Singapore has become a hugely popular destination for people relocating to live and work in the APAC area. This is evident in the 2020 Expat Explorer survey, where Singapore ranked second out of 40 countries for expat living.
Despite being a tiny island with few natural resources, Singapore is a major trading nation. It is renowned for its strategic location straddling east and west. Singapore boasts one of the busiest ports in the world and offers a pro-business environment.
4 Strengths of Singapore
1. Standard of Living
Singapore offers truly multicultural living with exceptionally high standards of living, personal safety and security (Mercer’s Quality of Living Survey, 2020). People expect lavish lifestyles and luxury homes. Singapore delivers.
It boasts an excellent public transport system, luxury shopping, and vibrant, round-the-clock entertainment. There’s never a dull moment in Singapore!
“Singapore’s identity is built on its multiculturalism and Singaporeans are proud to attract people from around the world. This ‘Singapore Spirit’ has a significant impact on new arrivals. They feel welcomed with open arms into their new community. This is helped by the fact that most Singaporeans are bilingual. It is therefore unsurprising that the country is the best destination for expats moving with children.” (Expat Explorer 2020).
2. Personal Finance Potential
Singapore is recognised for the great potential it offers assignees. With highly competitive salaries, it has one of the world’s lowest income tax rates and the highest percentages of millionaires worldwide. Singapore is truly a country of opportunity.
3. Economic & Legal Structure
Singapore offers political stability and sustainable economic growth, appealing to businesses and assignees alike. It’s tax structure is especially attractive with appealing tax rates and incentives. The tax relief measures and no capital gains tax policy are compelling. There is also a strong enforcement of anti-corruption laws. Singapore’s judicial system ranks among the most efficient in Asia.
Singapore is one of Asia’s major trade hubs with one of the most successful and highly developed economies in the continent. Trade, manufacturing, and financial services drive Singapore’s strong economy. It uses English as its main business language (Rikvin.com).
4. Stability
Singapore’s economic stability makes it appealing to global organisations. It’s a thriving global financial hub and described as one of Asia’s economic “tigers”. Singapore placed third of 40 countries for economic stability in Expat Explorer’s 2020 survey.
“Singapore is an extremely popular destination,” says Sarah Huntridge of workforce mobility specialists BTR. “We’ve helped many people to relocate to and from Singapore. We have a thorough knowledge of the requirements involved. Due to current circumstances, it can be tricky to move containers in and out of the APAC area at the moment. Accessing specialist support makes this process far easier to progress. It also reduces the stress involved with moving to or from the region.”
Do you want to know more about living in Singapore as an expat?
Speak with one of our expert consultants today, call us at 01582 495495.
