There are several reasons to relocate to Singapore in 2024. It’s important to note that this bustling metropolis has emerged as Asia’s business epicentre.
Some of the major factors contributing to its appeal include political stability, business-friendly policies, a highly skilled workforce, and advanced infrastructure.
Over the years, high-profile investors and numerous international corporations have chosen Singapore as their base for Asian operations, emphasising its role as the primary gateway to the ASEAN region.
This thriving city-state continues to attract qualified workers, executives, and managers eager to seize the abundant opportunities available. For individuals and enterprises alike, Singapore presents an attractive and advantageous option for relocation.
Before we go into the reasons to relocate to Singapore in 2024, let’s look at these most common questions around the internet.
Should You Move to Singapore?
Singapore provides a great quality of life that is difficult to equal. Because of its outstanding infrastructure, clean atmosphere, and secure streets, the city-state routinely ranks among the top countries in many quality-of-life rankings.
What’s the Average Salary in Singapore?
In general, wages in Singapore are fairly high. According to various studies, it is doing quite well in terms of expat incomes despite sliding on the list in the last year. In fact, according to one ECA International poll, Singapore ranks 22nd in the world for expat pay.
One of the best aspects of living here is that the state is actively working to boost the wages of low-wage workers. The government actively encourages pay increases and increases so that “no worker is left behind as Singapore progresses.”
Various programs and methods, such as the 5-year Progressive Wage Credit Scheme, are being developed in an attempt to move society closer to equality.
Below are the average salaries in Singapore by profession.
| Profession | Average Annual Salary (SGD) |
|---|---|
| Accountant | $60,000 |
| Software Engineer | $72,000 |
| Project Manager | $84,000 |
| Marketing Manager | $96,000 |
| Lawyer | $120,000 |
| Doctor | $144,000 |
| Finance Director | $180,000 |
| Chief Executive Officer | $300,000 |
| Data Scientist | $108,000 |
| Lecturer | $72,000 |
10 Reasons to Relocate to Singapore in 2024
One of the Highest Quality of Life in Asia
In Singapore, you’ll find a remarkable quality of life, as the city-state consistently ranks top in Asia. The survey evaluates factors such as personal safety, security, political stability, and economic growth to determine the best global cities with superior living standards. To live comfortably in Singapore, consider these aspects while determining a suitable salary.
Thriving Business Atmosphere
In Singapore, you’ll find that it ranks as the world’s second easiest place for conducting business, according to the World Banks. This is because of its strong international trade connections, favourable tax system, enticing investor programs, cutting-edge infrastructure, skilled workforce, and a solid economy. All these factors contribute to making Singapore a highly desirable location for businesses worldwide.
Growing Economy
Singapore boasts one of Asia’s most advanced and flourishing economies, built on a foundation of trade, manufacturing, and financial services. Its per capita GDP surpasses many other developed nations. In December 2022, the country’s GDP per capita reached US$67,359, a noticeable increase from US$60,306 in December 2017, as reported by the Ministry of Trade and Industry. This economic strength may influence the cost of living in Singapore.
Top-Notch Physical Infrastructure
Singapore offers cutting-edge infrastructure to meet diverse needs. Its international trade ports buzz with activity, while extensive public transportation and contemporary residential buildings cater to modern living. The country also boasts advanced info-communications infrastructure, positioning it as a leading telecommunications hub in Southeast Asia.
Robust Political Climate
In contrast to neighbouring countries, Singapore offers a highly stable political landscape. You’ll appreciate its clean, corruption-free reputation and its transparent, effective administration that attracts foreign investors.
Efficient Legal Framework
Singapore’s legal system is highly regarded as efficient in Asia. Anti-corruption laws are strictly enforced, helping you run your business without concerns over bureaucratic interference. Due to the consistent, fair application of the law, Singapore maintains a low crime rate and offers high personal safety for you and your business operations.
Exceptional Workforce
In Singapore, you’ll find a competitive and highly skilled workforce boasting a literacy rate of over 97%. The country is home to an increasing number of educated professionals, making it an attractive destination for foreign employers in search of top-tier talent. Despite stricter work visa requirements, demand for first-rate professionals remains strong in Singapore.
Appealing Tax Framework
Singapore’s tax system is famous for its various advantages, like low tax rates, tax relief benefits, and the absence of capital gains tax. Furthermore, it offers a network of Double Tax Avoidance Agreements (DTAs). These features make it an ideal destination for investors and entrepreneurs. Look into the Personal Tax Calculator and Corporate Tax Calculator for additional insights.
Enticing Investment Programs
Singapore’s investor-friendly policies promote free enterprise and allow unrestricted foreign ownership. In 2023, the nation anticipates a net inflow of about S$37.7 billion (US$27.47 billion) in Foreign Direct Investments (FDI), followed by S$27.7 billion (US$20.18 billion) in 2024. Additionally, the Global Investor Program (GIP) and the EntrePass program make it convenient for foreign investors to relocate to Singapore.
The Perfect Balance for Life, Work, and Entertainment
Singapore stands as the top Asian city for expatriates according to ECA International’s Location Ratings, mainly due to its harmonious blend of work and leisure. Not only does it present career and business prospects, but this multicultural hub also brims with recreational and leisure opportunities.
In Singapore, you can explore numerous art festivals, theatrical events, sporting attractions, and tourist hotspots, providing both residents and visitors with an array of engaging activities.
Is It Worth It to Relocate to Singapore?
Yes! Singapore is an excellent choice for people wishing to relocate to another nation. With its great weather all year and Singaporeans’ tolerance to visitors, the country is ideal for any expat eager to start a new experience.