Without doubt Singapore offers much to do and its healthcare and medical standards are extremely high, and the streets are safe. Given these reasons, it’s understandable that the country is a favorite among expats seeking to live and work there. However, Singapore is not the ideal destination for retirees on a budget. There are no retirement visas available to live in Singapore and it is very difficult for people to retire here.
The key to living in Singapore as a foreign national is to work or invest in the country. In fact, without applying for and being granted Singaporean Permanent Resident status during the time one is working under a pass and are less than the age of 50, a foreign national cannot outstay their EP/S Pass or investor/entrepreneur program.
For individuals who have not previously worked in the country or obtained permanent residency, the only remaining option allowing them to retire in Singapore is to provide significant investment into the economy (minimum of SGD$1,000,000). As such, the opportunities for many who might want to retire to the island nation are limited.
Singapore requires proof that you’re earning at least SGD$7,500 (US$6,000) per month. In addition to satisfying the income requirements, you also need to purchase a property valuing at least SGD$500,000 (about US$400,000). If you qualify, you’ll be eligible for a visa allowing you to remain in the country for five years.
Apart from these, one point which needs to reiterated for the benefit of expats looking to retire in Singapore is that living in Singapore is fairly expensive compared to many other places that expats are likely to consider retiring to. This is especially true for those who will be living on a moderate or fixed-budget during retirement.
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