Single Aussie guy, 39, skills in comms, a couple years in cosec and a year of pqe in law. Thinking about the Singapore option to mix things up a bit. Seems like a good way to make the career profile stand out for future jobs. Would appreciate views. Nothing keeping me in Aus atm. Would happilly move to singapore if im able to save up in the process but all indications say its expensive but taxes are low. Would I be better off than in Sydney? Views?
Great question - all comes down to crunching your own numbers. There's no one size fits all approach here. In terms of career prospects, personally I feel that Singapore is one of the greatest opportunities in the world for Australian expats to experience, however, it's important to note that many Australian firms see international expertise and experiences as a distraction and time 'out of the market'.
Few specifics because no precise information is given 1. An expat can anticipate earning between $20,000 and $30,000 per month (excluding housing or child-care expenses, etc.) 2. In this range, taxes range from 18 to 22%, so 4-5 K per month go toward taxes. 3. Depending on the school, age, and other factors, kid/child education will cost approximately $3,000 to $4,000 per month or per entity (most employers no longer provide benefits for kids' education to expats). 4. Renting is simple and ranges from $6,000 to $15,000 per month. 5. Easily commute or take a taxi up to $2,000 per month per person (if jobs are not nearby or the same). 6. Grocery and household costs, including maid services, etc. Easily 2k-3k per month 7. Food, goods, and shopping, easily $2,000 to $3,000 every month 8. Health /Medical Insurances Simple 1-2K/month for the whole family (Full Coverage) 9. Most Restrained Estimated Total, for a family of expats: 16-18k/Month 10. The most conservative estimates place the average monthly saving amount between $2k and $7k; nonetheless, it is very conceivable for an expat to have no savings at all or very little savings every month. Other information (Very Conservative estimates only ) 1. Spouse's EP/PR is extremely difficult to obtain 2. It is difficult for the spouse to find employment without EP/PR 3. An expat must have at least 1.5 million to 2.5 million upfront cash to secure an apartment that would easily cost him or her around 2-3 million (of approximately 1300 square feet) and around 70% duty, provided he or she can secure a 75% loan ($1.5 - 2 million in loan) at age 35 and no older. 4. Even if he/she can complete all of them, his/her monthly housing loan installment would typically cost him/her between 6 and 8k/month (rent can be used as an excuse here). 5. If he/she plans to purchase a car, it will cost at least $2,500 a month plus an initial payment. 6. If he/she decides to hire a driver, it will cost him at least $4000 a month. Conclusion Except for those in very senior positions and/or whose housing, children's education, insurances, and other expenses are entirely funded by their work, expats have no business living in Singapore.
Love your very detailed comment - must’ve taken some time, so allow me to respond in kind. Let’s take a walk down reality lane and break some of this down to factor in some accurate information here. 1. The average expat salary in Singapore is approximately US$ 230 - $240k with many earning in excess of $500k when bonuses are factored in. 2. Tax payable on $20k per month is 11.9%. Tax payable on $30k per month is 14.8%. About half the figures you’ve outlined. 4. Rentals in HDBs are also available where expats are prepared to rent these and can be considerably lower at $4k - $5k per month. 5. $2k per month on a taxi, and you’re suggesting this is your ‘restrained’ estimate. Perhaps its time to learn to take the MRT or bus which costs $250k 3. Most expats don’t buy their main residence, and given returns over the last 20 years, and a minimum break-even period of ~12 years relative to renting, it’s easy to see why. 4. There is no need for 99% of expats to purchase a car - public transport is exceptional here. 5. Now we’re hiring a driver, I thought we were on a ‘restrained budget’ If you’re earning $360k per annum and still can’t afford to save, it might be time to review the maid, consider doing without your private driver, and perhaps catch the bus.
Yes, I agree with the majority of what you mentioned, with the caveat that, while an expat will surely save a lot if he or she makes complex plans to set aside a sizeable amount of their salary, they will no longer feel qualified to use the term "expat." For some people, this might be an opportunity, but for many people, it might be a reality.
@@jobsjobs6108Thanks for the feedback. I can't say I share your view that not having a private driver, maid and spending thousands every month on a taxi results in you losing your 'expat' status. Thankfully, many Australian expats recognise the opportunity to save without the need for 'complex' plans. Costs of living will rise and fall over time, which really highlights the need for adjusting the sails when required.
Having been an Australian 'expat' for over 10 years now without both a maid and a private driver, I don't consider myself any less of an Aussie expat@@jobsjobs6108
Great question - some certainly do, particularly younger expats who don't have children. It could be a great way to save on rent and still live in a convenient location.
Thanks for your note Heidi! There are certainly some great HDB options available - albeit I'm not sure everyone would consider $4,000/month 'cheap', just 'cheaper'. If you're earning A$100,000 per annum, that's still ~55 - 60% of your gross income. All relative of course
Single Aussie guy, 39, skills in comms, a couple years in cosec and a year of pqe in law. Thinking about the Singapore option to mix things up a bit. Seems like a good way to make the career profile stand out for future jobs. Would appreciate views. Nothing keeping me in Aus atm. Would happilly move to singapore if im able to save up in the process but all indications say its expensive but taxes are low. Would I be better off than in Sydney? Views?
Great question - all comes down to crunching your own numbers. There's no one size fits all approach here.
In terms of career prospects, personally I feel that Singapore is one of the greatest opportunities in the world for Australian expats to experience, however, it's important to note that many Australian firms see international expertise and experiences as a distraction and time 'out of the market'.
Few specifics because no precise information is given
1. An expat can anticipate earning between $20,000 and $30,000 per month (excluding housing or child-care expenses, etc.)
2. In this range, taxes range from 18 to 22%, so 4-5 K per month go toward taxes.
3. Depending on the school, age, and other factors, kid/child education will cost approximately $3,000 to $4,000 per month or per entity (most employers no longer provide benefits for kids' education to expats).
4. Renting is simple and ranges from $6,000 to $15,000 per month.
5. Easily commute or take a taxi up to $2,000 per month per person (if jobs are not nearby or the same).
6. Grocery and household costs, including maid services, etc. Easily 2k-3k per month
7. Food, goods, and shopping, easily $2,000 to $3,000 every month
8. Health /Medical Insurances Simple 1-2K/month for the whole family (Full Coverage)
9. Most Restrained Estimated Total, for a family of expats: 16-18k/Month
10. The most conservative estimates place the average monthly saving amount between $2k and $7k; nonetheless, it is very conceivable for an expat to have no savings at all or very little savings every month.
Other information (Very Conservative estimates only )
1. Spouse's EP/PR is extremely difficult to obtain
2. It is difficult for the spouse to find employment without EP/PR
3. An expat must have at least 1.5 million to 2.5 million upfront cash to secure an apartment that would easily cost him or her around 2-3 million (of approximately 1300 square feet) and around 70% duty, provided he or she can secure a 75% loan ($1.5 - 2 million in loan) at age 35 and no older.
4. Even if he/she can complete all of them, his/her monthly housing loan installment would typically cost him/her between 6 and 8k/month (rent can be used as an excuse here).
5. If he/she plans to purchase a car, it will cost at least $2,500 a month plus an initial payment.
6. If he/she decides to hire a driver, it will cost him at least $4000 a month.
Conclusion
Except for those in very senior positions and/or whose housing, children's education, insurances, and other expenses are entirely funded by their work, expats have no business living in Singapore.
Love your very detailed comment - must’ve taken some time, so allow me to respond in kind.
Let’s take a walk down reality lane and break some of this down to factor in some accurate information here.
1. The average expat salary in Singapore is approximately US$ 230 - $240k with many earning in excess of $500k when bonuses are factored in.
2. Tax payable on $20k per month is 11.9%. Tax payable on $30k per month is 14.8%. About half the figures you’ve outlined.
4. Rentals in HDBs are also available where expats are prepared to rent these and can be considerably lower at $4k - $5k per month.
5. $2k per month on a taxi, and you’re suggesting this is your ‘restrained’ estimate. Perhaps its time to learn to take the MRT or bus which costs $250k
3. Most expats don’t buy their main residence, and given returns over the last 20 years, and a minimum break-even period of ~12 years relative to renting, it’s easy to see why.
4. There is no need for 99% of expats to purchase a car - public transport is exceptional here.
5. Now we’re hiring a driver, I thought we were on a ‘restrained budget’
If you’re earning $360k per annum and still can’t afford to save, it might be time to review the maid, consider doing without your private driver, and perhaps catch the bus.
Yes, I agree with the majority of what you mentioned, with the caveat that, while an expat will surely save a lot if he or she makes complex plans to set aside a sizeable amount of their salary, they will no longer feel qualified to use the term "expat." For some people, this might be an opportunity, but for many people, it might be a reality.
@@jobsjobs6108Thanks for the feedback. I can't say I share your view that not having a private driver, maid and spending thousands every month on a taxi results in you losing your 'expat' status.
Thankfully, many Australian expats recognise the opportunity to save without the need for 'complex' plans. Costs of living will rise and fall over time, which really highlights the need for adjusting the sails when required.
Having been an Australian 'expat' for over 10 years now without both a maid and a private driver, I don't consider myself any less of an Aussie expat@@jobsjobs6108
Agree
Really clear and good points . Would appreciate if you could share the pro and con for Singapore citizen to relocate to Australia too.
Thanks Wendy - appreciate your comments.
I'll certainly do a video on this topic. Stay tuned!
Here is a quick TikTok I’ve created on this topic - vt.tiktok.com/ZSL3c4r2H/
Singapore is attractive but so difficult to get a PR ..OMG.... wish it had ANZ like point based migration
Yes, I think that many feel the same way. Singapore is quite a different system to Australia in the way that PR is granted.
People dont do share acconodation in Singapore? To save on rent?
Great question - some certainly do, particularly younger expats who don't have children. It could be a great way to save on rent and still live in a convenient location.
I disagree. Renting is expensive if you opt for a condominium. HDB rents are way cheaper. You can rent an entire 4-room HDB for $4000.
Thanks for your note Heidi! There are certainly some great HDB options available - albeit I'm not sure everyone would consider $4,000/month 'cheap', just 'cheaper'. If you're earning A$100,000 per annum, that's still ~55 - 60% of your gross income.
All relative of course