Why Is Singapore Becoming Such a Hot Destination for Expats?
16 Feb 2021
Southeast Asia is one of those regions of the world that is slowly growing in popularity. One of the biggest reasons is thanks to all of the delicious cuisines that is exported from this part of the world to restaurants all over the world. Another reason is thanks to all of the travel bloggers and video creators on YouTube that showcase some of the beauty and culture in these parts of the world.
When we see countries such as Thailand and the Philippines, we usually see developing areas and very rural scenes. However, there’s one country in this region that stands out from the rest and is quickly becoming an expat hotspot; Singapore.
In this post, we’ll be taking a look at some of the reasons why Singapore is becoming such a popular destination and why there are more people relocating here than ever before.
Property investments in Singapore are looking more attractive than ever
Singapore used to be a difficult place in terms of property investment. This is because many people prefer smaller homes and they usually aren’t looking to purchase expensive houses and high-value properties. This made it difficult for people to invest in property as part of their wealth portfolio.
You’ll need to consider factors such as ABSD (Additional Buyer’s Stamp Duty) if you want to purchase additional homes in Singapore. For foreigners, you could end up paying a lot less depending on your circumstances. This makes the property market extremely attractive for expats and is one of the reasons why people go all-in with Singapore.
Bustling economy with many robust industries
Singapore doesn’t specialize in a particular industry, but it’s still one of the most developed economies in Asia and the entire world. They have an open economy that is strongly focused on trade, financial services, and also manufacturing. In fact, Singapore’s per capita GDP is actually higher than most other developed countries.
If you’re concerned about job opportunities and the economy, then Singapore is surprisingly stable and well worth considering if you’re looking to move to Asia. Even if you’re not looking to come to Asia specifically and are looking for countries to move to as an expat, Singapore is a fantastic choice regardless.
Consistently comes on top in terms of Quality of Life
Of all the countries in Southeast Asia, Singapore consistently comes first in Mercer’s quality of living ranking. This makes it one of the best places to live in if you do decide to move to this part of the world. The rating is based on standards such as personal safety, security, economic growth, and even political stability. For many years, Singapore has remained at the top when it comes to the quality of living across Asia, and this is one of the big reasons why so many expats have flocked to the country.
So if you’re interested in seeing what it’s like to live in one of the most reputable countries in the whole world, you may want to consider Singapore for its quality of life.
Attractive deals for entrepreneurs and investors
A unique aspect of Singapore is its attractive tax structure. For example, there are tax rates and relief measures that draw in investors and entrepreneurs from all over the world, and there’s a no capital gains tax policy. It also has a network of Avoidance of Double Tax Agreements (DTAs) and many other tax incentives that are ideal for starting businesses or investing.
If you’re looking for a place to live that advocates for a fair tax structure, then Singapore might be a great choice for you depending on your needs and the approach you want to take to business. Coupled with the pro-foreign investment policies that Singapore pushes, you’ll find yourself being welcomed with open arms in Singapore.
Singapore is just generally a great place to live
Singapore is just a really attractive country for travellers. There’s a fantastic diversity of food, there are lots of entertaining things to do, and the people here can be extremely friendly. It’s also a convenient hub in Southeast Asia that gives you easy access to the rest of Asia. It’s a vibrant and dynamic place that offers anything you could possibly want.
While most people will find themselves at home in Singapore, we do suggest that you consider travelling here at least once before you decide to become an expat. You’ll get a feel for the people, the culture, and also the way of life in this unique little country.