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Singapore
Singapore, a vibrant city-state at the southern tip of the Malay Peninsula, is renowned for its blend of modernity and tradition. Known for its skyline of towering skyscrapers, efficient public transport, and lush green spaces, it's a melting pot of cultures, reflecting Malay, Chinese, Indian, and Western influences in its food, architecture, and festivals. Singapore is a global financial hub with a strong economy driven by sectors like finance, manufacturing, and tourism. The city-state is also famous for its strict laws, cleanliness, and safety, making it one of the world's safest cities. Education and healthcare are of high quality, with English widely spoken, facilitating international business. Despite its small size, Singapore boasts a rich biodiversity, including the UNESCO World Heritage site, the Singapore Botanic Gardens. Its strategic location has made it a pivotal trade and travel hub in Southeast Asia.
last updated on Jan 02, 2025
Taxes
Individual tax rate: n/a
In Singapore, personal income tax rates are progressive, meaning they increase as your income increases. Between 0-24%.
For non-resident taxpayers, the tax rate is a flat 24% on various types of income, except: Employment income, which is taxed at either 15% or the progressive resident rates, whichever is higher and certain types of income might be subject to reduced withholding tax rates.
For non-resident taxpayers, the tax rate is a flat 24% on various types of income, except: Employment income, which is taxed at either 15% or the progressive resident rates, whichever is higher and certain types of income might be subject to reduced withholding tax rates.
Corporate tax rate: n/a
Singapore has a flat corporate tax rate of 17% on chargeable income.
Crypto friendly: Very friendly
Singapore is generally regarded as one of the most crypto-friendly countries in the world, with a regulatory environment that balances innovation with consumer protection.
Singapore does not impose capital gains tax on cryptocurrencies for individuals, which is a significant draw for crypto investors.
The country has taken a progressive stance on digital currencies by regulating stablecoins and investigating central bank digital currencies (CBDCs) through programs like Project Ubin.
Singapore does not impose capital gains tax on cryptocurrencies for individuals, which is a significant draw for crypto investors.
The country has taken a progressive stance on digital currencies by regulating stablecoins and investigating central bank digital currencies (CBDCs) through programs like Project Ubin.
Bank account friendly: Moderate
Opening a bank account in Singapore, particularly for foreigners, is generally not regarded as "hard" if you meet the eligibility requirements and have the required paperwork. However, because of stricter regulations, it can be more complicated than in some other countries; you will need to show official documents such as your work permit and passport to prove your identity and residency status.
Visas
Investor Visa: Easy to Moderate
The Singapore Global Investor Programme (GIP) is designed for high-net-worth individuals interested in investing in Singapore to obtain permanent residency. There are three investment options: investing at least SGD 2.5 million in a business, SGD 2.5 million in an approved fund, or SGD 10 million in a single fund. Requirements include a clean criminal record, a commitment to contribute to Singapore's economy, and proof of financial standing. The visa grants a renewable Re-Entry Permit for five years, and after two years, the investor can apply for Singapore citizenship.
Challenges: Hard, due to the substantial financial commitment and the need to demonstrate economic contribution.
Source: Singapore Economic Development Board
Source: Singapore Economic Development Board
Digital Nomad Visa: n/a
Singapore does not have a specific "Digital Nomad Visa," but individuals might apply for the Employment Pass or the Tech.Pass if they work for a Singapore-registered company or tech industry respectively. The Tech.Pass, for instance, is aimed at tech entrepreneurs, leaders, and experts, requiring significant tech credentials. There's no explicit visa for remote workers unless they are employed by or start a company in Singapore.
Challenges: Moderate to Hard, as it requires either forming or being employed by a Singapore entity, and the criteria for passes like Tech.Pass are stringent.
Source: Ministry of Manpower, Singapore
Source: Ministry of Manpower, Singapore
Marriage Visa: Moderate to Hard
The Dependant's Pass in Singapore is issued to spouses of Employment Pass holders or Singapore Permanent Residents. For marriage to a Singapore citizen, one can apply for a Long-Term Visit Pass (LTVP). Requirements include a valid marriage certificate, proof of relationship stability, and the sponsoring spouse's income or employment status. The visa allows the spouse to live in Singapore, but employment is subject to approval.
Challenges: Moderate, primarily involving proving the legitimacy and stability of the marriage, and the financial capability of the sponsor.
Source: Immigration and Checkpoints Authority, Singapore
Source: Immigration and Checkpoints Authority, Singapore
Visitor Visa: Easy to Moderate
A Visitor Visa, or Social Visit Visa in Singapore, is for tourism, visiting family, or short business trips. Visa requirements depend on nationality; most can enter visa-free for 30-90 days, while others need a visa before arrival. Documentation includes a valid passport, return ticket, and sometimes proof of sufficient funds or accommodation. Extensions are possible but subject to approval.
Challenges: Easy to Moderate, as it's straightforward for visa-exempt countries, but can become moderate for those needing pre-approval due to nationality.
Source: Immigration and Checkpoints Authority, Singapore
Source: Immigration and Checkpoints Authority, Singapore
Student Visa: Easy to Moderate
The Student's Pass in Singapore is for individuals enrolled in full-time studies at recognized educational institutions. Applicants must provide acceptance letters, proof of financial support, and sometimes medical reports. The pass duration aligns with the study program, and part-time work is allowed up to 16 hours per week during term time.
Challenges: Moderate, due to the need for acceptance by an institution and financial proof.
Source: Immigration and Checkpoints Authority, Singapore
Source: Immigration and Checkpoints Authority, Singapore
Work Visa: Moderate to Hard
Singapore's work visas include the Employment Pass for professionals, managers, and executives, requiring a minimum salary (around SGD 5,000 for new applicants), and the S-Pass for mid-level skilled workers with a lower salary threshold (around SGD 2,500). Both need employer sponsorship and are subject to quota and levy systems. The process involves detailed assessments of qualifications, experience, and the applicant's fit in the Singaporean job market.
Challenges: Moderate to Hard, due to stringent criteria, salary requirements, and the need for employer sponsorship amidst quotas.
Source: Ministry of Manpower, Singapore
Source: Ministry of Manpower, Singapore
Economy and Business
Property Ownership: n/a
Singapore Citizens and Permanent Residents (PRs) have more options for property ownership. Citizens can buy both new and resale public housing (HDB flats) and private properties. PRs can buy private properties, resale HDB flats (with certain conditions like being married to a Singaporean for HDB flat purchases), and executive condos after a 10-year period from the date of construction.
While it's not impossible for foreigners to own property in Singapore, the process involves navigating significant financial costs, regulatory restrictions, and a selective approval process for certain property types. The ease of owning property largely depends on the type of property, one's financial capability, and the economic value one brings to Singapore.
While it's not impossible for foreigners to own property in Singapore, the process involves navigating significant financial costs, regulatory restrictions, and a selective approval process for certain property types. The ease of owning property largely depends on the type of property, one's financial capability, and the economic value one brings to Singapore.
Payment friendly: High
The variety of payment options ensures that both residents and visitors have numerous ways to make payments, aligning with Singapore's push towards becoming a smart nation with an emphasis on digital transactions.
Economy: Great
Singapore's economy is highly regarded for its efficiency, openness, and competitiveness. Its ability to navigate through global economic challenges while maintaining a high standard of living and economic growth makes it a standout on the world stage.
Singapore boasts one of the highest GDP per capita figures globally, reflecting a high standard of living and economic prosperity. In 2023, Singapore's GDP growth was estimated at 1.1%, with expectations of growth between 1% to 3% for 2024, indicating a steady but cautious outlook.
Singapore boasts one of the highest GDP per capita figures globally, reflecting a high standard of living and economic prosperity. In 2023, Singapore's GDP growth was estimated at 1.1%, with expectations of growth between 1% to 3% for 2024, indicating a steady but cautious outlook.
Business friendly: Highly friendly
Singapore consistently ranks at the top of global lists for ease of doing business, thanks to its low corruption, efficient bureaucracy, and strong legal framework protecting property rights and contracts. It's a hub for multinational corporations, particularly in finance, technology, and trading.
Affordability: Expensive
Singapore consistently ranks as one of the most expensive cities in the world for expatriates. The cost of living, particularly for food, transport, and entertainment, can be high, although there are affordable options, especially in local hawker centres and public transport.
Despite high costs, Singapore has one of the highest median incomes in the region, which helps offset some of the living expenses.
Despite high costs, Singapore has one of the highest median incomes in the region, which helps offset some of the living expenses.
Communications and Technology
Internet: High speed
Singapore frequently ranks at the top for fixed broadband speeds. According to Speedtest by Ookla, in November 2024, Singapore was ranked 1st for fixed broadband, with a median download speed of 446.82 Mbps and an upload speed of 401.54 Mbps, with latency at 8 ms.
For mobile, Singapore ranks 11th globally with a median download speed of 127.75 Mbps, upload speed of 20.20 Mbps, and latency of 16 ms in November 2024 data.
For mobile, Singapore ranks 11th globally with a median download speed of 127.75 Mbps, upload speed of 20.20 Mbps, and latency of 16 ms in November 2024 data.
Communication: High
Communicating in Singapore is generally quite easy due to English as the main language of administration, education, and business, English is widely spoken and understood. It's one of the four official languages (along with Malay, Mandarin, and Tamil) and serves as the lingua franca among the diverse population, making communication straightforward for English speakers.
Phone friendly: High
Getting a phone or a SIM card in Singapore is made easy by the abundance of retail options, both physical and online, coupled with straightforward purchasing processes and a variety of plans catering to different needs. Whether you're a local, a resident, or a visitor, Singapore’s telecom and electronics market offers accessibility and convenience.
Social, Safety and Politics
Progressive: Moderate
Singapore's progressiveness is mixed when it comes to political freedoms, social rights, and cultural openness, reflecting a society that balances between tradition and modernity.
Religions: More than 5
Singapore's religious landscape is characterized by its diversity and the government's proactive approach to ensuring that this diversity translates into harmony rather than division. This balance contributes to Singapore's reputation as a city where different faiths can coexist peacefully.
Safety: Very safe
Singapore is widely recognized as one of the safest countries in the world to visit or live in. ingapore has an extremely low crime rate, particularly for violent crimes. Petty crimes like pickpocketing exist but are relatively rare compared to other major cities. The stringent legal system and law enforcement policies contribute significantly to this safety record.
And according to the Global Peace Index, Singapore has consistently ranked among the top countries for safety, often being the safest in Asia. The country also scores high on the Law and Order Index by Gallup, where 94% of adults feel safe walking alone at night.
And according to the Global Peace Index, Singapore has consistently ranked among the top countries for safety, often being the safest in Asia. The country also scores high on the Law and Order Index by Gallup, where 94% of adults feel safe walking alone at night.
Political Stability: High
Singapore enjoys high political stability due to consistent governance, economic policies, and a focus on maintaining social harmony. However, this stability is sometimes seen as maintained through a controlled political environment, which raises questions about the breadth of political freedoms and the space for opposition. The stability is largely viewed positively for economic growth but with an ongoing debate about the balance with democratic principles.
Corruption: Low
In the 2023 Corruption Perceptions Index (CPI) by Transparency International, Singapore was ranked 5th out of 180 countries, with a score of 83 on a scale from 0 ("highly corrupt") to 100 ("very clean"). This ranking has been consistently high, positioning Singapore as the least corrupt in Asia and among the top globally
Friendliness: High
Singapore's friendliness is multifaceted, with high marks in service, safety, and cultural openness. However, the experience can vary based on individual expectations, cultural backgrounds, and the nature of interactions (tourist vs. resident). Overall, the city-state has built a reputation for being welcoming, safe, and conducive to friendly interactions, supported by both objective metrics and personal anecdotes.
Education
Average education: High literacy
The average education level in Singapore is very high, with a significant portion of the population achieving post-secondary education and a large percentage holding tertiary qualifications. Singapore's education system is globally recognized for its effectiveness, though like all systems, it faces its own set of challenges related to equity and student well-being.
International Schools: Very accessible
International schools in Singapore offer world-class education with diverse curriculums, excellent facilities, and a multicultural environment. They are, however, expensive and highly competitive, but for those who can afford them or qualify for scholarships, they provide an outstanding educational experience suited for a global future.
Technological expertise: Highly developed
Singapore's technological advancement is comprehensive, touching every aspect of life from governance to daily living. Its commitment to innovation, coupled with strategic government policies, positions it as a global leader in technology, though it continuously navigates challenges to ensure equitable and sustainable growth.
Health
Seasons: 2 seasons
Singapore experiences two main climatic periods - the wet season and the dry season, with inter-monsoon periods adding a bit of variability. These are not "seasons" in the conventional sense but rather climatic phases that influence daily life and planning in Singapore.
Fitness: High
Singapore is generally fit, with a significant portion of the population engaging in physical activities, supported by government policies, excellent fitness infrastructure, and a cultural shift towards health consciousness. However, like any modern society, it faces challenges in ensuring all demographics maintain active lifestyles, particularly with the rise of digital distractions and sedentary work environments.
Pollution: Moderate
Singapore's air quality is generally managed well, with proactive measures in place to mitigate pollution. However, it is subject to fluctuations, particularly from external haze events, and local sources like traffic require continuous management. The city-state's commitment to improving air quality is evident, but meeting the most stringent international standards remains a challenge.
Healthcare: High quality
Healthcare in Singapore is highly accessible for citizens and PRs due to comprehensive government policies and subsidies. However, for foreigners, while quality care is available, it comes at a higher cost without the same level of public support. Continuous efforts are being made to enhance accessibility across all groups, particularly for those with special needs or in underserved areas.
Diversity
Food diversity: Highly diverse
Singapore's food diversity is a testament to its multicultural society, historical trade routes, and modern culinary innovation. It's a city where one can embark on a culinary journey around the world without leaving its borders.
Ethnics diversity: Highly diverse
Singapore's ethnic diversity is not just a feature but a foundational aspect of its society, influencing almost every facet of life from governance to daily interactions. This diversity is actively managed through policies aimed at promoting harmony while celebrating the unique cultural contributions of each group.