In addition to having one of the world’s best judicial systems, Singapore is widely recognized as the safest country. Due to this, the country has consistently had low crime rates since 2012. Apart from this, the country’s excellent education, high standard of living, and efficient healthcare system attract millions of students from around the world. This guide is all about the cost of living Singapore in detail.
Factors to know about the cost of living Singapore
Cost of education in Singapore
Singapore is a country with a high value for private education, which is costly. For example, the annual tuition at UWC South East Asia could cost nearly 50,000 Singapore dollars.
Students at the National University of Singapore can expect to pay tuition fees of up to 160,000 SGD, depending on their field of study and level of studies. In addition, international students may be charged different fees.
Several international rankings rank Singapore’s education system as the best in the world, which isn’t surprising.
Cost of food in Singapore
The cost of food in Singapore is relatively low. There is, however, a limit to how extravagant you can be regarding food expenses. It depends on the lifestyle you choose in Singapore whether your food expenses make up a marginal or significant portion of your average living expenses.
Restaurants offer a range of international cuisines to suit varied budgets, but eating out at restaurants daily is the most expensive option in the long run.
Cost of transportation in Singapore
It depends on how far and what mode of transportation you use each day and how much your monthly transportation costs vary. People who live close to their workplaces and the city center will have fewer transportation expenses than those who live in the Woodlands and commute daily to the CBD.
In Singapore, buying a car isn’t recommended unless you have a lot of disposable income. Installments, insurance, gasoline, parking, and maintenance will earn you back an additional $2,000 to $3,000 monthly.
Public transportation (buses and MRT) and taxis (or Grab) are likely your primary modes of transportation. In general, a concession pass for unlimited MRT and bus transportation costs about $128 per month.
Public transport is practically nonexistent after midnight (well, there are weekend night buses, but they abruptly stop running at about 2 am).
Are you trying to get home after a drinking session at 1 am on a Wednesday? There is a cost per trip of $15 to $25 for Grab rides. The transport cost will rise by $120 a month if you take an additional $15 Grab ride twice a week. The cost of those rides adds up.
Costs of healthcare in Singapore
Singapore has a powerful healthcare system in terms of state and private healthcare systems. Medicate permanent residents pay contributions each month to finance the public sector. The public healthcare bills of non-resident ex-pats can be pretty high since they do not fall into this category.
The majority of them have a private health insurance policy because of this. A private hospital will cost almost as much as a public hospital, but it will provide better patient care and shorter wait times.
You should check before choosing a doctor because prices can vary.
Cost of housing in Singapore
You’ll spend the most on housing if you’re in the process of moving here from another country or if you’re planning on moving out of your parents’ house.
As a Singaporean/PR, if you’re buying a home and eligible to purchase HDB property, you should budget between $700 and $3,500 per month.
Cost of taxes in Singapore
Among the lowest income tax rates in the world, Singapore has one of the lowest rates in the world. Ex-pats moving to Singapore often cite Singapore’s tax system as an advantage because it offers sizable tax savings.
Non-residents (foreigners residing or working in Singapore for less than 183 days) are taxed at a flat rate of 0% upon their income. Singapore has also negotiated 69 comprehensive tax treaties to avoid double income taxation. Aside from this, there are no capital gains taxes, wealth taxes, estate duties, and dividend taxes in Singapore.
Cost of mobile phone and internet
Even though mobile phone subscriptions in Singapore aren’t exactly cheap, they aren’t overly expensive either. Choosing the best postpaid or prepaid plan will give you the best value. You can expect to pay between S$35 and S$100 per month for postpaid subscriptions. Your monthly subscription will also vary depending on whether your plan covers the phone or just the SIM.
In Singapore, residential internet connections are relatively cheap, and you get a lot of speed and data for your money. The average price for a monthly plan is S$50, which includes at least 1GBPS and unlimited data.
It is not uncommon for Singaporeans to subscribe to cable television, which is also relatively inexpensive. Getting the primary cable channels starts at $28, but if you want international media and HD channels, you’ll need to pay $50 to $80 monthly.
Does Singapore have a high cost of living?
According to the EIU Cost of Living 2021 report, Singapore is the second most expensive city in the world. According to the EIU Cost of Living 2021 report, Singapore is the second most expensive city in the world.
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