Discover Why Entrepreneurs Love Singapore: Enjoy Tax Savings and Culinary Delights in This Paradise

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Discover Why Entrepreneurs Love Singapore: Enjoy Tax Savings and Culinary Delights in This Paradise

Meng To, a tech entrepreneur, moved from Canada to Singapore two years ago. For him, this city-state isn’t just a new address. It’s a true paradise.

Recently, he renewed his Singapore visa for three more years. He describes life in the Lion City as a blend of beautiful weather, efficient services, and great tax benefits. “I just renewed my Singapore visa for 3 years. It’s a paradise here,” he tweeted, sharing his happiness in a simple line.

One of the main attractions for To is Singapore’s tax system. He enjoys a low income tax rate ranging from 5% to 15% for higher earners. He finds it refreshing compared to his experience in Canada, where he paid over 150,000 CAD in taxes annually. In Singapore, he appreciates the absence of capital gains tax and the no-tipping culture. It allows him to save a good amount of money.

Rent can be as high as in San Francisco, but To believes the savings from taxes make it worthwhile. “Rent is expensive, but the tax savings outweigh the costs. The more you earn, the more you save,” he points out. In Singapore, if you invest, you don’t have to pay tax on profits.

Beyond finances, he loves Singapore’s digital ease. “My first year here, I was shocked that I only paid 5,000 SGD in taxes. No paperwork! It’s all automatic. Just log in, report, and pay. It’s that simple,” he shares.

The quality of life for To and his family has improved significantly. “English is widely spoken, and there are great schools for our kids. The healthcare system is the best I’ve encountered,” he adds. He finds the healthcare here to be quick and efficient, contrasting it with his experiences back in Canada, where finding a timely appointment could be challenging.

Food is another highlight for him. “The food here is simply fantastic. Hawker centers offer delicious meals at low prices. You can find almost any quality food, from Wagyu beef to Japanese strawberries,” he says, sharing how his kids love the fresh seafood.

To also admires Singapore’s unique furniture designs. “The quality is amazing and the prices beat even Ikea,” he notes.

In essence, Singapore combines efficiency, luxury, and warmth. To feels energized in this vibrant city, saying, “We feel like we’re living a retirement dream with palm trees and great amenities, yet I’ve never worked harder.”

As Singapore continues to grow, it remains a hotspot for expats and professionals worldwide. Recent surveys show a rise in expatriates choosing Singapore for its favorable business climate and lifestyle. In 2023, almost 25% of expatriates reported higher job satisfaction in Singapore compared to other countries.

To’s story is just one example of why more people are considering the Lion City as their new home. With its attractive tax policies, robust healthcare, and rich culinary scene, Singapore remains a compelling destination for those seeking a better quality of life.

For more detailed information about Singapore’s tax policies, you can check out the Singapore Tax Authority.



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