How much is the cost of living in Singapore?

Singapore has become one of the world's most prosperous countries with strong international trading links and per capita GDP equal to that of the leading nations of Western Europe, making it an ideal business destination and potential country for forming an offshore company.

How much is the cost of living in Singapore?

Singapore has become one of the world's most prosperous countries with strong international trading links and per capita GDP equal to that of the leading nations of Western Europe, making it an ideal business destination and potential country for forming an offshore company.

If you are visiting Singapore or thinking of making a more permanent move to Singapore it is interesting for you to know how much it costs to actually live there. The following figures have been converted into Euros and have been taken using the median from a set of data from 2014 ranging from the most expensive to the least.

Restaurants: Cost of eating out in Singapore

 

Average cost:

Meal, Inexpensive Restaurant:

6.18 €

Combo Meal at McDonalds or Similar:

4.33 €

Domestic Beer (0.5 litre draught):

3.71 €

Cappuccino (regular):

3.17 €

Water (0.33 litre bottle):

0.69 €

 Supermarket: General supplies

 

Average cost:

Milk (1 litre):

1.77 €

Loaf of Fresh White Bread (500g):

1.31 €

Bottle of Wine (Mid-Range):

18.55 €

Pack of Cigarettes (Marlboro):

7.42 €

Transportation: Getting around in Singapore

 

 

Average cost:

One-way Ticket (Local Transport):

1.11 €

Monthly Pass (Regular Price):

61.84 €

Taxi Start (Normal Tariff):

2.04 €

Petrol (1 litre):

1.33 €

Volkswagen Golf 1.4 90 KW Trendline (Or Equivalent New Car):

86,580.83 €

Utilities (Monthly): Bills

 

Average cost:

Basic (Electricity, Heating, Water, Garbage) for 85m2 Apartment:

120.02 €

Internet (6 Mbps, Unlimited Data, Cable/ADSL):

25.31 €

 Leisure and Clothing in Singapore

 

Average cost:

Fitness Club, Monthly Fee for 1 Adult:

82.84 €

Cinema, International Release, 1 Seat:

6.80 €

1 Pair of Jeans (Levis 501 Or Similar):

69.45 €

1 Summer Dress in a Chain Store (Zara, H&M):

39.41 €

1 Pair of Nike Shoes:

81.18 €

Rent per month/Purchasing property

               

Average cost:

Rent apartment (1 bedroom) in City Centre:

1,991.99 €

Rent Apartment (1 bedroom) Outside of Centre:

1,293.38 €

Price per Square Meter to Buy Apartment in City Centre:

12,343.94 €

Price per Square Meter to Buy Apartment Outside of Centre:

6,999.76 €

       

Salaries and Financing in Singapore

 

Average cost:

Average Monthly Disposable Salary (After Tax):

2,384.35 €           

 

Taxation

 

Average Percentage:

Corporate Tax:

17%

Income Tax: (income of €42,350 or above)

20%

Payroll Tax:

11-36%

GST: (VAT)

7%

 

VAT, the tax which is applied to all products and services is called GST (goods and services tax) in Singapore and has been charged at a rate of 7% since 2007. The export of goods and international services are zero-rated, such as a plane ticket to a foreign country. Generally speaking the tax rates are quite low and the majority of the population have a high quality of life, with Singapore as a city consistently beating its Asian counterparts since 2008 in the Mercer Quality of Life Survey.

Low taxes, good air quality and less crime attract workers to Singapore from across the world, the recent push up in housing, schooling and transport costs may discourage expats from moving or staying in the city long-term.

While the cost of goods and services in Singapore seem to be relatively low compared to the average monthly wage, Singapore ranks eighth in the world's most expensive cities for rent. This is something which must be considered, not only for living purposes but also for office space if you are thinking of forming a company there.

High property prices, increased by greater demand from a growing population, have been one of the major contributors to the cost of living. Singapore property prices surged by 50% between 2007 and 2011, driven partly by foreign buying and because of high rental/property prices Singapore regularly makes the top 5 most expensive cities to live in the world.

 


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