Before introducing this article, if you are interested in our core services which are expat financial, insurance and mortgages, you can contact me here. 

The best time to consider your financial situation is when you are moving to a new country.

Introduction

Have you decided to make Singapore your new location? If that sounds like a YES, you’re on the right platform. One of the first things you’ll want to consider is getting to know the country. Did you check our post or guide on living in Singapore for expat? If you’re not, take time to go through it before reading.

So, as you would love to settle in Singapore, many factors can hinder your relocation. Some of which include; visa applications, employment, language barrier, getting around, and making friends. Regardless of these factors, you’ll need to prepare ahead and, if possible, seek travel advice.

However, as a new expat in Singapore, you’ve probably got a long to-do list which might not include figuring out the best banks in the country. Moreover, this is one of the things you’d need after relocating to a new nation. Since you won’t be using your local currency, opening a bank account is crucial for you.

Now, are you curious about knowing the best banks in Singapore for expats? Well, worry less, as we’ve got you covered in this article. Singapore is known as the top financial hub in Asia. Given its status as a globally competitive market, it’s no surprise that many emigrants have decided to relocate to Singapore.

Moreover, we have compiled this article to meet your requirements. You don’t need to keep surfing the internet to know the best banks in Singapore. This is due to the fact that you have everything in this ultimate guide. Would you love to know what we’ve unleashed for you? Read further to get the full details.

Travel Tips to Expatriate in Singapore

Expatriation is often a significant source of stress as it implies starting from scratch in all ramifications or fields. Among others, Singapore expatriates need to find a job, choose new accommodation, sign up for health insurance, and, most importantly, think about opening a bank account.

Now, how do you address those issues as a future expatriate? Well, starting with a simple travel guide could see you through the process. We aim to bring all expat the latest tips for relocation and create a favorable route or guide to travel. Without further ado, below are the tips to expatriate in Singapore.

Capitalize On a Good Network

There are more reasons to choose Singapore in today’s world. But if you’re just traveling to the country for the first time, one of the tips you should be wary of is to capitalize on a good network. However, if you have a relative or colleague with professional contacts in Singapore, you should get in touch.

The labor demand in the country is in high demand, and therefore job opportunities are numerous for expatriates. With that being said, you need to have a professional that understands the process to avoid being scammed. As the professional world in the country emphasized networks, you should have one.

Explore the Best Recruitment Agencies

If you don’t know anyone in Singapore, this is when you’ll need to explore the best recruitment agencies in the country. They may put you in contact with the right people, but you should have researched the best agencies. In the same way, you can get assistance from the Human Resources department of the various Chambers of Commerce in the country.

Avoid Focusing on Expatriates Areas

Expat areas in Singapore are usually less affordable than others. In fact, real estate agents tend to show expats the apartments located in those districts. However, you should rather take your time to visit other flats in cheaper districts before making your decisions. Basically, you can find something affordable with respect to your income level, as the range of prices is large from the luxurious condos.

Seek Advice from Other Expatriates

In addition, to enjoy your relocation process, getting advice from other expatriates is essential. Moreover, this could even be an opportunity to meet fellow expat as your future roommates if you’re looking to have a shared apartment. Also, by seeking advice from other expatriate, you’ll have a lot of apartments to choose from.

Best Places to Live in Singapore

Singapore is considered to be a small country where neighborhoods bleed into one another easily. Even if you’re going to visit a friend in the country, it will take approximately 45 minutes long to get to your destination. With strong transportation connecting the routes together, Singapore is the right place.

While the country has its pros and cons, it is important to think about what you want before planning your trip.  We have listed the top places for expats to live, chosen for personality, location, amenities, budgets, and many others. Without further ado, below are the best places for expat to live in Singapore.

Tiong Bahru (Singapore)

Tiong Bahru is a heritage housing estate that’s rich with retro charm. The city has a well-designed street in an interlocking horseshoe shape, enclosing the community center. This expat community is located about 15 minutes outside of the city center. Moreover, Tiong Bahru is a nice escape from the downtown skyscrapers and has a much quieter feel.

Holland Village (Singapore)

The Holland village is one of the most popular areas for expat to reside. It’s home to lots of families, and it has a very eclectic feel with a variety of bars, shops local and western restaurants. In addition, Holland village puts expats in proximity to some very good schools options, including high quality and landed houses.

Tanjong Pagar (Singapore)

Tanjong pagar is another suitable destination for expats that want to relocate to Singapore. This area boasts many classically beautiful shop house storefronts that maintain Singapore’s Malay heritage and give the city its sense of picturesque charm. Located just outside the central business district, the neighborhood is home to bankers and different advertising agencies.

Sentosa (Singapore)

Sentosa is another place for expats to reside in today’s world. For those who have a generous relocation package, this expat area can be an attractive high-end option. Aside from this fact, Sentosa boasts homes right on the water, and they are both in beautiful condos and even in some landed houses.

Ultimate Guide to the Best Banks in Singapore

To understand the banks in Singapore, you might have been residing in the country for a long, right? Of course, if that’s the case, let’s take you through the ultimate guide to the best banks for expat in the country as of 2021. While some of the famous banks include DBS, OCBS, read further to know more.

The bank services in Singapore are famous, and most of the popular ones include; DBS (Development Bank of Singapore Limited), OCBC (Oversea-Chinese Banking Corporation Limited), UOB (United Overseas Bank Limited), and many more. At the same time, Singapore is also home to offshore and multinational banks like Standard Chartered and HSBC.

Furthermore, if you’re choosing a bank, you need to consider your banking needs. As a general rule of thumb, most expats in this country will require the banking services as listed below.

Singapore’s Savings Account

No matter your income or level of employment in the country, you’ll need a basic bank account for crediting your salary and depositing money. Not only that, but you’ll also be earning interest on the money in your account. Additionally, your interest rates differ across banks, so be sure to choose one that offers you the best credit or debit rate as you wish.

Automated Teller Machine

While mobile wallets and credit cards are widely used in Singapore, you’ll still want to ensure that you carry enough cash with you. For example, certain food places in Singapore operate solely on a cash-based system. This means you’ll have to go with your card to transact in any other food palace or restaurant.

Multi-Currency Account in Singapore

Some banks in Singapore allow you to store money in multiple currencies. This process is highly beneficial for expats, especially if you frequently travel since you can hold one or more foreign currencies within the same account. Also, when you wish to remit money to your loved ones back at home, a multi-currency account is essential. Again, the multi-currency account is a great way to avoid some international transaction fees that might be imposed on normal bank accounts.

Credit Card in Singapore

The credit card in Singapore is basically a must-have, given its status as one of the most universally accepted modes of payment. Whether you decide to buy an electronic gadget or groceries from local supermarkets, credit cards will always come in handy for any transaction.

DBS Expat Programme in Singapore

As an expat, you might want to consider opening a DBS expat program. This account allows expat to set various currency wallets and exchange money whenever rates are favorable. You can also shop, pay for groceries, and many others with this DBS expat program. Some of the requirements for opening this account include; your passport, employment pass, proof of residential address, and approved letter.

UOB Bank Account

Another expat-friendly bank in Singapore is known as the United Overseas Bank Limited. Aside from other perks, this kind of bank account provides up to a 10 percent rebate when you spend using your debit or credit card.  Also, it offers a competitive exchange rate for overseas expenditure. To apply for this kind of bank account, you’ll need to head down to the bank in person. And some of the documents involved include; your passport, proof of residence address, employment pass, and many others.

Citibank Global Banking Programme

Citibank’s Global Banking Programme helps foreigners manage their international accounts more easily. Aside from this fact, it offers fringe perks such as international relocation services and provides other services to help you better manage your finances. More so, if you have a Citibank account in your home country, you can use the Citibank Global Transfer service, as it allows you to remit money with no fees. If you want to open this kind of bank account, you’ll need to submit your form with personal particulars.

Standard Chartered Expat Banking

Standard chartered expat banking is another bank that’s suitable for expat. In fact, you can open this bank account before you arrive in the country and remit money to an overseas StanChart account for free. This bank takes pride in prioritizing its customers. With dedicated and personalized support from its relationship Managers in your origin and destination countries, you can enjoy premium services.

HSPC Expat Banking

This type of bank is similar to Citibank and Standard Chartered bank. It offers an international banking solution for expats that plan to relocate to Singapore. On the flip side, HSPC bank allows customers to open a bank account before arriving in Singapore by simply getting in touch with the bank before arrival. However, the bank is unique, and it offers free remittance to nearly 230 countries, whether or not the recipient is an HSBC account holder.

Wise (formerly Transferwise)

Wise, formerly known as Transferwise, is a solution to traditional banking for expats in Singapore. Aside from this fact, it is a London-based leading fintech company established in 2011. The mission of this financial institution is to make international money transfers fast, cheap, convenient, and reliable. With multiple currency support and its excellent services, they have helped more than 10 million individuals and businesses to manage their money on a global scale.

With a Wise account, expat can convert and hold up to 56 currencies. Additionally, the best thing to operate this account is that you can transfer your money to more than 70 countries with a low and transparent fee. However, the fees are on average seven times lower than high-street banks and Paypal.

Requirements to open a Bank Account in Singapore

In most cases, the first thing you need when you’re opening a bank account in Singapore is to meet the qualification criteria to stay in Singapore for a long period of time. To this end, it would be better to check whether your documents are complete and make sure you have proof of residence before planning.

Moreover, applicants that the Singapore government blacklists cannot open bank accounts. Therefore, it is clear-cut that the requirements are bare essentials. Now that you’re eligible for a bank account understanding the key documents is quite essential. Below are the key requirements.

• A valid passport that’d certify your identity in the country
• Valid employment to certify that you work or study right in Singapore. This document could be your study visa or employment visa
• A valid proof of residential address is suitable to confirm your place of residence when you’re in Singapore. These documents are copies of a recent bank statement or utility bill, or a letter verifying your current employment

Top 5 Reasons to Open a Bank Account in Singapore

As one of the financial hubs of Asia, Singapore is a popular destination for expat. It’s not just a tourist center, but you’ll definitely enjoy your stay in this country. While you’re enjoying your stay, it’s also crucial to open a bank account. Now, what are the reasons for opening this account? Well, check it out below.

1.    Highly Advanced Financial Hub

There are tons of financial platforms in Singapore, which could trigger you to open a bank account. Also, Singapore’s banks and financial institutions employ cutting-edge technology. While there are equally safe platforms, you should open a Singapore bank account for local and overseas transactions.

2.    Unique Investment Opportunities for Expat

Singapore’s unique position, as a bridge between East and West, offers unique investment opportunities that expat will not find in their country. This is because; you can find numerous wealth management services, brokerage houses, funds, and much more to manage your money while living in the country.

On the flip side, you can be positioned to take advantage of markets in Singapore, Hong Kong, the United States, and others. Therefore, expats would definitely enjoy the unique investment opportunity in the country for just opening a bank account in the country.

3.    Forex Isn’t a Major Problem

Another reason to open a bank account in Singapore is that foreign exchange isn’t a major problem. Moreover, banks may not give you the best exchange rates when you transfer money to and from home, and some banks will require you to open a mess of accounts to handle the different country transactions. But in Singapore, you can open a savings account in your choice of 10 different currencies.

4.    Highly-Skilled Wealth Management Boards

The wealth management teams in Singapore are quite educated and highly skilled. With this in mind, you should be expecting the best banking services in the country. On the flip side, you can take advantage of the specialized wealth management services offered by the banks if you have substantial wealth in the bank and investment assets. With this, you can get a holistic view of your wealth.

5.    High Degree of Safety

The high degree of safety is another reason to open a bank account. Most of the banks are standard, and they have a reliable staff. With that being said, you should know that your money is safe. And this makes it ideal for storing your legally acquired assets in a safe hand. Also, note that the banking sector is highly regulated to prevent fraud and other malpractices in the country.

6.    Regulated Exchange Rates

The standard regulated bank in Singapore has a convenient foreign exchange rate. While some banks in other countries require customers to have multiple accounts to handle different currencies or offer low exchange rates, Singapore banks are more customer-oriented, and they offer the best foreign exchange rate to customers. More so, the banks can even give you more details about the various lucrative emerging markets.

7.    Excellent Banking Secrecy

Secrecy maintained by the Singapore banks is another reason to consider opening the account. This is due to the fact that Singapore has developed its banking secrecy laws over the past decade, and it now allows freer exchanges of tax information between participating nations. However, you should know that a stated law governs the banking secrecy in Singapore.

Frequently Asked Questions about Singapore Banks

What’s the strongest bank in Singapore?

From the explanation about the best banks, you should know that the strongest are the best banks we’ve listed in this article. Some of these banks include; DBS Bank, OCBC Bank, Maybank, and many others, to mention a few.  In the long run, you can check out this platform for more information.

Is Singapore’s banking system well?

As of 2021, we can tell you that Singapore’s banking system is good. And because they are known as the safest in the world, the benefits of opening one cannot be overemphasized. However, the banks rank at positions 1, 2, and 3 for the same survey conducted for the Asian subcontinent. Also, you should note that Singapore has never had a bank failure since the bank’s inception.

Can a foreigner open a bank account in Singapore?

Of course, yes! The above banks are meant for expats, and they can open a bank account without disturbance from anyone. Meanwhile, to open a bank account, you’ll need to provide the documents mentioned in this articles. But be rest assured that an expat can open a bank account in the country.

Which country has the safest banking options?

Surprisingly, Singapore is among the countries with the safest banking system. From our research, Finland, Canada, and Hong Kong are the leading safest countries in the banking system. However, Singapore took the fourth position, after which Norway, Germany, and Switzerland are next.

Which bank is the safest in Asia?

When it comes to choosing the safest banks in Asia, there are more to pick. Sometimes, these banks are considered the lead because of their standard, customer-oriented facilities and services. However, the banks that made it to the top include; ICBC, China construction bank, and agricultural bank of China.

Conclusion

When it comes to living in Singapore, the first thing to consider is opening a bank account. Since the country is vibrant, and it’s one of the most desirable destinations for expat, choosing the best banking option is essential. Nonetheless, we’ve compiled the best banks in Singapore to choose from.

Before introducing this article, if you are interested in our core services which are expat financial, insurance, and mortgages, you can contact me here. 

The best time to consider your financial situation is when you are moving to a new country.

Introduction

When considering a move abroad, it can be all too easy to assume that a rosier life awaits. Sometimes, it could be a challenging process, and it could be easy on the other side. Nevertheless, all serial expats will attest that every cities and country today have their plus and minuses. So, what exactly do you want!

Well, many would say they want to relocate abroad for the social amenities and the life it offers. However, the reasons to live abroad are beyond that. That’s why this guide is meant for expats who are still hovering on the fence and are still weighing up the positives and negatives of relocating to Lion City.

Living in Singapore is incredibly amazing! Expats from around the world move to Singapore in large numbers. This is because; Singapore is a great location to raise a family, and there’s the availability of high-quality education, low prices of homes, and strong security measures. Does that sound interesting?

If you answered yes, it would be better to read further to understand the concept of living in Singapore. The standard of living in this city is notoriously high, and the healthcare facilities are second to none. Also, there’s no shortage of expat groups, bars, restaurants, outdoor activities, and clubs throughout the city.

Of course, in this article, you’ll understand more than you could ever imagine. We will walk you through the concept of living in Singapore in today’s 21^st century. Not only that, but you’ll also understand the impact of COVID-19 on businesses and travels in the country. Read further to get a glimpse of it.

Living in Singapore as an Expat

While Singapore offers a very high standard of living, the survey disclosed that it remains on the list of the top ten most expensive cities in the world. This means expatriates who seek living conditions similar to what they enjoy in their home country will find that properties are very high in the city.

In addition, alcohol is also taxed at a high rate, entailing that those expats who like to visit bars will find that maintaining a social life here is expensive. On the whole, food and groceries are pretty reasonable, and expatriates who are prepared to dine will discover that they can’t do it cheaply.

Our ultimate guide contains detailed living costs across different types of lifestyles and living options in Singapore. Because our guides are written by expats who live in the country, you can be assured that you have the information you really need when moving to Singapore. Below are some interesting facts.

Facts about Living in Singapore

From Singapore’s diverse socio-cultural community to the clean and eco-friendly urban environment, this city boasts some of the highest living standards in all of Asia. According to the 2018 World Happiness Report, the country has been deemed the happiest country in Southeast Asia, among notable facts. Without further ado, let’s quickly walk you through some interesting facts about this country.

1.    Fantastic Transportation System

The Changi Airport in Singapore has been named several times as the world’s best airport for seven consecutive years. Aside from this fact, the country offers train, light rail, and bus services to get you around. Again, it’s praised for being clean, air-conditioned, and cheap. In the city, you can as well explore different ways of taking a taxi, which is comparatively cheap and safe.

2.    Safest Country in the World

Many expats cite the safe of the country as one of their favorite things about moving or living in Singapore. In the Expat Insider 2019 survey, research made it known that Singapore ranked first in the world for personal safety. It is also regarded as ‘safe for women,’ as one Malaysian woman pointed out in the survey. Meanwhile, people in Singapore also praise the safety of the buses and light trails.

3.    Delicious and Diverse Foods

If you’ve been craving delicious and diverse cuisine, this is the right place to visit. Many expats in the country enjoy the food because there’s primarily a mix of Malaysian, Indian, and Chinese cuisine. Luckily, Singapore is so popular among expats, and you’ll be able to meet people from around the world.

This way, joining the world’s largest expat community is a great way to meet people when you arrive in the city. Besides, you can join groups, and attend events open to the whole community and meet someone completely different from yourself.

4.    Learning a New Language

While you’re relocating to Singapore for the first time, don’t worry about learning a new language. This is because; English is the official language of business in Singapore, and you certainly won’t have any problems communicating with the locals or getting around and adapting to your new surroundings.

5.    A City of Waterfalls

History, according to the Wildlife Reserves Singapore, made it known that the first man-made waterfall was built at Jurong Bird Park in 1971. Dropping from a height of 30 meters, this waterfall is said to be the tallest waterfall in an aviary to date. Well, that’s not all, but you’ll also find new summits to explore at the Cloud Forest Gardens by the Bay.

6.    World’s Greenest Cities

This city of skyscrapers is also one that is filled with tons of lush greenery. Moreover, nearly half of Singapore’s land area is under green cover, and there are pockets of undiscovered plant life housed in the most unusual places in the country. Aside from this fact, Singapore is home to over 2,100 native vascular plant species.

7.    Fastest Pedestrians in the World

Perhaps as a result of living in such a fastest-paced, lively city, Singapore currently holds the title of having the fastest pedestrians in the world. In a study conducted by the British Council, observing various cities in the world, Singapore has been ranked top of the list with an average walking speed of around 6, 15 kilometers per hour.

8.    Singapore Consists of Sixty-three Islands

Unlike other countries that have more than 10 to 15 islands, Singapore is no doubt having 63 islands. With that being said, the territory that Singapore is made up of consists of one main island and sixty-two other islets. Meanwhile, since the country gained independence in 1959, it has undergone massive land reclamation by creating new land for oceans, lakes, and even rivers, which has increased its total size.

9.    Singapore Kindness Movement

The Singapore kindness movement is a charity that was established to focus on teaching adults and children the value found in being kind, polite, ethical, and having good manners. The campaign was inspired by the 1996 Prime Minister’s New Year message that emphasized the need for Singapore to become a compassionate society. Moreover, Singapore has been found to be the least corrupt nation in Asia today.

10. Love of Trees in Singapore

With their supertrees that are famous worldwide and the fact that over 5o percent of their land is dedicated to planting life, it shouldn’t be a surprise that Singapore has a National Tree Planting Day celebration usually held on the 7^th of November. During this day, everyone from the Prime Minister to young children plants trees, and the day is enjoyed and celebrated by all citizens, including the foreigners.

5 Tips for Moving to Singapore

An international move is a big transition that requires a lot of preparation, planning, and guides. You might have heard that Singapore is easy, but its travel process and procedures could drain you. To reduce the stress that comes with this life-changing method, check out the tips to travel below.

Ensure You Have a Good Job

As an expat, you should know that the Singapore job market is highly competitive. This is because; the combination of highly educated local Singaporeans and career-development-minded expats are already in the city. And many expats move to Singapore because their companies ask them to do so. With that being said, it would be better to have a job before relocating to this country.

Decide Where to Live

Singapore’s housing market is certainly in flux, with available standard houses and shifting rental prices. Although moving to a new country can relatively be an overwhelming experience, but we advised you to check the right place to live. Below are some of the best places to live in Singapore as an expat.

●        Tiong Bahru – The Tiong Bahru is a heritage housing estate that’s rich with retro charm. The city planning designed the streets in an excellent interlocking horseshoe shape, enclosing the community center. Also, it’s located only about 15 minutes outside of the city center.

●        Holland Village – Holland Village is one of the most popular areas for expats. While Holland village is home to lots of families, it still has a very eclectic feel with a variety of bars, local shops, and Western restaurants. Also, it put expats in proximity to some very good schools and a wide range of housing options.

●        Tanjong Pagar – The Tanjong Pagar boasts many of the classically beautiful shop house storefronts that maintain Singapore’s Malay heritage and give the city a sense of beautiful charm. Located just outside the central business district, the neighborhood is home to bankers and agency suits. However, the neighborhood offers an incredible lifestyle and several amenities-rich condo options.

●        Sentosa – The Sentosa is pretty good for expat that wants a low-budget lifestyle. It can be a beautiful high-end option with the beach right out your windows. In fact, locals say that the community has a real neighborhood feel, including access to a golf course. Also, this town is easy to access by both car and a special tramline that connect to the overall MRT system.

●        Geylang – The Geylang is a decidedly more local area, perhaps even more than the authentically Chinatown. It’s about 15 minutes outside the city to the East, and many people appreciate the gritty charm that comes along with the neighborhood. Aside from this fact, the Geylang also offers a mix of HDBs and condos with fewer units and less sprawling grounds.

Pros and Cons of Moving to Singapore

While Singapore is one of the leading destinations for expats, it was ranked the top in the HSBC Expat Explorer Survey in recent years. This country offers fantastic career prospects, particularly in the finance sector, which is why so many families find themselves in a position to move to the city. Now, take a look at the pros and cons below to know more about the country.

Pros

Family-friendly Country

From our research, we understand that Singapore is known to have family-friendly locals. So, if you’re moving to this country for the first time, be assured of having a good welcoming. Aside from welcoming locals, you can also experience a plethora of water parks, education centers, sports facilities, and open green spaces to while away the days.

High-rated Level of Education

This also constitutes another benefit of moving to Singapore in today’s 21^st century. The level of education is high, and there are plenty of international schools to choose from, which help children integrate quickly and begin making friends. The British international schools follow the same curriculum as the UK, so if the relocation is not permanent, it’s an excellent way to maintain a level of relationship.

Singapore Healthcare System

The Singapore healthcare system is no doubt an incredible one. Expats will enjoy both the private and public services, but those on a work pass may not be granted, and the cost to go private is pretty much expensive. This means expats can enjoy free healthcare facilities as the locals in Singapore.

Cultural Diversity in Singapore

Since we all knew Singapore as a home to a wide range of cultures, religions, and ethnicities, they are celebrated all over the world. Their food also comprises of many cuisines, influenced by the different communities. Additionally, Singapore’s official languages include Mandarin, Tamil, Malay, and English. Moreover, English still remains the most common language used that unites the different ethnic groups.

Safety and Security Measures

Among the most comforting aspects of living in Singapore is the feeling of safety and security. In recent years, Singapore was ranked second on the Economist Intelligence Unit’s Safe Cities Index. On several occasions, many locals and expats have accidentally left their phones/passports/wallets in taxis or restaurants, and they’ve always been kindly handed back to them. So, faith in humanity is restored here.

Cleanliness in the Country

Food and drink are prohibited on public transport in Singapore. And with this, the MRT is pristine compared to the London Underground or NYC subway. Overall, Singaporeans value discipline and are highly law-abiding citizens. This way, the streets are kept clean and are well maintained. So, just make sure you’re equally respectful and dispose of your trash correctly when moving to the country.

Easy Access to Transport System

Another great thing to explore in Singapore is the easy access to endless amounts of fantastic travel destinations. In this country, there are many must-see spots, and we recommend taking advantage of the numerous public holidays to plan your long weekend trips. More so, be sure to plan as travel fares may increase during the holidays.

Weather in Singapore

With Singapore located immediately in the north of the equator, the temperature barely drops below thirty degrees Celsius. This means you might expect summer all year round with the odd tropical rainfalls. I remember one time it fell to around 26 degrees, and all the citizens were freaked out, exclaiming how cold it was.

Architectures and Public Holidays

Another surprising benefit of moving to Singapore today is the architectural gems scattered over Lion City and the public holidays. From colonial heritage buildings and Chinese Shophouses to unique and futuristic landmarks, you’ll definitely enjoy seeing Singapore architecture.

However, there are loads of public holidays in Singapore each year. As an expat, this could help you make the most of your trips throughout the year, whether they’re long or short-haul. Therefore, if you’re planning a trip around public holidays, be sure to book your flights up to six months in advance as the flight’s increase over these busy periods.

Low Tax Rates

Singapore’s low taxes and other incentives for foreign investors qualify the country as a tax haven. However, it levies 20 percent on personal incomes in the highest tax bracket, and it does not tax capital gains. With this kind of tax policy and a location that makes it a gateway for companies to expand into emerging Asian economies, it has become a global hub for international investment and commerce.

Cons

Hot for Outdoor Activities

One of the downsides of Singapore’s climate is that it makes it very difficult for expats to enjoy outdoor activities without dripping in sweat. Don’t get it twisted; afternoon walks and picnics in the park are still possible, but you have to time it well to avoid the midday roaring temperatures.

Work-life Balance in Singapore

In recent years, Singapore was ranked among the bottom 10 in terms of work-life balance. It’s also ranked the second most overworked city in a study of 40 cities. So, if you work for a local company, standard leave is 14 days, while overtime is usually expected with no extra pay.

Groceries Are Expensive in Singapore

As for supermarkets, the prices at Cold Storage are higher compared to other grocery stores. However, you’ll be more likely to find your western home comfort foods in Cold Storage. Meanwhile, expect to pay around double the usual price in this store. Aside from this fact, going to a wet market is more fun than going to the supermarket, and it’s certainly a must-see tourist attraction for an authentic cultural experience.

Car Ownership in Singapore

It’s so freaking expensive to own a car in Singapore. Surprisingly, I’m still in disbelief at how many vehicles are actually on the roads. Well, it has been consistently ranked as the top few most expensive countries to own a car. And it’s three times more expensive than in Europe/U.S, which is why most expats stick to using public transport.

Alcohol Price in Singapore

Booze comes at a price in Singapore, so you should expect to pay between $13-$25 for a drink at a bar or restaurant. At the same time, buying alcohol at supermarkets is generally cheaper. However, do note that you can’t buy alcohol in stores or drink in public after 10:30 pm in Singapore.

Frequently Asked Questions about Singapore

What should I expect from Singaporean culture?

Singapore is a multicultural society comprising of Chinese, Indian, and Malay ethnicities. However, it’s important to learn more about the specific traditions associated with each culture. Besides, the major religions in the country find their expression in the celebration of major festivals.

Where can I meet fellow expats in Singapore?

There’s little reason to feel too homesick in this cosmopolitan city, as many expat clubs and associations cater to Singapore’s extensive expat network. You can also check the list of towns and areas mentioned in this article to find the best place to meet expats.

Does it snow in Singapore?

Of course, no since the country lies near the equator, Singapore only enjoys a tropical climate throughout the year. Meanwhile, it does not have seasons like winters, autumn, or spring because it’s usually summer all year round.

Is Singapore a part of China?

No, Singapore was never part of China, but it has a sizeable Chinese population because of the ancestors that migrated to China years ago. To know more about the relationship between China and Singapore, follow our platform for relevant updates.

Does Singapore have beaches?

Of course, yes! There are many beaches since it’s an island country. If you miss some beach time in Singapore, you can head to Sentosa Island to explore several beautiful beaches and outdoor activities.

Conclusion

Living in Singapore is something that many expat dreams of because of the considerable lifestyle. It might be a small country, but it has everything needed to enjoy your stay. Refer to the concept above to weigh the pros and cons of moving to the country in today’s modern age. Check this platform for more updates!