Empowering the Decision to Leave Singapore: A Comprehensive Guide for Expats

Introduction

Leaving Singapore is a significant decision that requires careful consideration, especially for expats who have called this vibrant city-state home for years. Whether it's due to career opportunities, family obligations, or a desire for a change in lifestyle, the process of leaving Singapore comes with its unique set of challenges and rewards.

Reasons for Leaving Singapore

According to a 2022 survey by Expat Insider, the top reasons for expats leaving Singapore include:

• Career advancement (35%)
• Relocation within the company (29%)
• Family reasons (21%)
• Higher living costs (17%)
• Desire for a new adventure (16%)

Financial Considerations

Cost of Living:

Living in Singapore is relatively expensive, with the Mercer 2022 Cost of Living Survey ranking it as the 19th most expensive city in the world. Housing, healthcare, and transportation costs are particularly high.

Income Tax:

Singapore has a progressive income tax system, with rates ranging from 0% to 22%. However, the top personal income tax rate of 22% applies only to taxable income above SGD 400,000.

Capital Gains Tax:

Singapore does not impose a capital gains tax on the sale of residential property. However, foreigners who sell residential property within 12 months of purchase are subject to a Special Additional Buyer's Stamp Duty (ABSD) of 12%.

Taxation of Retirement Savings:

Retirement savings in Singapore are taxed upon withdrawal. The tax rate varies depending on the type of retirement account.

Housing

Rental Market:

Singapore's rental market is competitive, with high demand and limited supply. According to the URA Rental Index, average rental prices for private apartments increased by 3.9% in the first quarter of 2023.

Property Market:

The property market in Singapore is well-regulated, with strict eligibility criteria for foreign buyers. Foreigners who purchase residential property are subject to Additional Buyer's Stamp Duty (ABSD) of 7% to 20%, depending on their status and the property type.

Education

International Schools:

Singapore offers a wide range of international schools, catering to the needs of expat families. However, international school fees can be substantially higher than public school fees.

Public Schools:

Public schools in Singapore are generally of high quality, but they primarily use the English language as the medium of instruction. Foreign students who are not proficient in English may need to attend language support classes.

Career Opportunities

Job Market:

Singapore has a thriving job market, with a high demand for skilled professionals in finance, technology, and engineering. However, competition can be fierce, especially for senior-level positions.

Work Visas:

Foreigners working in Singapore require a valid work visa, such as an Employment Pass (EP) or S Pass. The eligibility criteria for these visas depend on factors such as salary, qualifications, and industry.

Personal Considerations

Lifestyle:

Singapore is a cosmopolitan and vibrant city-state, offering a high quality of life. However, it can also be a demanding and fast-paced environment. Expats who are considering leaving may miss the convenience and infrastructure that Singapore provides.

Family:

Expats with families may need to consider the impact of leaving Singapore on their children's education, childcare arrangements, and social networks.

Culture:

Singapore is a multicultural society, but it also has its own unique customs and traditions. Expats who are considering leaving may need time to adjust to a different cultural environment.

Stories of Expats Who Left Singapore

Story 1:

Sarah, a British expat, left Singapore after 10 years to return to her hometown. She had come to Singapore for a banking job but eventually felt that she missed her family and friends. She also found herself yearning for a slower pace of life.

Lesson Learned: It's important to regularly reassess your reasons for living in Singapore and make sure that they still align with your priorities.

Story 2:

Tom, an American expat, left Singapore after 5 years to relocate to Thailand with his company. He had been offered a promotion that came with a move to Bangkok. While he enjoyed his time in Singapore, he was excited about the opportunity to experience a new country and culture.

Lesson Learned: Sometimes, leaving Singapore can be a positive step in your career and personal growth.

Story 3:

Maria, a Spanish expat, left Singapore after 3 years to move to a smaller city in Europe. She had found it difficult to acclimate to Singapore's fast-paced and materialistic environment. She was also concerned about the high cost of living and the lack of affordable housing.

Lesson Learned: Singapore may not be the best fit for everyone. It's important to research and understand the city-state's culture and lifestyle before making a decision to move.

Effective Strategies for Leaving Singapore

• Start planning early: Give yourself sufficient time to research, prepare, and make arrangements.
• Consider your financial situation: Ensure that you have a stable financial plan and sufficient savings to support yourself after leaving Singapore.
• Explore job opportunities: If you're looking for a new job, start exploring options both locally and internationally.
• Obtain the necessary visas: If you're relocating to a different country, ensure that you have the necessary work visa and residence permit.
• Arrange for housing: Secure housing in your new location before leaving Singapore.
• Pack and move your belongings: Start packing early and arrange for a reliable moving company to handle the logistics.
• Consider cultural differences: Research the culture and customs of your new destination to avoid any potential misunderstandings or culture shock.
• Stay positive: Leaving Singapore can be an emotional experience. Stay positive and focus on the new opportunities that lie ahead.

FAQs

1. How long does it take to get a work visa in Singapore?

The processing time for a work visa in Singapore typically takes 1 to 3 weeks. However, it can vary depending on the type of visa and the applicant's profile.

2. Can I buy a property in Singapore as a foreigner?

Yes, foreigners can purchase property in Singapore. However, they are subject to Additional Buyer's Stamp Duty (ABSD) of 7% to 20%, depending on their status and the property type.

3. Is it easy to find affordable housing in Singapore?

Affordable housing in Singapore can be difficult to find, especially in sought-after areas. The rental market is competitive, and rental prices have been steadily increasing in recent years.

4. How much does it cost to live in Singapore?

The cost of living in Singapore is relatively high, especially for housing, healthcare, and transportation. According to the Numbeo Cost of Living Index, Singapore ranks as the 19th most expensive city in the world.

5. What is the tax rate in Singapore?

Singapore has a progressive income tax system, with rates ranging from 0% to 22%. However, the top personal income tax rate of 22% applies only to taxable income above SGD 400,000.

6. Is Singapore a good place for families?

Singapore offers a high quality of life and is generally a safe and family-friendly environment. However, childcare costs can be high, and international school fees can be substantially higher than public school fees.

Call to Action

Leaving Singapore is a complex and multifaceted decision. By carefully considering the reasons, financial implications, personal factors, and effective strategies discussed in this guide, you can make an informed decision and embark on the next chapter of your life with confidence.