According to the ninth edition of HSBC Holdings Plc’s annual Expat Explorer report in 2061, Singapore has been rated as the best country to live, work and raise a family abroad. In other words, Singapore always tops the list of “destinations of international migrants” when people are considering migrating to other parts of the world to start a new chapter of their life. But what attracts people to migrate to Singapore? Here’s a breakdown of why Singapore is one of the favorite destinations of international migrants.
Singapore has one of the best higher education systems in the world with a highly-skilled workforce. This is indeed the key factor that asserts its position as the hub of talents in the region, which has created tonnes of job opportunities with a better prospect, which are always in line with the fast-growing economy.
Singapore is often referred as the Switzerland of Asia due to its strong economy. Its strategic geography in the region and great connectivity with neighboring countries have further cemented its position as the financial hub in Southeast Asia and one of the important financial hubs in Asia. It’s the ideal avenue to tap into other Asia markets and this has attracted many foreign investments into the country.
Business Friendly Ecosystem
The government-pro business environment, tax benefits, low tax rates and the ease of doing business are among the factors that contribute to attract people to live, work and setup business in Singapore. In Singapore, only earnings are taxed. The capital gains, dividends, and bank interest are exempted from tax. Singapore doesn’t tax any overseas earnings either.
Quality of Life
Singapore is very well-known of its stable political environment, low crime rates, low corruption, world-class education system as well as the good climate. It’s sometimes called the expat-friendly city-state because the country has the policies that welcome foreigners to live comfortably in the city.