Small in size but not in economy, Singapore is the concrete example of the saying that “size does not matter”. This city-state got its name from “singa” which means “lion” and the Malay word “pura” meaning “city”. Singapore used to be a humble fishing village back in the 1800’s, but it is now one of Asia’s richest countries with a 139 billion US dollar foreign reserves.
Officially, the the Republic of Singapore is an island city-state. It was a former Malay fishing village until the British East India Co led by Sir Stamford Raffles developed the area into the economic power it is today.
Retiring to a New Life in Singapore
Climate in Singapore
Singapore is a tropical country with no discrete division of seasons. The predominant temperatures in Singapore are between 22 degrees to 34 degrees Celsius. This makes the climate in the country with an almost uniform temperature all throughout. Rainfall is abundant and humidity is high in the island nation. Humidity measurements are 60% at midday and 90% during mornings. At times of heavy rainfall, however, humidity reaches up to 100%. The wettest months are November to December while the hottest and driest is from June to July. Haze from Indonesian brushfire is present from August through October, enough, sometimes, to issue a health warning.
Government in Singapore
The Republic of Singapore has a parliamentary government with a single legislative chamber following the Westminster system. The parliament consists of members from different constituent groups such as the division based on race (Indian, Malay, Chinese, etc). A Prime Minister heads Singapore’s Cabinet that basically has the volume of the country’s executive powers. The president of the state was given a restricted power to veto on some important national decisions in 1991. PAP or People’s Action Party dominates the government of Singapore with several opposition parties trailing behind. In general, the political organization of Singapore comprises of authoritarian and democratic components.
Tax System in Singapore
Singapore is famous for having an honest government that actually spends people’s taxes to increase their economy. The department responsible for tax collection is the Internal Revenue Authority of Singapore. Taxes in Singapore include stamp duty, estate duty, personal income tax, business income tax, and property tax. Residents of the country are liable to pay tax for income made inside and outside Singapore. For non-residents, any money made in Singapore that didn’t exceed sixty days is subject to tax exemption. It would take a minimum 183 days before you can be considered a Singapore resident.
Medical Care in Singapore
Medical care in Singapore is arguably the best among all Southeast Asian countries. In fact, the Singaporean government seeks to further the country’s expertise. This led many hospitals, private and public alike, to collaborate with international medical research facilities. This can ensure you that health care in Singapore differs little than that of developed countries. Hospitals in Singapore are equipped with the most modern medical equipments. Due to this, various sensitive operations including organ and joint transplant, reattachment of limbs, and assisted reproduction are made possible. Residents of neighboring countries often look to Singapore when in need of such services. Caution still needs to be observed as there may be some health hazards that can still be acquired even in such a developed system.
Real Estate in Singapore
Currently, 80% of the Singaporean population lives in public housings. The other 20% comprises the demographics living in their own homes, condominiums, apartments, and other types of properties. Public Housings are located in the center of urban settlements where establishments such as hospitals, markets, schools, recreational areas, and food centers are easily accessible. The public housings are more commonly referred to locally as HDBs. The different types of HDBs are the executive, five-room, four-room, and three-room flats. Each flat has the number of rooms corresponding to their type while an executive flat has four rooms in total though much bigger than any of the other types.
The Singaporean government also takes an active role in the property relations in the country. Now, there are new measures being undertaken to curb property speculation as this is one aspect of the economy that has been affected by the current world financial crisis.
Shopping in Singapore
Singapore is a haven for those who love to shop. Prices in Singapore are basement-low that even the most disciplined of shoppers might have a hard time restraining themselves. Malls and shopping centers are numerous but if you really want to get a piece of shopping action, head to the Orchard and Scotts intersection. An advice to all first-timers who are used to colder climates: travel through the intersection’s basement level where shopping buildings are connected. Otherwise, you might suffer from the heat of the sun mingled with the heat generated by the great crowd which is never absent from the shopping area. If you’re going to live in Singapore, you might as well know that the whole country celebrates the great Singapore Sale from late May until late July. Discounts range from 20-25% usually, though if you’re lucky, you might encounter a 50% discount clearance sale.
Cost of Living in Singapore
Singapore might not be the cheapest place to live in, but it certainly is not the most expensive. According to recent surveys, Singapore places 17th among the most expensive cities in the world. 1 Singapore dollar is roughly equivalent to 0.66 US dollars and the inflation rate per year can be as low as 0.3% to none. Goods and services are relatively cheaper for people coming from developed countries and taxes are, of course, lower. All in all, Singapore might be the perfect place for you to retire if you want a comfortable life for lesser the costs.
The cost of living in Singapore was discussed in a post at the Singapore Expat Forum last 17th April 2009:
Is 4000SGD before or after tax? Most Singaporeans live comfortably under 2500SGD. I can do a very rough breakdown for you.
Accom: $400-800 (depending on your required level of comfort)
Food: $200-400 if you intend to cook everyday. $400-600 if you eat out every meal. Average of $20-30/meal if you pamper yourself at restaurants.
Transport: $50-150 for public transport
Phone bill: $30-100 depending on your usage
Utility bill: $50-100
Toiletries: $20-50
Taking the upper limit on the above, you spend $1800 monthly. I have not included your shopping expenses as I don’t know what you normally buy. But I dare say you’re in a safe pay range
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