Why Singapore for Expats?
It may be one of the most costly cities in Asia, but that has not dispirited expats from loving and staying in Singapore.
According to HSBC’s Expat Explorer Survey, Singapore ranked as the most favorite country expats wanted to live in Asia and 2nd in the world. The survey ranked Switzerland as the eventual destination globally for expats.
Following Singapore, China was named in 3rd place, followed by Germany and Bahrain.
This ranking was released at the same time a Lonely Planet report named Singapore as the top country to visit in 2015, putting a real global spotlight on the minute island nation.
So the question is, why Singapore gaining so much attention? The HSBC survey highlighted the preponderance of expats moved to Singapore for improved job prospects mostly (60%). Respondents were also pleased with the state of the Singaporean economy (88%) and most affirmed they have greater levels of disposable income since moving to the country (64% compared with the global average of 53%).
Nearly 6 in 10 expats in Singapore also linked the country with higher salaries and lower taxes (both 56%), while 78% of expats were also cited as being employed full-time (compared with the global average of 58%).
For expats looking for a better quality of life and better economic opportunities, Singapore is the place to go.
“Getting set up in Singapore is a comparatively easy process for new expats. Just over two-thirds (67%) say it was simple to organize their finances when relocating and three-quarters say they had little complexity in setting up their utilities (76% compared with a global average of 56%).”
Most also said they found it simple to fit in with Singaporean culture (71%), with 73% saying they found the weather easy to get used to and 88% saying they rapidly got used to traveling around the local area.
On the other hand, higher incomes and enhanced quality of life still does not do much to help the high cost of living and the luxurious nature of living in the country.
More than three-quarters of expats paid more for their housing than they did at home (77%), considerably higher than the global average of 52%. Most stated they also spend more on going out (67%), groceries (63%), healthcare (58%) and utilities (53%) than before they moved to the country.
This is in line with another study which found only half of respondents set aside 10% or more towards long-term savings.
“This theme carries on when expatriates discuss raising children in Singapore, with 87% saying it is more costly to do so than at home. Well over three-quarters of those paying for their children’s education finds it more costly than educating them at home (83%),” the report stated.
