Moving to Singapore from Australia: A Guide for Aussie Expats

Singapore is a popular destination for Aussies looking to move abroad with its modern infrastructure, expat-friendly culture, and tax-friendly environment. Moving to Singapore from Australia is an exciting leap, whether it's for work, family, or just the thrill of living somewhere new. That said, understanding the key differences between life in Singapore and Australia is essential, especially when it comes to your finances.

In this guide, we discuss how to make the move to Singapore smooth, stress-free, and financially successful.

Why do Australians move to Singapore?

Singapore is a natural fit for Australians. English is one of the official languages, it's considered safe, the healthcare is world-class, and there's a strong Australian Expat community already thriving here. Plus, it’s a major hub for travel across Asia, with Hong Kong, Bali, Thailand or Vietnam only a short flight away.

Working in Singapore

Entry and Rights to Work

Unless you’re a permanent resident or citizen of Singapore, you’ll need a valid visa. Most Australians moving to Singapore from Australia for work will require an Employment Pass (EP), which is typically sponsored by an employer and geared toward professionals earning a minimum monthly salary. An employer usually applies for this on your behalf.

Other visas include the S Pass (lower salary threshold), EntrePass (for those with a business) and Dependent’s Pass (for the spouse or children of EP holders).

It is recommended that you seek advice from an immigration professional to determine what visa and work permits are appropriate for your situation.

Make sure to check with the Ministry of Manpower (MOM) for the most up-to-date requirements.

Employment

Singapore is a global business hub for professionals in accounting, banking and finance. Healthcare and biotechnology are other key industries, along with Singapore’s thriving service and tourism sectors.

Securing employment before your move to Singapore will be convenient as it will allow you to plan other aspects of your move, such as where to live or your children’s school.

However, if you don’t already have a job lined up, have a strategy in place for when you arrive. Connect with recruiters and review online job boards.

When it comes to your salary, research your industry and role to determine what remuneration is considered appropriate and fair. You can likely expect to earn well in Singapore. You may be able to negotiate packages that account for school or relocation fees.

Managing your Finances in Singapore

Cost of Living

Singapore can be an expensive place to live. It’s important to familiarise yourself with the costs of typical expenses in Singapore to prepare for your Expat lifestyle.

When compared to Australia, Singapore can be more expensive in some areas but cheaper in others. For example, housing and international schooling are considered more expensive in Singapore. However, public transport and dining can be more affordable in Singapore.

Singapore is well-known for its availability of retail shopping. However, it’s important to note that international brands will likely be more expensive in Singapore.

Despite Singapore being a more expensive place to live, you’ll likely enjoy increased income.

Singapore has world-class public and private health. As an Australian Expat, you’ll likely need private health insurance, so you may want to factor this into your budget. Some employers may include this as part of your remuneration package.

Banking & Money

In Singapore, the local currency is the Singapore Dollar (SGD). It is considered a strong, stable currency.

Having a foreign currency exchange strategy is key for Australian Expats in Singapore. Whether you’re funding your Singapore account or sending money back to Australia, you’ll need to find a suitable currency exchange provider with low or no fees, competitive rates and fast transfers.

If you're earning income or paying bills in Singapore, you’ll likely need a bank account in Singapore. Setting up a bank account can be straightforward with the appropriate documents like your Employment Pass, passport and proof of address. Some banks may also require a letter from your employer.

Taxation

In Singapore, the tax year is calendar-based, meaning it runs from 1 January to 31 December (in contrast with Australia’s financial year running from 1 July to 31 June). Your tax returns in Singapore are filed with the IRAS (Inland Revenue Authority of Singapore).

The personal income tax system in Singapore is territorial-based, meaning that you are typically only taxed on income earned in Singapore. It is progressive with the tax rates starting from 0% up to 22%. There is no capital gains tax, inheritance tax, or take on overseas investments.

Australia and Singapore have a Double Taxation Agreement (DTA), so you don’t get taxed twice on the same income.

If you are a non-resident for tax purposes in Australia (non-resident), you may be exempt from Australian income tax on Singapore-earned income. If you are still considered an Australian tax resident, you must declare your global income, but you can typically claim a foreign income tax offset for tax paid in Singapore. You should always seek professional tax advice about your Australian Tax Residency status.

Learn more about Australian Tax Residency Rules. 

Wealth Creation Opportunities while in Singapore

When moving to Singapore from Australia, Expats should consider taking advantage of the unique investment opportunities available to them.

• Australians abroad can continue to invest in ASX-listed assets, such as Shares and ETFs (Exchange-Traded Funds). However, some Australian platforms may restrict access to expats, so it’s important to choose a suitable provider that supports your tax residency status.

• With no Capital Gains Tax (CGT) in Singapore, Australians who are non-residents for tax purposes in Australia can invest in shares and other listed investments, without accruing a CGT liability. Even when they are held through an Australian investment account.

• There are a multitude of investment options available in Singapore, which is also considered a regulated financial system. When considering investing in Singapore, you should consider your intended time frame in the country and any implications of accessing those investments once you return to Australia.

• Be mindful of currency risk if you're holding or investing in AUD vs SGD-denominated assets.

Consider working with an Expat Financial Adviser familiar with expat wealth management to help diversify your portfolio and make the most of the opportunities available.

Learn more about our Expat Financial Planning services. 

Moving your family to Singapore

Education

Similar to the Australian schooling system, the school year in Singapore starts in January and usually concludes in November. It is divided into four terms with holidays after each term.

There are several international schools located in Singapore. Most students are required to sit an exam prior to their admission into an international school, and depending on their parents’ Employment Pass, the child may also need a Student Pass.

You may want to consider where your child will attend school before determining what neighbourhood to reside in.

Pets

Moving to Singapore from Australia with a pet is possible, but it requires careful planning and strict compliance with regulations. All animals must satisfy health, vaccination and quarantine requirements. You must follow the import process regulated by Singapore’s Animal & Veterinary Service.

Singapore has varying rules as to what breeds and sizes of animals can live in certain buildings, so you may want to keep this in mind when looking for a place to live.

Manage your affairs back home

Moving overseas doesn’t mean cutting ties with home, but it does mean taking steps to manage your finances, taxes, property, and responsibilities carefully while you're away.

Property Management

If you own property in Australia:

• Consider appointing a property manager for rentals so that there is someone on the ground to manage your property.

• Ensure your landlord insurance is up to date.

• Consider whether it makes sense to sell or rent out the property based on capital gains and market conditions.

If you sell property while living overseas, the tax rules in Australia are very different for Expats:

• Where the property was previously your home, non-residents do not receive the main residence exemption (MRE).

• Non-residents are still required to pay capital gains tax (CGT) in Australia on property, with only a partial 50% discount available for the period it was owned as a tax resident.

• Foreign Resident Capital Gains Withholding (FRCGW) may apply to the sale of property in Australia, which is a 15% withholding tax on the sale price. If you are a tax resident, consider obtaining a clearance certificate. If you are a non-resident, you can apply for a variation.

Learn more about Selling an Australian Property as an Australian Expat. 

Legal Affairs & Estate Planning

Update your address with key institutions including the ATO, super funds, banks and Electoral Commission.

Consider if your estate planning (Wills, Powers of Attorney or Advanced Health Directive) requires updating to ensure that it is suitable in your host country and aligns with your wishes.

Learn more about Estate Planning Considerations for Australian Expats. 

Superannuation and Retirement accounts in Singapore

Singapore's Central Provident Fund (CPF)

Singapore's Central Provident Fund (CPF) scheme is a mandatory social security savings plan, however, it is primarily for Singaporean citizens and permanent residents.

As an Australian expat working in Singapore on an Employment Pass, you are not required to contribute to the CPF. This can result in a higher take-home salary compared to local employees.

Since you won't be building up CPF savings, it's important to consider alternative retirement planning options while living and working in Singapore. If you later become a permanent resident, CPF contributions will then become mandatory for both you and your employer.

Australian Superannuation

As an Australian expat living in Singapore, you can continue to maintain and contribute to your Australian superannuation fund, although contributions are typically voluntary unless you're still employed by an Australian company.

While you're not obligated to contribute while working overseas, making voluntary contributions can help you stay on track with your retirement savings. Keep in mind that superannuation contributions are subject to Australian tax rules, including annual contribution caps. It's also important to check with your fund about any fees or restrictions for non-residents.

Conclusion

Moving to Singapore from Australia can be a rewarding step that opens up a world of opportunity, professionally, personally, and financially. From navigating visa requirements and understanding the local tax system to securing employment, managing your finances, and relocating your family, there are many moving parts to consider. However, with careful planning and the right support, your transition can be smooth and empowering.

Being well-prepared will help you make the most of your new expat life. Keep in mind your financial goals, take care of your affairs back home, and don’t hesitate to seek advice from professionals familiar with expat transitions.

Runway Wealth Management is the trusted Financial Adviser to the Australian Expat community. Our tailored advice is backed by expertise, education and experience, which allows us to be at the forefront of Australian Expat Financial Planning.

If you would like to speak to one of our Expat Financial Advisers about this blog or if you have other queries, we would be more than happy to speak with you. Feel free to send us an enquiry through the ‘Contact Us’ tab provided in the link below:

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General Advice Disclaimer: The information contained herein is of a general nature only and does not constitute personal advice. You should not act on any recommendation without considering your personal needs, circumstances, and objectives. We recommend you obtain professional financial advice specific to your circumstances.