Quality of life entices expats to Singapore

 

Having a global presence remains a vital component of the growth strategy of corporations. The expansion of companies across countries and continents has seen an explosion in the number of expatriate workers.

Surge in emigration – Asia a hot spot

A recent report by the United Nations Population Division revealed over 232 million people are now living outside their country of origin, a surge in emigration of over 50 million since 2000. Asia remains a hot spot for expat living and Singapore in particular has plenty to offer foreign workers.

Financial motivations

I transferred to Singapore in 2010 after four years working for Hays in London and I would definitely recommend the move to candidates considering relocating. From a practical standpoint, the entry and visa process are very simple with few bureaucratic issues to deal with. On a personal level, integrating into Singapore life is very easy, partly because everyone speaks English and also because there are thriving expat communities.

Economic considerations when relocating are critical. According to the HSBC Expat Explorer Survey 2013, Asia is home to the highest paid expats in the world and the lower tax rate in countries like Singapore is a huge attraction for UK candidates. So candidates moving to Singapore from London are likely to find themselves in a better position financially.

Quality of life

My colleague Richard Bradshaw, Manager at Hays Accountancy and Finance, who has also relocated from London, argues the key attractions of Singapore are the lifestyle and career possibilities. “The lifestyle of the professional worker in Singapore is better than the equivalent in London. It is not just the climate, but the opportunity to travel, the quality of accommodation and better healthcare. In terms of employment, the Singapore recruitment market is very strong and there is the possibility for expat workers to move between jobs in the country if they hold the right visa.”

Looking at the cost of living, one of the main differences is the high cost of accommodation – rents are often double the cost of an apartment in London. Yet candidates will find they can get a lot more for their money – many of the apartment buildings in Singapore boast gyms, tennis courts and swimming pools; I have even seen one building with its own bowling alley.

Ample expat opportunities in private banking

In terms of opportunities for expat candidates in Singapore, the private banking sector remains very active. Singapore plans to expand its private banking market and wants to exceed Switzerland in terms of assets under management (AUM), so there is a dash by the banks to retain as many relationship managers as they can. Risk and compliance departments are also seeking skilled candidates, in particular from the UK.

Richard Bradshaw notes that: “The desirability of the country as a place to work means UK candidates are very keen to make the move and a quarter to a third of Hays Singapore placements are overseas candidates coming into Singapore.”

Relocating abroad is not just about travelling and experiencing new cultures. The EY 2013 Global Mobility Effectiveness Survey revealed that 83% of respondents said mobility has a positive impact on career progression. Would you consider a new career in Singapore?

For more advice on relocating abroad, see this article on how international mobility can boost your career.

To share your thoughts on this article and to stay up to date with the latest business, employment and recruitment news in the financial markets sector, please join our LinkedIn group, Financial Markets Industry Insights with Hays.