Pros & Cons of Moving to Singapore for Australians

Singapore is a small but mighty city-state located in Southeast Asia. It is known for its strong economy, high quality of life, and diverse culture, which have made it an attractive destination for people from all over the world, including Australians. If you are an Australian considering a move to Singapore and becoming an Australian expat, or perhaps even relocating from another country, you may be wondering what the pros and cons of living there might be.

In this article, we will delve into the pros and cons of relocating to Singapore as an Australian, to help you make an informed decision about whether or not it is the right move for you, or at least to shed some light on aspects you may not have considered.

The Pros of Moving to Singapore as an Australian

A strong economy and job opportunities

One of the major pros of moving to Singapore as an Australian is a strong economy and job opportunities. Singapore is a highly developed and prosperous country, and it is home to a number of international companies that may be of interest to Australian professionals. With many companies shifting their regional headquarters from Hong Kong to Singapore as their new Asian base, this has further increased the number of opportunities available.

The job market is generally stable, and there are a variety of industries to choose from, including finance, tech, healthcare, and more. Whilst it has become more difficult to obtain work passes, and the competition is certainly stronger, there is no shortage of opportunities available for those that are looking.

High quality of life

Another pro of moving to Singapore is the high quality of life. Singapore is consistently ranked as one of the safest countries in the world, and it has a world-class healthcare system that is accessible and affordable for all residents. There are very few countries in the world where you feel completely safe walking around the streets alone at night, and Singapore is certainly one of them.

Education is also highly valued in Singapore, and the country has a number of excellent schools and universities. This includes the international schools that follow the Australian education system, which makes it easier for those parents wanting to ensure that their children will not be disrupted if/when they repatriate to Australia.

Diverse and welcoming culture

In addition to its strong economy and high quality of life, Singapore is also a diverse and welcoming culture. The country is made up of people from a variety of ethnicities and nationalities, and there is a strong sense of community and belonging.

Australian expats in Singapore are generally able to integrate easily into local society, and the country has a reputation for being very welcoming to newcomers. Many Australian expats who decide to relocate to Singapore don’t certainly want to meet other Aussies that they could have met at home but are more interested in getting an in-depth understanding of the local culture, and there are certainly many opportunities to do so.

Convenient location for travel within Asia

Finally, Singapore's convenient location within Asia is another pro for Australians considering a move. It is a great base for exploring other countries in the region, and there are many affordable and convenient travel options available. Whether you want to take a weekend trip to Thailand or a longer holiday skiing or snowboarding in Japan, Singapore is a great starting point.

For anybody who has flown into Singapore, it’s not difficult to appreciate why Changi Airport is consistently voted the best in the world.

The Cons of Moving to Singapore as an Australian

High cost of living

One of the major cons of moving to Singapore as an Australian is the high cost of living. Singapore is known for being one of the most expensive cities in the world, and many everyday expenses, such as housing, food, and transportation, can be quite steep. This may be a challenge for Australians who are used to a relatively lower cost of living in their home country.

Tight housing market

Another con of moving to Singapore is the tight housing market. It can be difficult to find affordable and suitable housing in Singapore, especially for expats who are not familiar with the local property market. Rent prices can be high, and there is often competition for available units.

With the recent increases in rental prices given strong demand and a lack of new supply built throughout the Covid-19 restrictions, this has only exacerbated the cost of living pressures. Many Australian expats have been faced with a 40 to 80 percent increase in their rental prices to renew their leases as they come up for expiry.

Strict laws and regulations

In addition to the high cost of living and tight housing market, Singapore has strict laws and regulations that may take some getting used to for Australians. For example, certain behaviours, such as chewing gum or smoking in certain areas, are strictly prohibited and can result in fines or other penalties. Additionally, the country has strict laws governing immigration and employment, which may be different from those in Australia.

The regulations regarding work pass for Australian expats, or particularly their trailing spouses, have certainly made it more challenging for those looking for ways to make Singapore their new home.

Limited personal space and privacy

Finally, one of the cons of moving to Singapore is the relatively limited personal space and privacy. Singapore is a small country with a high population density, which can mean less personal space and a lack of privacy in some areas. This may be a challenge for Australians who are used to more open and spacious living conditions, such as the big backyard in your home.

So, is Singapore the right destination for you as an Australian?

As we've seen, there are certainly plenty of pros and cons to consider before making the decision to move. On the one hand, Singapore has a strong economy and job opportunities, a high quality of life, a diverse and welcoming culture, and a convenient location for travel within Asia. On the other hand, it can be expensive for you and your family to live there, the housing market can be tight, the laws and regulations are strict, and personal space and privacy may be limited compared to what you’re used to.

Ultimately, the decision to move to Singapore should be based on your personal preferences, career goals, and the opportunities that you’re looking for. Carefully consider all of the factors and do your research before making a decision.

If you do decide to make the move, be prepared for an exciting and challenging adventure as you navigate a new country and culture. Our team at Ally Wealth Management has worked with many Australians both living in Singapore and preparing to move there, so we’d love to assist.

Whether or not Singapore is the right destination for you, we hope this article has provided some helpful information to guide your decision-making process.

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Ally Wealth Management is the trusted ally in finance for Australians at home and across the globe. As both Australian expats and residents, the founders of Ally have a unique understanding of the common personal financial challenges faced.

Book your complimentary appointment with our team at Ally Wealth Management to discuss how we can help you to achieve your financial goals.

Ally Wealth Management Pty Ltd is a Corporate Authorised Representative of Sentry Advice Pty Ltd ABN 77 103 642 888. Sentry Advice holds an Australian Financial Services Licence (AFSL) No. 227 748.

General Advice Warning: The information contained herein is of a general nature only and does not constitute personal advice. You should not act on any recommendation without considering your personal needs, circumstances, and objectives. We recommend you obtain professional financial advice specific to your circumstances.