Comparisons of major crypto hubs
Now that we have gone through the costs and processes of moving to Singapore, and what life could look like in Singapore, let's look at the comparisons between the 3 major crypto hubs where significant amount of crypto companies have also set up shop in.
Please note that figures shown below are estimates of averages taken across online listings and publicly available figures.
While not a winner in every category, Singapore has the second lowest income tax among the hubs, second lowest cost of eating out, groceries, transport, and other discretionary spending, and lowest cost for healthcare.
Singapore has significantly higher costs for private vehicles because of heavy gas taxes and the COE system, which restricts the number of cars owned in Singapore. As it's uncommon to drive a car in Singapore (only 11% do), we haven't included that estimate here. Learn more about the COE system
This assumes a relatively high-earner ($120k/yr USD), and in some locales tax rates are far lower for lower earners. This also assumes significant entertainment/leisure expenses.
| Expense | 🇸🇬 Singapore | 🇺🇸 NYC | 🇦🇪 Dubai | 🇭🇰 Hong Kong | 🇵🇹 Lisbon | 🇨🇦 Toronto |
|---|---|---|---|---|---|---|
Rent (1br apartment) | $2309 USD (SGD3,000) | $3864 USD | $1742 USD (AED6,398) | $2821 USD (HKD22,000) | $1331 USD (€1200) | $1913 USD (CAD2600) |
Eating out at a mid-range restaurant (Single, 8x/month) | $536 USD (SGD700) | $1000 USD | $1000 USD (AED3,500) | $512 USD (HKD4,000) | $776 USD (€700) | $706 USD (CAD960) |
Groceries (Single, monthly) | $153 USD (SGD200) | $500 USD | $326 USD (AED1,200) | $256 USD (HKD2,000) | $332 USD (€300) | $405 USD (CAD550) |
Transport | $153 USD (SGD200) | $500 USD | $326 USD (AED1,200) | $192 USD (HKD1,500) | $88 USD (€80) | $202 USD (CAD275) |
Healthcare (Single doctor’s visit) | $40 USD (SGD50) | $250 USD | $81 USD (AED300) | $64 USD (HKD500) | $55 USD (€50) | $74 USD (CAD100 without OHIP) |
Total expenditures per month | $3195 USD (SGD4150) | $6114 USD | $3475 USD (AED12,598) | $3847 USD (HKD30,000) | $2582 USD (€2327) | $3282 USD (CAD4459) |
Effective tax rate (base salary of $10k/mo USD) | 8.6% before CPF (CPF waived for foreigners) | 32.02% | 0% | 12.7% | 46% | 32.2% |
The city with the closest comparisons with Singapore in terms of living costs is Hong Kong, with rent slightly higher in Hong Kong. Dubai comes out more expensive in every other aspect other than rent, which makes it significantly more expensive than Singapore and Hong Kong to live in.
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