Becoming an expat in Singapore is highly sought after because of the country’s incredible safety, innovation, luxury, and modernity. It also offers an easy gateway for Americans to engage in the Asian market because English is the primary working language.
Singapore has particularly strict immigration laws when it comes to moving there. There is no need to panic however, because this guide contains everything you will need to do to prepare your move to the Lion City.
Plan a Visit
The best way to get a feel for a country prior to relocating is to actually go and visit! The Lion City of Singapore is a fantastic place for a vacation due to its cultural sites, lush greenery, modern infrastructure, luxurious hotels and malls, and its reputation for being the one of the world’s largest hubs for delicious and affordable street food. As a plus, it boasts one of the world’s greatest airports in the world, full of attractions, art, and shopping for even those on a layover to enjoy.
If you are looking for ideas to build an itinerary, check out my experiences on what to see and do in Singapore for your first time! → COMING SOON
Employment and Visa
Before you can officially move to Lion City, you will need to secure a job and a visa. The most common visa for skilled workers is the Employment Pass, which is typically handled and sponsored by your employer. Provide to them any information they request for prompt execution of the application.
After your employer applies, you will receive an In-Principle Approval letter (IPA) which serves as a temporary pass. However, this letter does not grant you the right to stay in Singapore. In order for the physical work pass to be issued you will need a Singaporean residential address, the details can be found in the next section.
After securing a place to live, your employment will issue the work pass to the Ministry of Manpower (MOM), and then you will receive an email to set up an appointment to finally pick up the pass at the MOM Services Center. Remember to bring your passport along with your IPA!
Search For Housing
Housing in Singapore is generally a hectic affair. Due to the limited space there is bound to be limited places to rent, especially if you have your mind set on a specific location due to job or if you have a specific budget in mind.
Many expats will choose to live in a serviced apartment such as citadines when they first arrive before looking for a more permanent renting option. These will act just like hotels, so amenities like a gym and pool are available, and there will be cleaning services provided. Some companies will offer you a certain number of weeks in a serviced apartment while you can look for a place of your own.
Some may opt to rent out a condominium unit. These will swap the cleaning services for gated security, and there may also be open spaces with barbecue pits. You will deal with a landlord instead of the apartment complex itself.
Rent on these properties can start from $3000+ for a studio, which is one of the most expensive rent rates in the world. For those on a tighter budget or have no need to the community amenities, you can rent a HDB flat for about half the price. Flat shares are also an option to further reduce housing costs, and both require a Tenancy Agreement to be filled out.
Get a Singaporean Bank Account
Your new company will require a Singaporean checking account to deposit payroll, so it is best to get this sorted out right away. It is also needed to transfer any money for rent to avoid building up many wire fee charges.
The most common bank is Singapore’s own DBS or POSB, which are just two names under the same company. They offer a Multiplier and Multi Currency account, depending on whether you prioritize interests rates or different currencies for travel. It is fairly easy to open an account up with your IPA and proof of address or proof of employment, and it can do done completely online. DBS accounts can also be connected to PayLah!, a mobile wallet app that is similar to Venmo to store a balance of money to directly transfer to other people. Though the ATM queue times are, based on my own experience, the longest out of any bank in Singapore.
Other local Singaporean banks include OCBC (Oversea-China Banking Corporation) and UOB (United Overseas Bank), which also have their fair share of ATMs country-wide. These two banks have the most lucrative savings accounts for salaried workers, the OCBC 360 and UOB One, which can reach up to 7% APY if you meet the requirements. These will also have access to the PayNow feature for instant bank transfers between individuals, which is like PayLah! without the fun UI.
There are also options for foreign banks if you want a more global presence. These will include ones like Citibank, Standard Chartered, or HSBC. The former is well-recognizable if you are coming from the United States. With Citibank Global Transfer, you can enjoy free fund transfers between your USA and Singaporean account. The main drawback with these is the low number of ATMs and branches.
Prepare a Purchasing Method
Although a bank account here will provide you with a debit card, not all accounts will offer no transaction fees on foreign purchases. If you are planning to travel anywhere in Asia during your time here, which you definitely should, you may need either a credit card or multi-currency account.
Multi-currency accounts offered by Wise and Revolut are an excellent payment option for foreign transactions. These act as a separate wallet account that can be topped up using your bank account and have competitive exchange rates when changing currencies.
Singaporean credit cards are available for those on an Employment Pass, but cards from the United States are much more varied and on average offer better perks. When choosing a card to use for your travels and everyday purchases, make sure that they do not have any foreign transaction fees which can definitely add up over time.
For a breakdown of cards that may be useful, check out my Travel Credit Cards page for more information. Make sure that the cards are a good fit for your own situation and spending habits before applying!
Get a U.S. Based Telephone Number
If you have a USA-based credit card and bank account, it will be very helpful to maintain a U.S.A. telephone number in addition to your new Singaporean one so it can be used for calls with friends and family or handling essential matters back home. Easy options for this are Skype and Google Voice, which grant you a U.S.A.-based number and have fairly cheap payment plans for call minutes. My experience using Skype overseas has been very good when I needed to call my bank back home, and the rates are very reasonable.
While VoIP services such as Skype and Google Voice are useful for calls, there are some instances where this may not be enough. This is because many if not all banks nowadays use an OTP, or One-Time-Password, using SMS for two-factor authentication security when logging in or making online purchases with your card. Keeping an international plan with a large carrier like AT&T or Verizon can quickly get very costly. Therefore, I recommend Tello Mobile, an e-SIM service which I personally use for OTPs and sometimes calls back home. A $6 plan grants unlimited texts and 100 minutes of voice without any data, though it remains active when there is an Internet connection. So I just use a dual SIM setup: my Singaporean SIM as my data source to allow Tello to connect. It has come in handy countless times during my stay here.
Prepare a Tax Plan
As a United States citizen, you will be taxed on foreign-earned income no matter where in the world you reside in. However, there are ways to alleviate this costly burden so that you are not taxed doubly on the same income by Singapore and the United States.
Foreign Earned Income Exclusion
If you happen to make under $120,000 annually in foreign income as of 2023, you can exclude that amount from your total income when filing your taxes. This threshold is adjusted annually for inflation. You can also exclude foreign housing payments as well under the Foreign Housing Exclusion.
To qualify for this exclusion, you must have a foreign-earned income, your tax home must be in a foreign country, and you must satisfy one of the following:
- A U.S. citizen who is a bona fide resident of a foreign country or countries for an uninterrupted period that includes an entire tax year,
- A U.S. resident alien who is a citizen or national of a country with which the United States has an income tax treaty in effect and who is a bona fide resident of a foreign country or countries for an uninterrupted period that includes an entire tax year, or
- A U.S. citizen or a U.S. resident alien who is physically present in a foreign country or countries for at least 330 full days during any period of 12 consecutive months.
Foreign Tax Credit
The other option for those making more than $120,000 a year is applying Foreign Tax Credit, which helps to lower the amount of tax payable on foreign-earned income. Essentially, taxes paid to the foreign government will offset the amount of U.S. taxes that you have to pay, though there are some qualifications that the paid tax must pass the following four tests:
- The tax must be imposed on you by a foreign country or U.S. possession.
- You must have paid or accrued the tax to a foreign country or U.S. possession.
- The tax must be the legal and actual foreign tax liability you paid or accrued during the year.
- The tax must be an income tax (or a tax in lieu of an income tax).
Note: You can only claim either one of the Foreign Earned Income Exclusion or the Foreign Tax Credit, or else the IRS may cancel one or both of the claims.
Learn more about the Foreign Tax Credit here.
Sign Up for SingPass
The last thing you need to do to logistically assimilate into Singapore is to download and apply for SingPass. This will be essential to accessing government documents related to your immigration status, employment, and taxes, as it will serve as your digital identity throughout your stay in the country. You will need your NRIC or FIN number as found on your Employment Pass as well as your registered mailing address to apply, which you can do in only 5 minutes on the SingPass website.
Learn more about being an American expat in Singapore!
Things to Do as an Expat in Singapore
Things to Prepare For When Moving to Singapore
Best Places to Explore in Singapore
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