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actual exchange rate of 1.4, the Singapore dollar was undervalued against the U.S. dollar by 15.5 percent. Put simply, what this means is that the same Big Mac that costs US$3.57 in the United States would cost only US$3.03 in Singapore.
Taxation People working in Singapore find that they have higher disposable incomes because of the attractive personal tax rates. Only personal income derived from Singapore is taxable at progressive tax rates of 0 percent to 20 percent for tax residents and a flat 15 percent for non-resident individuals or the resident rate (whichever gives rise to a higher tax amount). A tax resident in Singapore who earned S$100,000 in 2009, for instance, would pay only S$7,100 in tax. Conversely, a tax resident in the United States who earned US$100,000 in 2009 would pay between US$15,000 to US$35,000 in tax.
Housing Matters There is a wide selection of accommodations in Singapore ranging from houses to serviced apartments, condominiums, and public housing. Property and rental prices depend on key considerations such as location, age of the property, amenities, proximity to malls or rail stations, size, and so on. There are no restrictions on the types of residences that foreigners can rent. However, the Singapore government has certain policies for foreigners purchasing landed property and public housing. Unlike many other countries, public housing in Singapore is of high quality. In fact, 83.5 percent of Singaporeans live in public housing.
Checklist
T
o ensure that your move to Singapore is free of hiccups, here is a checklist of things to note before your arrival.
Financial Matters • Complete all taxation and legal matters that will affect you and your family. • Arrange for medical insurance. • Set up a bank account. Travel Plans • Check with the Singapore embassy in your country as to whether you need a visa to enter Singapore. • Make sure your passport is valid for at least six months from the day you plan to enter Singapore. • Settle your travel and accommodation plans. • Engage a relocation or moving company. • Arrange for schools for your kids in advance—some international schools have long waiting lists. • Inform relatives and friends of your change of address; give them your new contact details. Important Documents • Birth, marriage (or divorce) certificates for the entire family. • Identification card. • Medical and dental records, including inoculation records. • Medical prescriptions. • Pension and insurance records. • Recent bank statements. • School diplomas and reports (for children). • Update résumé and letters of recommendation. • Employment contract and copies of previous employment contracts. • Driver’s license. • Passport photos. Customs • Make sure the items you plan to bring with you meet Singapore customs regulations; some items are dutiable, others are prohibited by law. • Make sure your electrical items follow the British system or else, bring an adapter.
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