The latest Cost of Living survey which was released at the beginning of June finds Singapore on the 24th position in terms of the most expensive location for expats at global level. The city-state fell from the 18th position it occupied in last year’s report. Even so, this is not bad news considering Singapore became more accessible for foreign investors, professionals and skilled workers. If you want to relocate and want to apply for an investor visa, you can rely on our law firm in Singapore.
Even if at global level Singapore fell 6 places in the Cost of Living Index, the prices have grown a little which is a factor determining the city-state to remain among the most expensive cities in the Asia-Pacific region. In local currency terms, foreign citizens living in Singapore may have felt a slight increase in their living costs in the past year, however not higher than in cities like Hong Kong, Tokyo or Seoul.
Foreign entrepreneurs and professionals seeking to move to the Lion City can ask from legal advice from our attorneys in Singapore before applying for the existing visa types. They can also offer more information on the Immigration Law.
The Cost of Living Index is based on two main components: one which indicates how much foreign citizens must pay for living in another country, while the other helps companies, including Singapore companies, to calculate the living allowances for their foreign employees. Among the expenses comprised in the report are the good and services bought by expatriates in 460 countries in the world, however it does not include rental costs, utilities or car purchases. In Singapore, the latter are deemed as separate expenses for which different allowances are available.
During the years Singapore has enables various governmental assistance schemes for companies in need of foreign workforce while also creating a favorable environment for those coming here for employment purposes.
If you own a company in the city-state and want to hire foreign citizens, please contact our Singapore lawyers for information on the employment legislation. We can also help those interested in opening a company in Singapore.
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