Working as a trader in the markets, you’re always looking for a good place to live. Not every location is an ideal fit with compromises often required. So, is Singapore a good option for traders? Let’s find out.
Internet speeds are now reasonable to good across many pan-Asian countries. Singapore is a notable standout for reliable, consistent internet speeds. According to SpeedTest.net, the fixed broadband average is 255Mbps downstream and 240 Mbps upstream with minimal latency.
Mobile connections are also good with over 100 Mbps downstream and 20 Mbps upstream. This speed makes the country rank in the top three for broadband speed and in the top 20 for mobile.
For westerners, a question over stable utilities might seem a little odd. However, if you’ve ever spent time in a few of the Asian countries, you’ll know that infrastructure can be a little up and down.
Brownouts can occur more often than expected, and short power cuts are a frequent thing. For instance, even in developed Thailand, power can flicker on and off during torrential downpours.
While it’s an excellent idea to have a UPS to keep the PCs and monitors operational during a power cut, these don’t last long and their battery needs replacing every year or so. It’s better to live in a country with a stable electricity supply infrastructure and Singapore certainly has that.
Real Estate Purchases in Singapore
A distinction is made between foreigners living in the country and Singapore permanent residents. The former won’t be able to purchase HDB flats (a specific type usually nearest to local facilities, malls, etc.).
In some cases, foreign permanent residents have more rights on what properties they can potentially purchase. Yet the majority of ex-pats interested in purchasing a home won’t be permanent residents.
Foreigners can often purchase a condo, landed houses in some cases, a few strata landed houses, or executive condos older than a decade. There are exceptions even for condos where some are only open to residents, so it pays to get expert help.
Also, if you’re looking to get funding via a DBS home loan, then look at PropertyGuru for specific information on that. They let you compare different rates and providers. The Loan to Value ratio is typically between 55 to 75%, with a down-payment required.
Strong Transport Links
Singapore supports strong transport links both inside the country and as an international hub for travel and commerce.
The seaport and airport both provide access to efficient transport options when needing to travel within Asia or to fly back to Europe or elsewhere.
Safety is a higher priority in the country. There are typically more restrictions on its citizens and ex-pats alike, but this does lead to greater predictability about the dos and don’ts.
Once you’re there, and in the know, then you will appreciate the safe and cleaner environment over other pan-Asian alternatives that don’t always meet this high standard.
Favorable Currency Movements
It’s frequently true that currency movement is limited both into a country and out from it.
In some countries, transferring money there isn’t difficult but currency controls prevent transferring it back out again. Taking funds over a land border is limited to relatively small sums, so for a trader, that won’t work.
By comparison, Singapore makes it easy to transfer capital into the country and to remove it when so desired. This encourages the international community to use it as a safe hub for global trade and financial-related business interests.
Strong Rule of Law
The Singaporean legal system is more easily understood, with a strong rule of law. This provides considerable confidence to traders thinking about moving to the country. Anti-corruption is also a focus, so traders can have fewer concerns over someone not protecting their interests.
Starting a Company Is Easier
Unlike some other Asian countries, it’s possible to get a company set up and to own all the shares of the incorporated business.
Furthermore, there are no requirements to take on local partners or divide up shareholdings among citizens of Singapore. There is also no tax on capital gains or dividends, which avoids deductions there. Funds can be withdrawn with ease too.
Singaporeans are some of the most advanced when it comes to using the internet, purchasing the latest tech gear, and keeping up with changes.
For traders that want access to the latest laptops, monitors, and other technology, it’s a great place to go shopping and upgrade to better gear when the time comes. This compares to some other Asian countries where it’s necessary to fly elsewhere to find laptops with the latest processors or to replace specific parts that weren’t available locally.
For traders who are busy starring at their screens and don’t need other complications, Singapore has much to recommend it. The advanced infrastructure, fast internet, easy transportation access, and pleasing cuisine all make living in the country more than extremely palatable.