Living in Singapore as an Expat: The Complete Financial Guide

Singapore is one of the world's most successful city-states — a global financial hub, consistently ranked among the safest and most liveable cities in Asia, and home to a large, well-established British expat community. For internationally mobile professionals and high-net-worth families, Singapore's combination of territorial taxation, political stability, excellent healthcare, and world-class international schools creates a compelling case. The costs — particularly housing and international schooling — are significant, but for high earners the tax savings often more than compensate.

Singapore in context

Singapore is a city-state of approximately 5.9 million people occupying 733 square kilometres. English is the language of government, business, education, and most daily life, making it one of the most practically accessible Asian destinations for British expats. The legal system is based on English common law, which provides a familiar framework for UK nationals. Infrastructure is exceptional: Changi Airport (consistently rated the world's best), an efficient MRT rail network, excellent road infrastructure, and reliable utilities.

The political environment is stable and the government is widely regarded as competent and low-corruption. Business ease scores consistently near the top of global rankings. Singapore is a regional and global hub for banking, asset management, law, technology, healthcare, shipping, and commodities trading.

Visa and residency options

Employment Pass (EP) — the primary work visa for foreign professionals. Requirements as of 2025: minimum monthly salary of SGD 5,000 (SGD 5,500 for financial services). The qualifying salary has been progressively raised to prioritise higher-skilled foreign workers. EP holders can apply for Dependent Passes for spouses and children under 21. Long-Term Visit Passes are available for parents in some circumstances. EP is granted for one to two years initially, renewable.

S Pass — for mid-skilled foreign employees earning at least SGD 3,150/month. Subject to a quota (typically up to 10% of a company's workforce in some sectors).

EntrePass — for foreign entrepreneurs setting up innovative businesses in Singapore. Requires a qualifying business plan, venture capital backing, or IP holdings.

Global Investor Programme (GIP) — Singapore's residency-by-investment route for high-net-worth individuals. Grants Singapore Permanent Residency (PR) directly. Two investment options:

• Option A: Minimum SGD 2.5 million in a new or established Singapore business
• Option B: Minimum SGD 2.5 million in a GIP-approved fund investing in Singapore companies
• Option C: Minimum SGD 2.5 million in a Singapore-based family office that invests in Singapore assets

The GIP is aimed at established business owners and investors with a genuine business track record. Full PR is typically granted two to three years after initial approval, subject to compliance with the investment requirements.

ONE Pass (Overseas Networks and Expertise Pass) — introduced in 2023, for exceptional talent earning at least SGD 30,000/month or with significant global achievements in arts, culture, research, or business. A five-year pass with no tie to a specific employer.

Singapore PR (Permanent Residency) — most EP holders can apply for PR after two to three years of residency. PR status significantly reduces Additional Buyer's Stamp Duty on property and provides access to some CPF benefits. It does not expire but must be revalidated on re-entry after extended absences abroad.

The Singapore tax system

Singapore's tax system is one of the most competitive in the developed world, and for internationally mobile individuals it contains a structural advantage that is often underappreciated.

Territorial taxation: Singapore taxes residents only on Singapore-source income. Foreign-source income remitted to Singapore is generally exempt from Singapore income tax (with narrow exceptions for certain business income). This means dividends from UK investments, pension income, UK rental income, and capital gains on overseas assets are generally not taxable in Singapore — even if remitted to a Singapore bank account.

Personal income tax rates: Progressive from 0% on the first SGD 20,000 to 24% on income above SGD 1,000,000. The effective rate at SGD 300,000 is approximately 15%. At SGD 500,000, approximately 18%. These rates apply to Singapore-source income only — employment income earned in Singapore, Singapore rental income, and income from Singapore businesses.

No capital gains tax: Singapore has no CGT on any asset class, including shares, property, and business interests.

No inheritance tax: Estate duty was abolished in 2008. There is no gift tax for most transfers.

No wealth tax: Despite periodic political discussion, there is currently no net wealth tax in Singapore.

For UK nationals, the UK–Singapore double tax treaty determines the treatment of UK-source income. Under the treaty, UK pension income is taxable in the country of residence (Singapore). Because Singapore does not tax foreign pension income under its territorial system, a properly structured arrangement results in minimal to no tax on UK pension drawdown for Singapore residents. The key is obtaining the correct NT (nil tax) coding notice from HMRC under the treaty to prevent UK withholding at source.

Singapore income tax for high earners — worked example

Consider a British professional earning SGD 600,000 (approximately £350,000) per year in Singapore employment income, with an additional £100,000 of UK pension drawdown.

• Singapore employment income: taxable in Singapore at effective rate of approximately 18–19% — total Singapore tax approximately SGD 100,000–115,000
• UK pension: taxable in Singapore under the treaty, but Singapore does not tax foreign pension income, and with NT coding, no UK withholding either — effective tax: near zero
• Capital gains, dividends on offshore holdings: not taxable in Singapore

Compare to a UK resident with the same income profile: income tax at 40–45% plus NI contributions would result in a substantially higher total tax burden. The net saving at this income level can be SGD 100,000–200,000 per year.

Property in Singapore

Singapore's property market is one of Asia's most robust, characterised by strict planning controls, limited land supply, and strong fundamentals. It is also one of the world's most expensive for foreign buyers, due to the Additional Buyer's Stamp Duty (ABSD).

ABSD for foreigners: 60% — this is applied on top of the standard Buyer's Stamp Duty (BSD), which is tiered from 1% up to 6% on the portion of residential value above SGD 3 million. On a SGD 3 million condominium, a foreign buyer pays approximately SGD 200,000 BSD plus SGD 1,800,000 ABSD — total stamp duty of SGD 2 million. This effectively limits outright property purchase to the very wealthy or those expecting very long holding periods.

ABSD for Singapore PRs (first property): 5% — PR status dramatically reduces the ABSD burden. This is one of the strongest financial incentives to apply for PR after becoming eligible.

What foreigners can buy: All private condominiums and apartments. Foreigners cannot buy HDB (public housing) flats or most landed properties (houses and bungalows) without specific government approval.

Private condominium prices (2025): Core Central Region (Orchard, River Valley, Buona Vista) — SGD 2,500–6,000+ per sq ft. Rest of Central Region — SGD 1,800–3,500/sq ft. Outside Central Region — SGD 1,200–2,200/sq ft. Typical two-bedroom condominium in a good area: SGD 1.5–3 million.

Given the ABSD burden, most EP holders rent rather than purchase. Monthly rental for a three-bedroom condominium: SGD 6,000–15,000 depending on location and quality.

Cost of living in Singapore

Singapore is consistently ranked among the world's most expensive cities, particularly for housing and international schooling. However, local food (hawker centres), public transport, and many everyday services are very affordable by developed-world standards.

Monthly cost indicatives (excluding rent):

• Comfortable expat lifestyle (dining mix of local and international, exercise, leisure): SGD 4,000–8,000/month per adult
• Rental: SGD 5,000–15,000/month for a family apartment or condominium
• International school fees: SGD 25,000–45,000 per year per child

The total cost for a family of four — with condominium rental and two children in international school — can easily reach SGD 200,000–300,000 per year in cash expenditure, excluding tax. For high earners, the tax savings versus the UK or Europe frequently exceed this differential.

Banking in Singapore

Singapore has an outstanding banking infrastructure. The three major local banks are DBS Bank, OCBC Bank, and UOB (United Overseas Bank). All three are well capitalised, technologically advanced, and widely used by expats. Account opening for EP holders is straightforward with passport, EP, and proof of address.

International banks with strong Singapore presences include HSBC Singapore, Standard Chartered Singapore, Citibank, and Deutsche Bank Private Bank. For private banking and wealth management, most global private banks maintain Singapore offices — it is the premier Asian private banking hub.

Fintech: Wise and Revolut are widely used for international transfers. GrabPay and PayNow are the dominant domestic payment systems. Singapore is a cashless-payment-forward society.

International schools in Singapore

Singapore has a world-class international school sector, driven by decades of large expat corporate and diplomatic communities. Major schools include:

• United World College South East Asia (UWCSEA) — two campuses; IB curriculum; one of Asia's most respected schools. Fees: SGD 40,000–50,000/year
• Tanglin Trust School — British curriculum; long-established; excellent reputation. Fees: SGD 38,000–48,000/year
• Singapore American School (SAS) — US curriculum; large campus; particularly suited to families with future US university aspirations. Fees: SGD 35,000–50,000/year
• ACS (International) — Singapore-operated international school; more affordable entry point. Fees: SGD 25,000–35,000/year
• ISS International School — IB curriculum; smaller community; strong pastoral care reputation

School admission processes are competitive, particularly for top-tier schools at all year levels. Apply early — some schools have waiting lists.

Healthcare in Singapore

Singapore's healthcare system is consistently rated among the best in Asia and the world. Major public hospitals include Singapore General Hospital (SGH), National University Hospital (NUH), and Tan Tock Seng Hospital. The public system operates on a co-payment model — government subsidises a portion of costs for residents; expats pay at full rates unless covered by insurance.

Private hospitals — Gleneagles, Mount Elizabeth, Raffles Hospital, Thomson Medical — provide excellent care at international private rates. A three-night stay in a private hospital can cost SGD 10,000–30,000+ without insurance.

CPF (Central Provident Fund): Singapore's mandatory savings system covers Singaporean citizens and PRs. EP holders are not required to contribute to CPF. When EP holders transition to PR, CPF contributions (employer and employee) become mandatory — this affects net take-home pay and should be factored into salary negotiations.

IPMI (International Private Medical Insurance): Cigna, AXA, Allianz, and Bupa International are all active in Singapore. Most corporates provide company medical insurance, which may or may not cover dependants adequately. Independent IPMI provides portability when changing employers or relocating.

UK pension planning for Singapore residents

No QROPS in Singapore: HMRC deregistered all Singapore-based QROPS in 2017. This means a pension transfer to a Singapore scheme is no longer available without triggering the Overseas Transfer Charge (25%). There is no qualifying Singapore pension scheme for expat QROPS transfers.

Standard approach — UK SIPP with NT coding: A UK SIPP in drawdown can pay income directly to a Singapore bank account. Under the UK–Singapore double tax treaty (Article 18), UK pension income is taxable in Singapore as the country of residence. Because Singapore does not tax foreign pension income under its territorial system, the result — with a correctly applied NT (nil tax) code from HMRC — is that UK pension drawdown is subject to little or no tax in either country. The NT code prevents UK withholding at source (removing the need to claim a refund from HMRC). This is the most efficient approach for most Singapore-resident pension holders.

UK State Pension: Paid to Singapore residents without UK withholding. However, the State Pension is "frozen" in Singapore — there is no reciprocal social security agreement requiring annual uprating, so the payment stays fixed at the rate when you first became entitled or moved there (the same position as Canada, Australia and most non-EEA countries). Factor this real-terms erosion into long-term retirement income planning.

How Global Investments can help

Singapore is a core market for globally mobile professionals, and the financial planning needs of British expats in Singapore are consistent and well-defined. Our advisers provide: UK Statutory Residence Test analysis and formal tax exit planning; UK pension strategy (NT coding under the UK–Singapore double tax treaty, SIPP drawdown optimisation, DB transfer analysis); internationally compliant investment portfolios for Singapore-resident non-UK taxpayers; IHT and estate planning for Singapore residents who remain within the UK IHT net (long-term UK residents under the post-April 2025 residence-based rules); international private medical insurance; and multi-currency banking solutions. We do not have a local Singapore office but advise Singapore-based clients extensively through our international advisory capability. Contact us to speak with an adviser experienced in UK expat planning for Singapore.

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The information on this page is for general guidance only and does not constitute personal financial or tax advice. Tax rules, visa regulations, ABSD rates, and treaty provisions change — always verify current rules and seek qualified professional advice before making financial decisions. The value of investments can fall as well as rise.