bedroom flat can go for over 3.1 million SGD. 

The Singaporean healthcare system has consistently ranked amongst the best in the world. It should be mentioned that healthcare in Singapore is not free. In fact, healthcare in Singapore can become pricey for expats, who are excluded from the National Healthcare Plan (NHP) that covers all Singaporeans and permanent residents. That said, there are international health insurance plans for expats in Singapore, including MSIG Prestige Healthcare Elite, Liberty MyHealth International, and FWD International Health Insurance, to name a few. 

In addition, plans can be purchased from the Singapore Central Provident Fund Board. Permanent residents who have healthcare insurance in Singapore can enjoy access to all A-B1 healthcare centers and are covered for medical and dental expenses and maternity expenses, amongst others. 

In terms of education opportunities for expats living in Singapore with children, parents can have peace of mind knowing that they are living in a country with one of the highest-ranked education systems in the world. Depending on where you are expatriating from, education will come at a different cost. Expats from Asia pay less than those coming from farther international locations, like the United States and the United Kingdom. Here is the average cost of education in Singapore: 

• Primary school: 885 SGD/month
• High school: 1770 SGD/month
• University: depends on major, can range between 40,000 and 200,000 SGD per academic year

Singapore is a hub for global minds, and many of the world’s largest companies have headquarters in the city. Singapore is a prime location for companies seeking to expand into the Asian market, and technically skilled expats looking for employment opportunities should have no problem landing a lucrative and competitive position within the country. This section will explain the top professional sectors in Singapore and the entry requirements needed to be met when coming into the country for work. 

The manufacturing sector is one of Singapore’s largest and most competitive fields. The production of biomedical supplies, chemicals, and electronics makes up a large percentage of the country’s GDP. Expats specializing in these fields will find the job hunt relatively straightforward. By virtue of being one of the fintech hubs of Asia, the job markets for positions in the finance and corporate fields are both intensely competitive and extremely rewarding. Many of the world’s largest corporate finance institutions have branches in Singapore.

The entrepreneur scene in Singapore is equally competitive. As one of Asia’s major commerce centers, entrepreneurs in Singapore are under constant foreign and domestic competition. In addition, competitive tax rates and exemptions make Singapore an attractive destination for people starting their own businesses. While all these factors work in favor of the entrepreneur in terms of exposure and growth, it can become an untenable environment for many and is represented through a 30% business start-up failure within 2-5 years of opening a business within Singapore. 

Taking a closer look at the administrative procedures of engaging in professional work, professionals must consider the work permit and visa requirements of their respective countries when coming to work and live in Singapore. Most countries require a travel visa when coming to Singapore, and every foreign national seeking employment within the country requires a work permit. The work permit process is straightforward and takes up to 10 business days following the application submission to receive a response. Interested parties should refer to the Singapore national website for an explicit, step-by-step guide to this process. 

Singapore is a melting pot of different cultures and customs, with heavy influence from Chinese, Malay, and other Southeast Asian cultures. Singapore boasts four official languages (English, Chinese, Malay, and Tamil), and Singaporeans are mostly fluent in English, the vast majority converse in “Singlish”, a hodge podge of the four official languages blended into one.

Singapore also observes festivals and holidays that span the cultures of its citizens, ranging from the Western Christmas and New Year’s Day holidays to the Buddhist Vesak Day and the Islamic Eid al-Fitr. Essentially, living in Singapore means experiencing a taste of hundreds of unique cultures, each with its own traditions, foods, cultural experiences, and languages. 

What are the emergency contacts I need to know?

For expats living in Singapore, it is essential to be aware of all emergency contacts in the event of a disaster. Here is the most important emergency contact information for any expat living in Singapore. 

• Police: 999
• Emergency ambulance and fire: 995
• Police hotline: 1800 255 0000
• Non-emergency ambulance service: 1777

What is important tax information I should know in Singapore?

As an expat living in Singapore, it is important to be aware of the relevant tax information. Taxes in Singapore are relatively straightforward; here is some of the most essential information: 

• Residents can benefit from a progressive tax system, ranging from 0%-22%, and are also eligible for various tax relief and deduction schemes. Non-residents have a flat tax rate of 22% and are not eligible for tax reduction schemes. 
• Singapore’s “Global Investor Program” offers lucrative tax rates for high-income individuals looking to invest in the country.
• Singapore’s Employment Pass considers professionals as tax residents if they meet certain salary requirements and stay in Singapore for a minimum of 183 calendar days in a year. 
• Singapore’s EntrePass is a program geared towards inviting entrepreneurs into Singapore. Qualified entrepreneurs can enjoy resident-level benefits if they meet a certain criterion at the end of 183 days in the country.
• Singapore does not have a Capital Gains Tax.
• General Sales Tax is currently 8% and will become 9% on January 1, 2024.
• Property tax falls under three groups and is each subject to different rates. These groups are Owner-Occupied Residential Property, Non-Owner Occupied Residential Property, and Land and Non-Residential Properties

What are some networks and/or groups for expats in Singapore? 

There are a multitude of online groups for expats living in Singapore. Some popular Facebook groups are:

• Expats in Singapore
• Singapore Expats
• You can check out CakeResume’s Facebook page for job positions available in Singapore!

Is it easy to live in Singapore as a foreigner?

Yes! Living in Singapore can be an incredibly invigorating experience for expats. A vibrant and bustling city that is both safe and foreigner-friendly awaits those who decide to make the move!

How much money do you need to live in Singapore?

The amount of money needed to live in Singapore depends highly on your lifestyle choices. That said, a salary of around 6000-8000 SGD is more than enough for a single person living in Singapore. 

What is a good expat salary in Singapore?

The average salary in Singapore is around 8400 SGD a month. Expats can earn this and much more, depending on educational qualifications, professional experience, and the field of work they engage in. 

Is Singapore a good place to live in?

Singapore is regarded as one of the safest and most modern countries on Earth and is a global hub for Asia and the world. Living in Singapore can be an unforgettable experience for expats willing to make the move, and your time there will be as good as you make it out to be!

Living in Singapore has its pros and cons. As Singapore is a global center for innovation and investment, living in Singapore as an expat can be an enriching personal and professional experience. Those willing to make the move should be aware of the administrative procedures involved with relocating to the city-state and should be prepared to dive deep into a country rich with culture and history. Singapore is incredibly diverse and foreigner-friendly, and there are plenty of expat hotspots to visit for that reminder of home!

Are you considering making the move to Singapore and require a job to seal the deal? Check out CakeResume for all the information you will need to make the move to this bustling and vibrant city-state! Our curated selection of articles takes deep dives into life in Singapore and other Asian countries, as well as tips and tricks to maximize your professional career. Give us a follow so that you never miss our next upload! 

— Originally written by Alex Coye —