Why Singapore Is The Most Preferred Destination For Expats in Asia?
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Most of the countries in Asia are still developing or are underdeveloped because many people prefer to study/work in developed Asian countries. They prefer being in Asia due to the expenses and visa complications are much lower when you try for Asian countries compared to others. There are approximately 10 developed countries in Asia but why do expats prefer Singapore over others? Let’s go through the following pointers in the first place to know the answer(s):-
- As per the results of a survey conducted by global bank HSBC in 2014, Singapore was ranked as the world’s 2nd best and Asia’s best destinations for expats to live, work and raise their family.
- Through another survey named HSBC Expat Explorer 2016, about 27,000 expatriates (respondents) from 190 countries, including 533 respondents from Singapore, shared their respective experiences on life in Singapore. The following experiences were documented –
- Nearly 62% of expatriates living in Singapore stated that they earn more in this country as compared to others.
- 66% said their quality of life is much better in Singapore in comparison to their native countries.
- 62% of the respondents (based in Singapore) agreed that it is one of the best places for their development, in terms of career.
- The survey also noted that migrants in Singapore make about 139,000 USD/year on an average. This figure is considerably higher in comparison to its global average, which is 97,000 USD.
- Also, nearly 60% of migrants in Singapore get health allowances. It is more than the global standard of 51%, as well.
- In addition, it is quite easy and safe to transfer money overseas from Singapore via a reliable instant remittance operator like InstaReM and many others.
This is how expats in Singapore feel about the country, when it comes to balancing work and life. Because of all these things, Singapore has made it to the top position for the past 2 years.
What are the pros of living in Singapore as an expat?
A lively nightlife, mouth-watering dining options to suit everybody’s taste buds, easy accessibility to other parts of the South East Asia, endless work opportunities, good investment avenues, hassle-free international money transfer and low tax rates are just some of the pros offered by Singapore. Take a look at the other reasons that make Singapore the best expat destinations of Asia:-
Financial wellbeing
As already discussed, migrants in Singapore earn about $139,000 per year on an average, which is 43% higher than its global counterparts. Nearly 60% of expats feel that Singapore offers better job prospects in comparison to other countries. As far as the local economy is concerned, expatriates in Singapore are quite confident about the same. Also, 88% of them are happy with its current economic state.
Overall quality of life and expat experience
Singapore is also one of the most desirable places, in terms of expat experience. Let’s see what the following stats connote:-
Expats feel that the quality of their life has improved a lot since relocation. The points given below say it all:-
- 70% feel it in regard to their children’s education
- 44% in terms of accommodation, and
- 48% in terms of healthcare
A majority of expats consider Singapore to be a child-friendly country. Check out the following figures:-
- 86% (a considerable majority) feel Singapore is much safer than their native countries, when it comes to raising children
- 71% expats believe, living in the country means their kids will get a better quality of life
As far as lifestyle in concerned, the following figures are trending:-
- 73% expats find it easy to get adjusted to the weather of Singapore
- 71% feel it’s easy to blend in with its culture, and
- 88% find it quite easy to travel in and around in the country
Career prospects
In regard to career prospects, 6 out of 10 migrants working in Singapore think that it is a good platform for making advances in their career. Nearly 58% expats believe that, it is a good choice for starting a business. This figure again exceeds the global average of 38%.
All these things make Singapore the ‘best’ destination for expats in Asia. In spite of all these positive aspects about Singapore, if you are still worried about sending money to your native country, you can take a sigh of great relief. With instant remittance service providers like InstaReM, the cheaper alternative to send money within Asia, you can do the same easily without hurting your financial plans. Leave all tensions behind and focus on the main objective(s) of your life.
