How expensive is Singapore? Should you consider relocating in the city-state? Many people from other countries choose to establish business entities in Singapore because entrepreneurs can find some serious tax incentives there and a close-to-perfect business infrastructure. But how much does it cost to live in Singapore on a permanent basis?
Living in Singapore is comparatively expensive. It is about 20% cheaper than living in New York but London is already a bit less expensive and Belgrade, Serbia is 2 to 3 times cheaper.
If your income is less than US$ 2,000 per month, you can barely survive in Singapore. This is why the jurisdiction is popular mainly with well-to-do foreigners -–highly qualified specialists, business managers, and entrepreneurs.
What are the countries where the cost of living is low? Can you acquire a residence permit in a foreign country online? How much money do you need to live in Singapore with your family? Where else could you relocate?
Please request a personal consultation with our experts to have the answers to these and other similar questions. We will gladly help you with the following tasks:
- Purchasing real property in a foreign country to qualify for legal residence there;
- Registering a company in Singapore or another jurisdiction;
- Opening a personal and/ or corporate bank account;
- Applying for a visa;
- Legalizing various documents.
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Check the list of required documents, and get the details of the process, terms, and costs.
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Singapore: brief facts
Singapore is an island country in Southeast Asia with a population of 5.7 million people. The official language is English there but 75% of the population speak mandarin.
Singapore is a multinational state populated by immigrants from China, Malaysia, India, and other countries. The Government of Singapore promotes the country in the international business arena and offers substantial incentives to foreign investors. Startups feel especially comfortable in Singapore.
Singapore is a large financial and trade center and it is highly popular with foreign entrepreneurs (mainly from Asia) who register business companies there. Singapore is also a popular tourist destination because it offers wonderful ocean beaches, natural wonders, and various tourist attractions.
Summer lasts forever in Singapore. However, the rainy season lasts from November to January and if you are planning to visit Singapore as a tourist, you’d better go there between February and October.
Prices in Singapore: the cost of food, transportation, and other items
Below please find some basic information about the average cost of living in Singapore:
- The monthly expenses in Singapore vary between 1,500 and 10,000 US dollars or between 2,000 and 13,200 Singaporean dollars (SGD).
- Life in Singapore is less expensive than it is in New York but it is more expensive than it is in many European capitals.
- The average salary in Singapore is 4,680 SGD (approximately 3,400 USD). Therefore, the average working person lives well in the country.
- The rental cost varies between 870 and 4,000 US dollars per month in Singapore.
- The monthly cost of food is between 250 and 600 US dollars (350 SGD to 800 SGD).
- Transportation costs between 70 and 150 US dollars per month.
- According to statistics, expats and digital nomads spend more in Singapore than the average local person does – from 2,100 to 6,000 dollars per month.
Please note that you have to acquaint yourself with the laws in Singapore before visiting the country. Some laws may come out of the blue for you. For instance, chewing gum is prohibited in the country and if you are caught with an open bottle of water in a public place, you will have to pay a fine of 500 SGD.
Rental cost in Singapore
Naturally, the rent depends on the size and location of the apartment. Below we provide rental prices for apartments of different sizes in Singapore in 2023:
- A studio apartment costs between 800 and 2,000 US dollars per month. The cheapest apartments are found in the outskirts and the most expensive ones in the center.
- A one-bedroom apartment costs between 1,100 and 3,000 US dollars per month in Singapore.
- A two-bedroom apartment costs between 1,800 and 4,000 US dollars per month.
You can find a luxury apartment with three bedrooms in Singapore but its price is going to start at US$ 2,500 per month.
Transportation costs in Singapore
Singapore has an advanced transportation network, which allows quickly traveling between places. Depending on what type of transport you use (city buses, a scooter, taxis or car sharing), your costs can be anywhere between 80 and 1,000 US dollars per month.
Public transport is not very expensive in Singapore. The pay depends on the travel distance and you can change buses without paying extra. The prices are as follows:
- A single bus ticket: 1-2.30 SGD + 0.10 SGD deposit that is returned after the third trip;
- Monthly public transport ticket – 129 SGD.
- A cab ride on a workday – 8 km (5 miles) costs approximately 24 SGD.
Owning a car or even renting a car is a luxury in Singapore. The authorities tax car owners heavily in an attempt to reduce the air pollution and the traffic jams. Most Singaporeans use public transport.
Utility costs in Singapore
The average utility costs are as follows in Singapore in 2023:
- Basic utilities (heating, electricity, natural gas) in an apartment 85 m² in size – 276 SGD.
- Basic utilities (heating, electricity, natural gas) in a studio apartment 45 m² in size – 181 SGD.
- Internet 8 Mbps – 44 SGD per month.
Please note that Singapore fines for connecting to a Wi-Fi network without the owner’s consent. This is not the only thing that you can be fined for in Singapore however: littering, fishing, singing, making too much noise, and feeding the pigeons can be subject to a fine too.
The cost of eating out in Singapore
Singapore is a culinary paradise with various national cuisines. Eating out is going to be rather costly in Singapore even though eating out in London costs twice as much. You can economize if you eat at home.
Approximate prices in Singaporean restaurants and cafes:
- Lunch for one person in a restaurant –13 SGD.
- Lunch in a fast food restaurant – 10 SGD.
Prices in supermarkets:
- 500 g of boneless chicken breast – 7 SGD.
- 1 liter (1 quart) of milk – 3.81 SGD.
- 12 eggs, large – 5.30 SGD.
- 1 kg of tomatoes – 3.72 SGD.
- 500 g of local cheese – 14 SGD.
- 1 kg of apples – 5.90 SGD.
- 1 kg of potatoes – 4.20 SGD.
- 0.5 l of local beer – 5.47 SGD.
- 1 bottle of red wine of good quality – 43 SGD.
- 2 liters of Coca Cola – 3.26 SGD.
Please note that you can hire help around the house in Singapore. However, you will then act as an employer with all the responsibilities that this status entails. The cost of a housekeeper’s services is between 1,100 and 1,400 SGD in Singapore.
Living in Singapore as a foreigner: monthly expenses
You can hardly survive on less than US$ 1,500 in Singapore but you could also spend ten to fifteen thousand US dollars per month there if you can afford it. Below we provide the basic figures that show how much money you need for living comfortably in Singapore in 2023.
| Item | Monthly cost in USD |
| Renting a studio apartment | 800 – 2,000 |
| Renting a 1-bedroom apartment | 1,100 – 3,000 |
| Renting a 2-bedroom apartment | 1,800 – 4,000 |
| Public transportation, cab, scooter, car | 80 – 1,000 |
| Cost of utilities (electricity, water) | 100 – 300 |
| Mobile communication (unlimited tariff plan, Sim-card) | 20 – 50 |
| Internet connection (Wi-Fi) | 40 – 80 |
| Food expenses | 250 – 2,000 |
| Gym, martial arts, yoga, massages | 70 – 350 |
| Total monthly cost of living in Singapore | 1,500 – 10,000 |
The prices also depend on the inflation rate in Singapore. The rate is 5% in 2023.
The table below shows how much money a single person needs for living in Singapore. A family of four needs between 4,200 and 5,600 US dollars per month.
Cost of real property in Singapore in 2023
The demand for real estate has decreased in Singapore over the last couple of years. There are several reasons for that: the pandemic, the global crisis, the closure of the Chinese border, and the increased stamp duty (tax on property purchase).
You should certainly take the last item on the list into account if you are planning to buy some property in Singapore because the tax is high. The following rates apply in 2023:
- For citizens of Singapore:
- 20% when they purchase a second piece of property;
- 30% when they purchase a third and subsequent pieces of property.
- Legal residents of Singapore pay a 30% tax when buying a second piece of property and a 35% tax when buying a third, etc. piece of property.
- Foreign nationals buying property in Singapore are taxed at a flat rate of 60% since April 2023.
- If a legal entity is purchasing property in Singapore, the tax is 65%.
The average price of an apartment in Singapore varies depending on the district where the property is located:
- Canter (Orchard Road) – from 35,000 USD / m².
- Popular districts including Holland Village, Thompson, East Coast, Bukit Timah, Balestier, and Marine Parade – from 20,000 USD / m².
- Outlying areas of Singapore are a bit more affordable: the prices start at 10,000 USD / m².
Please follow the link if you would like to find out where to invest in Singapore.
Cost of recreation in Singapore
If you are planning to visit Singapore as a tourist, the costs are going to be different.
One week in Singapore will cost approximately 2,000 USD for a single traveler and 5,000 USD for a family or a company of four (excluding the airfare).
The cost includes three meals per day, transportation, sightseeing, and hotel. This is the minimum amount of money that you are going to need if you would like to stay in Singapore for a week. There is no upper threshold because Singapore offers multiple opportunities to spend your money.
You can pay with a credit card literally everywhere in Singapore. This does not apply to citizens of sanctioned countries, however.
Ways to economize in Singapore
Singapore is a wonderful place for living, resting, and building a business empire. We must admit, however, that the cost of living is rather high in Singapore. Below we suggest a few ways to save money when living in Singapore:
- Rent a studio apartment: it is going to cost less than staying at a hotel.
- Use public transport: it works well in Singapore and using a car or a taxi is excessively expensive.
- Eat at home, if you have such an opportunity.
- An inexpensive way of seeing Singapore is taking a two-day trip there on a weekend. You will find multiple walking paths, parks, beaches, festivals, etc. where you don’t have to pay a penny. Highly recommendable to those you are low on funds.
The cost of living in Singapore can change and we suggest that you follow the news on our portal. Please follow the link if you would like to learn more about our products and services in other countries. We know all the ins and outs of the offshore industry!
