Singapore is a small country made up of 64 islands clustered at the tip of the Malay Peninsula. Its population of nearly 6 million all live in the city of Singapore. Many locals speak both English and Mandarin, and it is home to many man-made wonders, including a giant artificial waterfall, iconic skyscrapers, and what is considered the world’s best international airport. If you are considering the Lion City (as Singapore is sometimes called) for your retirement destination, it is wise to work with a reliable local property and settlement planner to help you achieve your dream of retiring in Singapore.
Living and Housing Costs in Singapore
According to the cost-of-living database Numbeo, the cost of living in Singapore is lower than in major U.S. cities like New York but higher than in smaller U.S. cities like St. Louis. For example, a standard of living that would cost you S$8,100 a month in New York would cost about S$2,000 less per month for a roughly equivalent standard in Singapore, according to Numbeo.
Rent in the U.S. is on average 36% lower than in Singapore, but the picture changes when comparing Singapore to major U.S. metropolitan areas. For instance, in downtown New York City, a one-bedroom apartment rents for about S$3,415 per month, and a three-bedroom apartment for about S$6,610. In downtown Singapore, a one-bedroom apartment rents for approximately S$3,106 per month, and a three-bedroom apartment for about S$5,969.
Housing prices in Singapore are higher. The price to purchase a one-bedroom apartment in downtown Singapore is about S$2,500 per square foot; a similar residence in New York City sells for about S$1,500 per square foot. (Singapore condo prices)
Retiring in Singapore—Visas
Singapore does not offer a specific retirement visa, but there are several options for retirees to obtain residency.
First, if you worked in Singapore before the age of 50, you can consider applying for Singapore Permanent Residency (PR). If you wish to move to Singapore after 50, you can do so through the Entrepreneur Pass, which requires you to meet certain criteria and have paid-up capital to start a company.
One to two years after obtaining the Entrepreneur Pass, you can apply for Permanent Residency. Two years after obtaining Permanent Residency, you can apply for citizenship. However, you will need to prove your “economic strength” and contributions to Singapore to gain government approval.
All other paths to obtaining Singapore Permanent Resident status require marrying a Singapore citizen, holding a work pass, or making a significant investment in a Singaporean entity.
Retiring in Singapore—Healthcare
Singapore has the best healthcare in Asia. According to Knoem’s healthcare efficiency index, Singapore’s healthcare system is ranked second in the world. The index takes into account both life expectancy and health expenditure. Singapore does not offer free healthcare to expatriates, so retirees must have private health insurance. Monthly insurance costs for expatriates can be as high as S$300.
Even with insurance, individuals may need to pay out-of-pocket for costs including elective surgeries and deductibles. Even without full coverage insurance, a doctor’s visit can cost as little as S$25.
The price of medication varies in Singapore. Generally, general practitioners and specialists will dispense medication after your consultation. Typically, private insurance will cover the cost of medication.
Retiring in Singapore—Taxes
All citizens and permanent residents working in Singapore must contribute to the Central Provident Fund (CPF). Foreigners who do not work in Singapore are not required to contribute to CPF, even if they are Singapore residents. Depending on your income level, pension income may be subject to taxation.
U.S. citizens are generally required to file a tax return annually. To avoid double taxation, especially on pension income, it is wise to work with a financial planner and tax professional who understands the Singaporean tax system. Singapore’s personal income tax rate goes up to 24%, so if your income exceeds a certain amount, you may want to change your tax residency to Singapore.
Retiring in Singapore—Safety
The 2020 Gallup Law and Order Index ranked Singapore’s law and order as first in the world. The index also listed Singapore as the city where people feel safest walking alone.
According to the U.S. Department of State, Singapore has a very low rate of personal crime. The Department of Commerce also notes that according to the Economist Intelligence Unit’s 2019 Safe Cities Index, Singapore is the world’s safest city in terms of personal and infrastructure security.
Key Takeaways
Singapore is a beautiful country that attracts thousands of foreigners every year. It is extremely safe for foreigners and has a standard and cost of living similar to other developed cities. Language is not a barrier: English is one of the four official languages, with the other three being Mandarin, Malay, and Tamil. Those with a pension or other retirement funds can live a comfortable retired life in Singapore.
Frequently Asked Questions
1）If I am a Singapore Permanent Resident (PR), can my spouse and children apply to become Singapore citizens?
If your spouse has been a Singapore Permanent Resident for two years and has been married to you for at least two years from the date of application, they can apply to become a Singapore citizen. If you or your spouse is a Singapore citizen and your child is born overseas, you can apply for Singapore citizenship for your child under the age of 21. For more information, please contact the Immigration & Checkpoints Authority.
2）If I am a Singapore Permanent Resident, can I apply for my parents to live in Singapore?
You can sponsor your parents for a Long-Term Visit Pass for them to reside in Singapore. This pass is valid for five years and can be renewed upon expiry.
3）My child is over 21 years old, can I sponsor them for Singapore Permanent Residency?
Children over the age of 21 must apply for Singapore Permanent Residency based on their own merits.
4）How long is the processing time for a Singapore Permanent Resident application?
After the complete submission of all application forms and required documents, the approval process takes nine to twelve months.
5）What are the benefits of becoming a Singapore Permanent Resident? What obligations must be fulfilled?
Benefits
Singapore Permanent Residents enjoy numerous benefits, from education and healthcare subsidies to the ownership of public housing flats. Compared to expatriates on work passes, Singapore PRs generally enjoy more benefits and privileges.
Obligations
One of the key obligations is that second-generation male Permanent Residents must participate in National Service. Second-generation male PRs are male residents who obtained their PR status under the sponsorship of another person (e.g., a parent or spouse). Once they turn 16 and a half, second-generation male PRs must register for National Service, and at the age of 18, they will be enlisted for two years of full-time National Service. Thereafter, they must also participate in Reservist cycles for the next decade.
6）How do I apply to become a Singapore Permanent Resident?
To become a Singapore Permanent Resident, you need to apply for an Entry Permit from the Immigration & Checkpoints Authority (ICA). For detailed information on eligibility and application procedures, please visit the Immigration & Checkpoints Authority website.
7）For those interested in obtaining Singapore citizenship, how long must an applicant stay in Singapore?
Individuals aged 21 and above who have lived in Singapore as a Permanent Resident for two years can apply to become a Singapore citizen.
8）After renouncing my Singapore Permanent Resident status, can I reapply for it?
You can reapply for Singapore Permanent Resident status, but your application will be considered based on your individual qualifications and current circumstances. You will also need to declare the amount of CPF contributions you have withdrawn (with interest).
