It is easy to see why so many people are drawn to the idea of retiring in Singapore. It is one of the most beautiful and exciting places in South Asia, and if you are looking for somewhere warm then you are definitely in luck. However, retiring in any overseas country can be complicated, and there are some things that you will need to know if you are thinking about making Singapore the place where you are going to spend the bulk of your retirement.
Some of these things are practical and are focused on getting into the country and finding a place to live. But some of these things are a lot more fun and will help you to make the most of your time spent in this amazing country. So, let’s have a look at what you need to know about retiring in Singapore as an ex-pat.
You Will Need To Go Through The Visa Process
Unsurprisingly, this is going to be the biggest hump that you will have to jump through if you are thinking about retiring in Singapore as an ex-pat. The Singapore visa and citizenship process is extremely strict, so you will need to research this point. There is no dedicated visa set up for ex-pats who want to retire in Singapore, which is bad news. The good news is that there are options available. The first is that you can apply for a work visa if you have an offer of employment, and you can also apply for a visa if you are an entrepreneur. The main thing you need to remember is that you need to either invest or be an employee if you want to have residency in Singapore, so think carefully about this first step.
You Will Need Local Expertise When Buying A Property
The property market in Singapore is competitive to say the least. That is probably not going to be a big surprise to anyone who has been keeping track of the global property market in the last couple of years, but it is worth keeping in mind. It is especially true as it is always going to be harder to find a home to buy if you do not already have a lot of local expertise. For example, what if you need to apply for a home loan for your new property? Singapore has several major banks and financial services groups, but if you are wondering what the difference is between a DBS Home Loan and a UOB home loan, then you should talk to a local property expert. PropertyGuru is there to help you find the perfect home and to help you through the whole process, from search to purchase.
You Do Not Necessarily Need A Car
This is either going to be good news or bad news, depending on how much you love your cars! But Singapore is incredibly well served by its renowned public transport system, the MRT (Mass Rapid Transit), which covers a huge area. The whole country is relatively small, which is why the government has invested so massively in making sure that it has a public transport system that works for all its residents. The other reason why you may want to think twice about planning for a car is that it can be prohibitively expensive. In addition to the cost of buying the car (which will be high), you will also need a COE (Certificate of Entitlement), which is a pricey investment too. If you are retiring, there may be very valid reasons why you need a car to get around. But if you could do without one for a while, it will be worth waiting and seeing if the MRT is good enough for your needs.
Singapore Can Be Expensive But It Doesn’t Have To Be
As you may have already gathered, it can be easy to spend a lot of money just getting into Singapore and settling in. The cost of living here is certainly high, but it does not have to be as expensive as you might think. As we mentioned, public transport is a great way of cutting back on your costs, and many of the best ways to save money include making the most of being in such an amazing place to live. For example, you will be able to find incredible western style cuisine and there will be fantastic terrace bars to spend your evenings at, as well as beautiful high class shopping malls. But if you really want to get a feel for the place, you should try eating local cuisine and exploring everything the city has to offer, instead of spending most of your time in hotel facilities. Singapore is a truly amazing place to be, and you should avoid the touristy options occasionally to make the most of it.