Singapore

Figures are planning estimates for one person, reviewed September 2026. Run your own numbers in the cost calculator.

DBS (Development Bank of Singapore), OCBC, and UOB are the three major local banks — all offer excellent digital banking. Opening an account is straightforward with an Employment Pass: visit a branch with passport, EP, and proof of address. DBS's fully digital digibank is popular. GrabPay and PayNow (linked to phone number or NRIC) are ubiquitous payment methods. Singapore's banking system is world-class — fast transfers, excellent apps, high security. For international transfers, DBS Remit offers competitive rates to many countries. Wise also works well. Singapore is a global financial center — wealth management, investment, and premium banking services are readily available.

The 0–22% bands and zero capital gains make Singapore's formal system unusually friendly for high earners and investors — the cost is informal: the paperwork to get and keep the status that lets you earn here. Progressive income tax from 0% to 22% (increasing to 24% for income above S$1 million from 2024). No capital gains tax — a major advantage for investors and entrepreneurs. Competitive corporate tax of 17% with extensive incentives that can reduce effective rates to single digits. No tax on dividends (single-tier system). No inheritance tax. CPF (Central Provident Fund) contributions are mandatory for citizens and permanent residents — employers contribute up to 17% and employees up to 20% of salary. These go to retirement, housing, and healthcare accounts. Foreigners on Employment Passes do not contribute to CPF.

Full expat tax guide →

Singapore ties residency to employment harder than anywhere else in the dataset: the Employment Pass needs a sponsoring employer and clears a COMPASS points screen, which means the visa conversation precedes the apartment conversation by nature, not by choice. Employment Pass (EP) requires $5,000+/month salary and employer sponsorship — processed through the COMPASS framework points system. EntrePass targets startup founders with innovative business plans. S Pass is for mid-level skilled workers (minimum $3,150/month). Dependent Pass allows spouses/children to accompany EP holders. Personalised Employment Pass (PEP) for high-earning professionals ($12,000+/month). Immigration is strictly enforced — overstaying or working without proper visa results in severe penalties including jail time. Singapore is one of the world's most difficult countries for independent/freelance immigration — you generally need employer sponsorship or to establish a company.

Compare visa options → · Nomad visa guide →

The 3M system (MediSave, MediShield, MediFund) plus excellent public hospitals makes Singapore the rare city where world-class care is a public system rather than a private perk. Singapore has one of the world's best healthcare systems. Public hospitals (Singapore General Hospital, Changi General Hospital) provide excellent care with government subsidies. The 3M system — MediSave (healthcare savings), MediShield Life (catastrophic insurance), and MediFund (safety net) — provides comprehensive coverage for citizens and PRs. Expats on Employment Passes need private insurance — employer-provided plans are standard. Private hospitals include Mount Elizabeth, Gleneagles, and Raffles Hospital. Costs are high by Asian standards but still lower than the US. A GP visit costs S$30-80, specialist appointments S$100-300.

• World's safest country — virtually zero violent crime, safe at any hour
• World-class infrastructure — everything works perfectly, always
• Food paradise — hawker centers (Michelin-starred for $3), incredible diversity
• Gateway to Asia — 3-4hr flights to Bangkok, Bali, Tokyo, everywhere

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