An investigation into the popularity of Singapore among worldwide expats who decide to relocate overseas

Findings from the 2011 Expat Explorer Survey, commissioned by HSBC, has found that Singapore tops the charts as the most popular location in Asia for expats.

In terms of wealth and finances, Singapore is the third best in the world for expats.

The survey found that half of those living there earned over US $200,000 per year, putting Singapore second in the world rankings for expat income. Singapore expats also benefit from low taxation, with 84% claiming to have spent less on taxes since relocating. 

Many have found that their incomes have increased since moving to the city and 68% of expats feel upbeat about the Singapore economy in general.

Despite this, the government have taken some measures which may disappoint many of those looking to relocate there. The biggest being a 10% hike in stamp duty for any foreigner wanting to buy a property in the city. Stamp duty was only 3% at its highest rate and so this could be viewed as an attempt to deter foreigners hoping to buy a property.

Accommodation contributes to the high cost of living in the city. The survey found that 82% of expats spend more on this than compared to the global average of 50%.

The high price of food also weighs heavily on the expats’ purse strings, with 65% of them spending more on this compared to the 50% global average. Singapore is also the sixth most expensive city within Asia, while Hong Kong is ninth. Tokyo remains the costliest location for expats.

Economic unrest in other nations has stirred little confidence in local economies for many of those who have relocated, yet expats in Singapore believe they have a strong economy. This could account for why only 29% of expats in the city are looking to relocate.
 
The Expat Explorer Survey of over 3,000 expats from over 100 countries found that Singapore is Asia’s number one relocation destination, and sits third globally behind Australia and the US.