Singapore is known for its welcoming approach towards immigrants, and it has a diverse and multicultural population. The top five reasons why Singapore is more favoured by immigrants than other countries are as follows:
Singapore is naturally advantaged by its geographical location. Global top private banks and personal wealth management companies like UBS and Credit Suisse have made Singapore their Asian headquarters. Singapore attracts over 40% of Asia’s wealthy individuals’ assets, making it one of the world’s largest offshore financial centers.
Singapore has one of the world’s simplest and most reasonable tax systems. It does not tax capital gains or dividends from businesses. The corporate income tax rate is 17%. For newly established companies, there is a tax exemption of up to 75%. Singapore does not levy capital gains tax.
Nearly 20% of Singapore’s annual fiscal expenditure is dedicated to developing national education. It has long adhered to bilingual education in English and Mandarin, naturally forming a bridge between Eastern and Western cultures.
In the 2018 global ranking for basic education under 15 years old, Singapore ranked FIRST overall. Additionally, the average IB scores of graduates from over 50 international schools in Singapore are above 33, far exceeding the global average of 29.
If children choose to attend international schools, their IB scores can apply to renowned universities worldwide, providing more education options for them in the future.
Singapore is an immigrant-friendly country for investors, business owners, and employees. With the expanding job market, the share of job vacancies that were newly created soared to 47.3 percent in 2023. Foreigners are welcome to work in Singapore.
The information of applying for work visas, Singapore Permanent Residency and Citizenship are available and accessible on their government website. In 2021, Parliament revealed that around 33,400 new Singapore PR applications were approved. Averagely, Singapore government approved around 20,500 new Singapore Citizenship applications.
Singapore is known for its safety and low crime rates, making it an attractive place for families and individuals. The country boasts a high standard of healthcare with world-class facilities. Singapore is also renowned for its clean and green environment, with numerous parks and recreational areas.
While Singapore is welcoming, immigrants may face challenges such as high cost of living, stringent immigration policies, and competition in the job market. Nonetheless, the country’s stable economy, high quality of life, and multicultural environment continue to attract people from all over the world.
In order to tackle inflation rate and increasing cost of living, you should start managing your budget and utilising suitable investment tools to generate passive income.
For those who are from Malaysia, you may be interested to know the comparison of qualify of life in Singapore and Malaysia.
For those who decided to move to Singapore, you may be interested to know what are the “Best 5 Pathways of Immigrating to Singapore” and “4 MAIN Things You Must Know Before Applying for Singapore Permanent Residency and Citizenship”.
Important: The information and opinions in this article are for general information purposes only. They should not be relied on as professional financial advice. Readers should seek independent financial advice that is customised to their specific financial objectives, situations & needs. This advertisement or publication has not been reviewed by the Monetary Authority of Singapore.
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