One of the original four “Asian Tigers”, the small city-state has a prosperous economy and a well-to-do population. Though there is pronounced inequality with regards to income and wealth, Singapore also has one of the highest percentages of millionaires worldwide. The large number of affluent denizens is reflected in the cost of living in Singapore.
According to the Mercer Cost of Living Survey, Singapore has been steadily creeping up the ranks as one of the most expensive expat destinations. Over the past five years, it’s jumped from being outside the top ten to the fourth-most expensive city in 2016.
On the other hand, Singapore has low income tax rates, so your net income will probably be larger than back home. The highest personal income tax rate is 20%, and you can see a breakdown of all tax brackets on the Inland Revenue Authority of Singapore’s website. When calculating your cost of living in Singapore, remember to take into account your increased net worth.
Sky-High Buildings — and Rents!
Housing is the biggest expenditure as far as the cost of living in Singapore is concerned. With the third-highest population density in the world, real estate is in high demand. If you have an expat benefits package, you should make sure that your employer covers at least part of your accommodation costs. If you are not that lucky, there are several options for housing in Singapore.
Extras for Your Housing Budget
When you draw up your monthly cost of living in Singapore, don’t forget about the utilities. You should put aside a minimum of 150-200 SGD for water and electricity. However, your electricity bill can be much higher if you use air-conditioning a lot. Internet, cell phone plans, and house phone lines are really affordable, and should only account for around 130 SGD in your budget.
Getting Around the Island State
Singapore has extensive, safe, and reliable public transportation. Using mostly trains and buses is a good way to keep costs down. Taxis are cheaper than in other comparable expat hotspots, but can still add up if used every day. Have a look at our article on taking cabs in Singapore to calculate the cost of your journey.
Unfortunately, you won’t save anything by owning a private car. The Singaporean government is trying to cut down on road congestion and air pollution, so there are prohibitive costs, fees, and taxes involved. If you have to travel round the city a lot for work, try negotiating a travel allowance with your employer. Expat families with small kids may consider renting or leasing a car if frequent travel on public transport proves too stressful.
Save Up for School!
Expatriates with children will find that childcare and schooling increases their cost of living in Singapore considerably.
In terms of childcare, full-time day care can charge between 500 and 1,500 SGD per month. Pre-school is often cheaper costing between 250 and 700 SGD in monthly fees. The exact amount largely depends on the institution. An alternative is to hire a foreign domestic helper. Averaging around 500 SGD a month, they often provide help around the house as well as looking after the children.
For older children, international schools will set you back about 22,000 to 48,000 SGD a year including the additional application, enrolment, and facilities fees. For public schools, costs vary by education level from around 500 SGD per month for primary school to 1,100 SGD a month for pre-university. A full breakdown can be found on the Singapore Ministry of Education website. As the language of instruction is English and the education system has a good reputation, this could be a great alternative to private education.
Budgeting for Healthcare
Last but not least, ensure that you have a decent healthcare plan. If you don’t have a chronic illness, you can go for cheaper coverage that won’t reimburse you for outpatient consultations. By going to public facilities for non-residents rather than private clinics, you can save on medical fees and cut back on the cost of living in Singapore.
However, you should always be insured for major treatments, surgery, and hospitalization as a serious illness or accident would dramatically increase your cost of living in Singapore without medical insurance.
We do our best to keep this article up to date. However, we cannot guarantee that the information provided is always current or complete.
Singapore is the most expensive city to live in the world for the fifth year in a row, according to the Economist Intelligence Unit’s Worldwide Cost of Living index, released in London today (March 15).
Twice a year, the EIU surveys 400 individual prices across over 150 products and services in 133 cities in 93 countries in order to rank locations by their expense. The idea is that businesses will use the ranking to help determine cost-of-living allowances and build compensation packages for staff they send overseas.
It found out that while Singapore had some competitive prices for personal care products, household goods, and domestic help, the destination is host to some of the highest costs in the world. While Paris, France and Zurich Switzerland jumped up a few spots on the table, some incredibly high expenses for living in Singapore placed the island nation firmly in the number one spot.
For example, it remains the most expensive place in the world to buy and run a car and is the third-most expensive place to buy clothes. Even the average price of a bottle of wine is $23.68, while it only costs $11.90 in Paris.
Singapore is a fantastic expat destination, offering an exciting cultural mix, great career opportunities, and world class amenities. The standard of living is high - but life in Singapore doesn’t come cheap. That said, if you’re a student or living on a fixed income, you can make some simple lifestyle changes to make the most of your money. By shopping, eating and enjoying leisure time like a local, you can cut costs and have a more authentic experience.
Whether you’re retiring, temporarily relocating, or moving to Singapore for good, it’s helpful to have a picture of what life there will cost as an expat. Here’s a quick guide.
How expensive is Singapore in comparison to the UK, EU, USA and Australia?
The official currency in Singapore is the Singapore dollar which is written as SGD on currency exchanges, and S$ in shops and restaurants.
You can find out the exact value of your money in SGD, using an online currency converter - but here’s a rough guide to what it is at this moment:
One major factor that adds expense for expats in Singapore is the cost of converting cash to SGD from your home currency. Even if your bank says it offers fee-free money exchange, you can be sure its cut is rolled up in the exchange rate it uses. To get the best deal, you should use an exchange service like TransferWise which gives you the same rate you find on Google. With a quick service, and low transparent fees to transfer your money, this can be a much better deal than relying on your bank.
What are the general living expenses for Singapore? How much can you get by on?
One of the major factors determining how expensive life in Singapore will be, is where you choose to live. Rental prices are fairly high, but move outside of the city center and you can rent in Singapore for much less.
What’s an average salary in Singapore?
The salaries in Singapore are fairly high in general, and for skilled and in-demand professions, they’re extremely good. As an example, chefs and waiters get paid more than you might expect, as both are seen needed professions. In fact, Singapore has the 14th highest paid waiter positions in the world. It’s also a great place if you’re looking for a job as an attorney or lecturer.
Check out what you could earn in Singapore here:
Doom 2019 rip and tear. Rip & Tear: New DOOM ETERNAL Doom Slayer Modern Icons Statue. Posted by Jeff Saylor on June 4, 2019 0 Comments doom-eternal-screenshot.
How expensive is housing and accommodation in Singapore?
Singapore has a very well-developed rental sector, although the pressure on space in the central districts means that flats, apartments and condos are typically fairly small. Prices in the city centre and in exclusive expat areas outside of the centre are very steep - but you can still get more reasonably priced places if you don’t mind a bit of a commute.
See what it might cost you here:
What about healthcare and dental costs in Singapore?Cost Of Living In Singapore Monthly
The healthcare system in Singapore is very strong, in both the state and private sector. Expats who have permanent residency in Singapore might be eligible for state-backed health insurance, which pays some of the costs of medical care. However, it’s usually advisable to take private health insurance to make sure you’re covered for all eventualities.
How much is travel and transport in Singapore?
Parts of Singapore are congested, so hopping on public transportation might be your best bet if you have a daily commute. However, with a strong transport system, getting around shouldn’t cause you any problems. You can choose between the MRT (Mass Rapid Transit) routes, and buses, which cover the city state well.
How much does education cost in Singapore?Cost Of Living In Singapore Vs Houston
Private education in Singapore is highly valued, and comes at a cost. A year’s high school tuition in UWC South East Asia, for example, could run up to nearly 45,000 SGD - almost 50% higher than the cost of studying at Singapore’s national university. Unsurprisingly, standards are high - the Singaporean education system is regularly ranked as one of the best in the world.
Singapore is an exciting place to be, whether you’re considering a permanent move, or just looking to spend a year or two exploring somewhere new. The cost of living may be a little high, but the experiences you can get here are truly memorable.
Good luck with your new life in Singapore!
Comments are closed.
|
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |