Ranked as one of the most livable cities worldwide, Singapore has been a hotspot for retirement for many foreigners due to the myriad of benefits the Garden City provides for families and individuals during their golden years.
[1. Excellent Healthcare] Through a semi-financing system, Singapore has achieved universal health coverage. The well-equipped and advanced medical system is amongst the top-notch facilities and services that Singapore provides. According to global consulting firm Towers Watson, with healthcare made relatively affordable and accessible for all ages, you can be rest assured to be in good hands during your golden years.
Covid-19 was also social proof for most countries on the efficiency and swift response in times of crisis. In April 2021, Singapore ranked top in Bloomberg’s Resilience Ranking for its quick containment of the virus spread and accelerated rates in securing the vaccine rollout in Asia.
As Singapore has a rapidly ageing population, the government has stepped up efforts in aged care service. The Ministerial Committee on Ageing has coordinated ageing issues across all government agencies to ensure elderlies are in good hands even during their golden years. Hence, retiring in Singapore means that healthcare will not be an issue even with old age.
[2. Comfortable Climate] Situated near the equator, Singapore enjoys a tropical climate with uniform temperatures, high humidity and abundant rainfall all year round. The non-erratic weather all year round makes it an ideal living environment, especially for the older populace.
[3. Supplementary Retirement Scheme (SRS) ] While foreigners in Singapore are unable to reap the benefits of CPF (only applicable to Singaporeans and PRs), the SRS is also a viable alternative that can help you save up for your retirement. The SRS is a voluntary scheme available to all taxpayers in Singapore, allowing one to set aside a portion of your income before tax in approved investment accounts. For foreigners, one can contribute up to $35700 per annum. However, if you are looking to spend the remaining years in Singapore, it is highly recommended to apply as a permanent resident – unlocking great benefits and savings.
[4. Conducive living environment] Singapore has made significant progress in terms of building an inclusive living environment for all. Its housing estates are designed to provide convenience for its residents, with basic amenities such as food centres, supermarkets, schools and malls merely a stone’s throw away. The ever-expanding public transport also makes travelling within the nation has its perks with increased connectivity. The capacity to support the seniors in active ageing is also continuously strengthened through various initiatives such as building senior-friendly communities that enable seniors to lead an active and meaningful lifestyle.
Singapore is indeed a great place to enjoy one golden year. The well-implemented schemes and pristine living environment could potentially keep your rest assured and comfortable. Yet, retiring in Singapore as a foreigner is, however, not as easy as it seems. A permanent residency will be mandatory as a resident visa is not entitled to in Singapore.
Having understood the reasons why many choose to reside in Singapore during their sunset years, it’s never too early to start planning for retirement now. To attain permanent residency in Singapore, Kenneth & Co might be your best bet. Secure your personalised 1-1 consultation today and gather insights on how you could potentially work towards your retirement in Singapore!