Family of 4 moving to Singapore, is 160,000 SGD enough?
#16
Forum Regular
Joined: Aug 2015
Location: Singapore
Posts: 81
Re: Family of 4 moving to Singapore, is 160,000 SGD enough?
I'm not sure if this is right but the tax relief may not necessarily mean that you pay that much less in tax (if this is what you meant), it's just the amount of tax payable may be on the following -
$160k due to first 20k tax free.
Take away an extra $10k for the relief which means you will pay tax on $150k.
This also depends on your residential status based on the number of days you have worked in Singapore (this will be based on the date of work pass issuance I believe) which will tax you either as a local rate or foreigner rate. More than half a year in Singapore entitles you to Singapore local tax residents rate.
Singapore is a progressive tax state too, as a resident the first 20k is tax free but then the next 10k (between 20-30k) is taxed at only 2%. Between 30k and 40k it is 3.5%. 15% tax will only on the salary between $120k-150k. Between the 3.5% and 15% are still very low percentages when compared to UK.
https://www.iras.gov.sg/IRASHome/Ind...Non-Residents/
There is a calculator on that site that will help you work out exactly what you will pay.
If you come over, just make sure you have cash set aside for emergencies. I have had to rush home a few times back to UK at the last minute and flights have cost more than $2k per person.
School fees you may only need to pay for first or second year of living here. Local schools here are not bad and your kids could learn Chinese as a second language and end up getting better O'levels (they still call them this here even thought changed back in UK) than what they could get back in Uk. Why not consider switching them to local schools after a while? There was a show in UK a few years ago that said Singapore copies the UK system with GCSEs and A-levels but made it better!
Hope the above helps, I will be more than happy to help if have any other questions. After all moving to Singapore is not a small decision.
Humidity is very high here! Hope you like the extreme heat.
$160k due to first 20k tax free.
Take away an extra $10k for the relief which means you will pay tax on $150k.
This also depends on your residential status based on the number of days you have worked in Singapore (this will be based on the date of work pass issuance I believe) which will tax you either as a local rate or foreigner rate. More than half a year in Singapore entitles you to Singapore local tax residents rate.
Singapore is a progressive tax state too, as a resident the first 20k is tax free but then the next 10k (between 20-30k) is taxed at only 2%. Between 30k and 40k it is 3.5%. 15% tax will only on the salary between $120k-150k. Between the 3.5% and 15% are still very low percentages when compared to UK.
https://www.iras.gov.sg/IRASHome/Ind...Non-Residents/
There is a calculator on that site that will help you work out exactly what you will pay.
If you come over, just make sure you have cash set aside for emergencies. I have had to rush home a few times back to UK at the last minute and flights have cost more than $2k per person.
School fees you may only need to pay for first or second year of living here. Local schools here are not bad and your kids could learn Chinese as a second language and end up getting better O'levels (they still call them this here even thought changed back in UK) than what they could get back in Uk. Why not consider switching them to local schools after a while? There was a show in UK a few years ago that said Singapore copies the UK system with GCSEs and A-levels but made it better!
Hope the above helps, I will be more than happy to help if have any other questions. After all moving to Singapore is not a small decision.
Humidity is very high here! Hope you like the extreme heat.
#17
Just Joined
Thread Starter
Joined: Sep 2015
Posts: 20
Re: Family of 4 moving to Singapore, is 160,000 SGD enough?
Thank you so much Mlee888 your advice is very helpful and thorough. I am actually going to Singapore next week for 4 days orientation. My partner is staying here with the kids and it's nice that the company have offered to do this just so I can get my bearings. I've been before a few times but this time around it will be visiting schools and some apartments etc. I have a busy itinerary which is good!
The plan now is for us all to be there 2nd or 3rd week in January. It's all happening! I am sure I will have some more questions once I am back so I will keep in touch.
This forum has been superb
Thanks again
The plan now is for us all to be there 2nd or 3rd week in January. It's all happening! I am sure I will have some more questions once I am back so I will keep in touch.
This forum has been superb
Thanks again
#18
Forum Regular
Joined: Aug 2015
Location: Singapore
Posts: 81
Re: Family of 4 moving to Singapore, is 160,000 SGD enough?
No worries.
Apartment wise, regardless what people say you can get somewhere less than $5k for 3+ bedrooms. It depends on the area of course, more central you are the more expensive you will pay in theory.
Do you know where you will be based?
Check out property guru Singapore for an idea on flat rental prices. If you are willing to take a 1 hour journey into central you will definitely be able to get a great place with many rooms for $4k.
Good luck on the move.
Apartment wise, regardless what people say you can get somewhere less than $5k for 3+ bedrooms. It depends on the area of course, more central you are the more expensive you will pay in theory.
Do you know where you will be based?
Check out property guru Singapore for an idea on flat rental prices. If you are willing to take a 1 hour journey into central you will definitely be able to get a great place with many rooms for $4k.
Good luck on the move.
#19
Forum Regular
Joined: Aug 2015
Location: Singapore
Posts: 81
Re: Family of 4 moving to Singapore, is 160,000 SGD enough?
One more thing. Enjoy your Christmas at home.
Christmas is not the same here if you plan to spend future Christmas periods in Singapore. As they don't have Boxing Day here, most festivities take place on Christmas Eve and no one stays out late on the day itself due to work days the next day (unless it falls on a Saturday).
Christmas is not the same here if you plan to spend future Christmas periods in Singapore. As they don't have Boxing Day here, most festivities take place on Christmas Eve and no one stays out late on the day itself due to work days the next day (unless it falls on a Saturday).
#20
Just Joined
Thread Starter
Joined: Sep 2015
Posts: 20
Re: Family of 4 moving to Singapore, is 160,000 SGD enough?
Hi All,
Thanks again for all your help over the last few weeks. I have just come back from a 4 day trip to Singapore looking at accommodation and schools. I loved it there and we've already found a place to stay which is available mid-January and it is close by to the K2 class that my eldest can attend. It's all go now over Xmas as we'll be packing etc to move 1st or 2nd week in Jan. Thanks again. The advice in this forum has been amazing
Thanks again for all your help over the last few weeks. I have just come back from a 4 day trip to Singapore looking at accommodation and schools. I loved it there and we've already found a place to stay which is available mid-January and it is close by to the K2 class that my eldest can attend. It's all go now over Xmas as we'll be packing etc to move 1st or 2nd week in Jan. Thanks again. The advice in this forum has been amazing
#21
Re: Family of 4 moving to Singapore, is 160,000 SGD enough?
That's great. All the best with the move. Been there, done that. Exciting but stressful too.
#22
Forum Regular
Joined: Aug 2015
Location: Singapore
Posts: 81
Re: Family of 4 moving to Singapore, is 160,000 SGD enough?
Good luck with the move and welcome to Singapore.