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Retire To Singapore: The Most Developed Country In Southeast Asia

Kathleen Peddicord by Kathleen Peddicord
Nov 21, 2011
in Retirement/Living, Singapore
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aerial view of modern Singapoer at night
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Why Singapore Is (Nearly) A Perfect Retirement Choice

“Singapore is the most developed country in Southeast Asia,” writes Asia Correspondent Wendy Justice, “and, in many ways, it is the nicest.

“Singapore is super-modern and squeaky clean, with parks dotting the entire country, amazing shopping, pretty beaches, and enough activities to keep you busy for a lifetime. Health care here is as advanced as you’ll find anywhere in the world and very affordable. The government is stable, and the economy is growing. Crime is practically non-existent.

“Sounds nearly perfect, doesn’t it?

“Located at the southern tip of Southeast Asia, the city-state of Singapore is less than 100 miles north of the Equator. As a result, the weather is consistently warm, humidity is high, and precipitation is frequent throughout the year. Temperatures are in the high 80s to low 90s during the day, cooling down to the low to mid-70s at night. The winter months see a little more rain than the summer, but even this is a relatively minor variation. There are no distinct wet and dry seasons.

“Mandarin and English are both official languages in Singapore, and all school children are expected to become proficient in these two languages in addition to any other language they may speak at home. As a result, practically everybody speaks and understands English. In public, though, you’ll hear a wide assortment of languages spoken, including, most commonly, Mandarin, Cantonese, Hokkien, Tamil, and Malay. Because so many foreigners live in Singapore, most employed by multinational corporations, you’ll also hear a range of European and Middle Eastern languages.

“Here’s the downside: Singapore is definitely not a budget destination. With a cost of living slightly higher than that of New York City, Singapore is, unfortunately, not a realistic option for many. If, though, you can meet the income requirements and are prepared to purchase real estate in the country, you’ll qualify for a five-year renewable social visit pass. In other words, full-time residency is an option if you’ve got the means.

“Housing is the single biggest expense here. Most people live in high-rise condominiums. It’s common to rent a room in a condo unit sharing full house privileges with roommates. This is how many people make ends meet in an otherwise very expensive housing market. Condo-sharing rooms rent for around US$500 up to around US$1,000 per month. They are usually furnished, and the rent typically includes air conditioning, Internet, cable TV, utilities, and, sometimes, the use of a washing machine. Most places come with 24-hour security and amenities such as playgrounds, exercise courts, gyms, and swimming pools.

“Private apartments lease for, say, US$1,600 to US$3,000 per month, and private single-family houses rent for about US$8,000 per month. This is one place in Southeast Asia where foreigners can purchase property; however, again, it’s no bargain. Though it’s possible to find condominiums for as little as, say, US$80,000, prices extend quickly into the millions.

“The average couple living in Singapore spends at least US$300 per month on food. You could spend less if you do most of your shopping at the markets, and, of course, you could spend much more. Expect to spend at least US$25 to US$30 for a dinner out for two at a casual restaurant, not including drinks.

“It is, likewise, expensive to own a car here. Duty fees and road-use taxes are extremely high. But you don’t need one. The entire country is covered by an efficient mass transportation network making it possible to travel from one end of Singapore to the other in about an hour. Discounted monthly transit passes are available that work on the buses and the light rail system, so this is an affordable alternative to keeping your own vehicle.

“In many ways and for many reasons, Singapore is as good as it gets in Southeast Asia and, in fact, one of the most comfortable places to live anywhere in the world. The only real downside is the cost of living. Realistically, what budget would you need to afford to live or retire here? I’d say at least US$3,000 per month for a couple if you are ok with the idea of renting a room in a shared condominium. If you’d prefer to live in a private apartment, you’d need an income of least US$4,000 to US$5,000 per month, again, for a couple.

“Here’s the noteworthy twist: There are many opportunities for skilled professionals to work in this country, which is why Singapore is such a sought-after expat destination. If you have a four-year (or higher) college degree, you could be able to find a high-paying job in banking, health care, architecture, engineering, or one of many other fields currently in demand. Salaries here are high. The average person earns more than US$62,000 per year.”

Kathleen Peddicord

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Kathleen Peddicord

Kathleen Peddicord

Kathleen Peddicord has covered the live, retire, and do business overseas beat for more than 30 years and is considered the world's foremost authority on these subjects. She has traveled to more than 75 countries, invested in real estate in 21, established businesses in 7, renovated historic properties in 6, and educated her children in 4.

Kathleen has moved children, staff, enterprises, household goods, and pets across three continents, from the East Coast of the United States to Waterford, Ireland... then to Paris, France... next to Panama City, where she has based her Live and Invest Overseas business. Most recently, Kathleen and her husband Lief Simon are dividing their time between Panama and Paris.

Kathleen was a partner with Agora Publishing’s International Living group for 23 years. In that capacity, she opened her first office overseas, in Waterford, Ireland, where she managed a staff of up to 30 employees for more than 10 years. Kathleen also opened, staffed, and operated International Living publishing and real estate marketing offices in Panama City, Panama; Granada, Nicaragua; Roatan, Honduras; San Miguel de Allende, Mexico; Quito, Ecuador; and Paris, France.

Kathleen moved on from her role with Agora in 2007 and launched her Live and Invest Overseas group in 2008. In the years since, she has built Live and Invest Overseas into a successful, recognized, and respected multi-million-dollar business that employs a staff of 35 in Panama City and dozens of writers and other resources around the world.

Kathleen has been quoted by The New York Times, Money magazine, MSNBC, Yahoo Finance, the AARP, and beyond. She has appeared often on radio and television (including Bloomberg and CNBC) and speaks regularly on topics to do with living, retiring, investing, and doing business around the world.

In addition to her own daily e-letter, the Overseas Opportunity Letter, with a circulation of more than 300,000 readers, Kathleen writes regularly for U.S. News & World Report and Forbes.

Her newest book, "How to Retire Overseas: Everything You Need to Know to Live Well (for Less) Abroad," published by Penguin Random House, is the culmination of decades of personal experience living and investing around the world.

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