Questions on moving to Singapore as a German

[GLenA]

Hello everyone,

My company offered me a possibility to move to Singapore for a project(1-1.5year), and my company has offered me a 80% bonus on top German salary. But I need advice on taxes, housing and daily expenses:

1. Taxes: any tips on maximizing income and meeting tax obligations in Germany and Singapore as an expat? How much would be reduced from my gross and for what:tax, social controbutions?

2. Housing: What are the typical rental prices in Singapore, and are there any hidden costs? Recommended way to rent an apartment? Airbnb, agents etc...

3. Expenses: What expenses can I expect for food, restaurant meals, transportation, utilities etc? This is what I got from Numbeo:

Consumer Prices Including Rent in Singapore are 70.8% higher than in Berlin

Can you confirm this?

4. financial planning: are there any recommendations for managing finances, such as local bank accounts?

I look forward to hearing your insights and tips! Thank you!

[sundaymorningstaple]

Don't they have Google in Germany? Numbeo

https://www.numbeo.com/cost-of-living/rankings.jsp

[GLenA]

Thank you for your reply. Yes, I have. See my 3rd point in my above post.

[malcontent]

Hello everyone,

My company offered me a possibility to move to Singapore for a project(1-1.5year), and my company has offered me a 80% bonus on top German salary. But I need advice on taxes, housing and daily expenses:

1. Taxes: any tips on maximizing income and meeting tax obligations in Germany and Singapore as an expat? How much would be reduced from my gross and for what:tax, social controbutions?

2. Housing: What are the typical rental prices in Singapore, and are there any hidden costs? Recommended way to rent an apartment? Airbnb, agents etc...

3. Expenses: What expenses can I expect for food, restaurant meals, transportation, utilities etc? This is what I got from Numbeo:

Consumer Prices Including Rent in Singapore are 70.8% higher than in Berlin

Can you confirm this?

4. financial planning: are there any recommendations for managing finances, such as local bank accounts?

I look forward to hearing your insights and tips! Thank you!

The cost of living for a single person or couple is very different than for a family with school aged children. Which one are you?

[jalanjalan]

For your points 2 and 3, there have been several recent discussion threads here on this forum. Do take a look as they'll be equally applicable to you. In a nutshell, housing is the big one, and daily living expenses will depend on your lifestyle, and as Malcontent said, you family size/kids' schooling needs.

[PNGMK]

Don't do it.

[GLenA]

Don't do it.

I shall not accept the position?

[GLenA]

Hello everyone,

My company offered me a possibility to move to Singapore for a project(1-1.5year), and my company has offered me a 80% bonus on top German salary. But I need advice on taxes, housing and daily expenses:

1. Taxes: any tips on maximizing income and meeting tax obligations in Germany and Singapore as an expat? How much would be reduced from my gross and for what:tax, social controbutions?

2. Housing: What are the typical rental prices in Singapore, and are there any hidden costs? Recommended way to rent an apartment? Airbnb, agents etc...

3. Expenses: What expenses can I expect for food, restaurant meals, transportation, utilities etc? This is what I got from Numbeo:

Consumer Prices Including Rent in Singapore are 70.8% higher than in Berlin

Can you confirm this?

4. financial planning: are there any recommendations for managing finances, such as local bank accounts?

I look forward to hearing your insights and tips! Thank you!

The cost of living for a single person or couple is very different than for a family with school aged children. Which one are you?

I am 29Y old and I would move alone.

[malcontent]

I am 29Y old and I would move alone.

In that case, I would take the job with the 80% pay increase and simply rent a room here.

As a single person, it is easily possible to maintain a similar or lower cost of living as Berlin… but instead of living in your own place and driving a car, you live with others and take the bus. That way you can save the entire 80%, invest it in your retirement portfolio and shorten your time to financial independence.

Not to mention, it will be a great experience.

[GLenA]

I am 29Y old and I would move alone.

In that case, I would take the job with the 80% pay increase and simply rent a room here.

As a single person, it is easily possible to maintain a similar or lower cost of living as Berlin… but instead of living in your own place and driving a car, you live with others and take the bus. That way you can save the entire 80%, invest it in your retirement portfolio and shorten your time to financial independence.

Not to mention, it will be a great experience.

Thank you for the encouragement

[GLenA]

Can you recommend a tax calculator which give such a detailed picture on what remains from the net salary?

[malcontent]

Can you recommend a tax calculator which give such a detailed picture on what remains from the net salary?

Because Singapore income taxes are so simple, there is no need for a tax calculator.

For a single person, the only tax relief you’d likely be getting is the earned income relief, which only knocks $1,000 off whatever you earn in the year. Beyond that, you’ll pay exactly what the tax rate table shows.

Let’s say you earned S$161,000, your tax payable would be $13,950 or an effective rate of ~ 8.7%. That’s all there is to pay. I would not recommend trying to use any tax advantaged accounts like SRS if you’re only here 1.5 years.

All of this assumes you’ll qualify as a Singapore tax resident (you’ll need 183 days in the tax year, so you might want to act fast). Otherwise you’d pay a flat 15% non-resident rate in most cases. That is, unless the Germany-Singapore double tax treaty applies (I have no knowledge of how that might come into play).

https://www.iras.gov.sg/taxes/individua ... -residency

[GLenA]

Thank you for your time and guidance!