Living in SIN?

[BrassRazoo]

I am considering moving to Singapore with my present company. I would like to ask those that live there or have done so recently the following:

1) The tax rates in Singapore.

2) The rent you would expect to pay in Sing $ for a reasonable 1-2 bedroom flat in an okay area. I have heard rents have come down recently, is that true?

3) I am single and I know that Singapore can be expensive, but what would you expect to earn in Sing. $ to be able to have a reasonable life style. (not extravagant)

Thanks in advance for the information.

[Icebreaker]

BR,

the tax rates depend on whether you are here for more than 6 months in which case you will be paying resident tax - which is less. check out:

http://www.iras.gov.sg/ESVPortal/iit/iit-se-a1.1.15+tax+rates+for+resident+individuals.asp

Depends how close to downtown you want to live, but a new 2 or 3 bed condo with all the trimmings eg. pool, gym will set you back max. $2,500 SGD/month furnished. The rents have come down substantially. You can do get a nice place for a lot less if you aren't right in the downtown area.

You can live comfortably for $8,000 SGD/month - don't buy a car though and give up beer!

good luck

[CDRW]

Icebreaker is right on. You can live like horace hermit in Pasir Ris, not go out, take your BMW ( bus, MRT or walk when you do go out) not entertain, eat at hawker stalls, and your costs will be low, real low.

However to have a normalish life style say in the Parkway / Tanjong Rhu area, use taxis ( which are not expensive at all) entertain or get entertained on occasional basis, then, for sure, you can add a few grand. I would go for more along the 9-10k, as you would want to save some dosh!

[Dani]

1) taxes are 11%.

2) Prices are going up a little again, but still very low compared to pre-SARS days. You get nice apartments close to airport already for 1500 S$ (2-3 bedroom). You can also pay more, but then it's stylish/new/central.

3)You can live quite cheaply here, Singapore is not so expensive compared to Europe. And hawker food is the best you can get! Beers are expensive, that's correct. If you have to eat western style everyday, it's a problem, because you soon run out of choices...
A car is not more expensive than taking 3-4 taxi rides per day. But it's more for people staying longer (payback of loan).

If you need details, please PM me.

Dani

[jmac]

Can someone tell me something about hospital (in case of urgency or any kind of treatment), doctors and school compared to Europe and/or USA standards in terms of quality and costs?
Thanks

[BrassRazoo]

Thanks everyone for your replies. I'm not worried about a car as the MRT is good and taxis are cheap.

Like jmac I would like to know about the availability of medical care. Am I correct in thinking it to be good, but like the USA it is expensive and you need to have medical insurance just in case something major happens?

[Dani]

Medical services are excellent indeed, but unlike US or Europe (Switzerland!!), it's cheaper. If you go to a private hospital then its also expensive.

You don't need insurance for doctors since it's very cheap (about 30$ per consultation). You need a hospitalisation insurance (we are working together with Raffles hospital), those prices are about European average, but you can get tailered insurance, international coverage, everything, just pay what you need. The international coverage, 3 Mio $, above 40 years old, costs you 2000$/year.

Contact person is Ms. Caitlin Chan, phone 6311 1355.

Schools are very expensive. Privat foreigner schools go for several thousand per quarter year per child. If you want your children speaking English, then it's not so difficult, because there are lot's of international schools everywhere, about 1000 per quarter/year.

[BrassRazoo]

Dani

Sorry I've not responded earlier but I have been away flying and only got back last night............thanks for the information.

[EasyGo-Lucky?]

Not sure where the 11% tax comes from but I'm presently paying 23% in Singapore. My salary is obviously higher than someone new to the Company but I'm penalised heavily by the Government for not marrying young or having the required 3 children before my wife was 29. So you being single the tax will be higher than the norm and you'd better be prepared for that.

As you're from the US I believe this bunch will only accept an FAA licence if you are already a Captain on heavies but with the increased steady stream of resignations I could be wrong now.

I've been here many years and would definately not recommend it but thats a personal opinion nothing more.

[Icebreaker]

EasyGo

I dont know why you are paying 23% as the highest tax rate for resident individuals is 21% - and that rate only kicks in on earnings over $320K !!!

Check the link on my earlier post above and then change your accountant!!!

[Dani]

I'm not living long enough to enjoy the privileges of paying Singapore income taxes, but one guy who must know it says it's working the following way.

Check out the table in IRA.
It's a pretty progressional table, the more you earn, the higher the tax rate. If you earn 160 000$ you pay 16 050$. That's about 10%. For the next 160 000 you pay 19%. So for a reasonable income of 180-200 000 you pay 10% for the 160 grants plus a bit more on the rest, coming to around 11%, ok maybe its 12. Depends on how much you earn.

It's a burden to be a millionair <sigh> :ugh:

Dani

[BlueEagle]

Only a few years ago the tax on a ten year -400 Capt's salary was 22% from the ground up, I think this is where a misunderstanding may have occurred? Take your annual salary and all allowances, including rent, meals etc. etc., deduct the tax and it amounts to about 22%, for an expat, all allowances included.