The Real Cost of Taking a Singapore Package vs Staying in London

When my firm offered me a transfer from Canary Wharf to Raffles Place, the headline number looked brilliant. A 30% bump on base, housing allowance, education allowance for the kids. On paper, a no-brainer. Six months in and I've done the actual maths. It's more nuanced than I expected.

The numbers nobody tells you

Yes, income tax is lower. Significantly lower. I was paying around 40% effective in the UK. Here it's closer to 15%. That's real money. But then there's rent. We're in a 3-bed condo in Bukit Timah — nothing flash — and it's SGD 6,200 a month. The allowance covers 5,000 of that. Back in London we had a mortgage of roughly GBP 2,100 on a house we owned. So I've gone from building equity to burning cash. International school for two kids: SGD 60,000 a year. The allowance covers one. The other comes out of my pocket.

The stuff that's cheaper

Food, if you eat local. A plate of chicken rice for four dollars is genuinely one of the best things about this country. Transport is cheap. No council tax. No TV licence. No rain three hundred days a year. Healthcare through the company plan is good. Better than the NHS, frankly, though I feel guilty saying that.

The verdict after six months

Am I better off financially? Marginally. Maybe 10-15% better off when you account for everything. Not the 30% the headline suggested. Was it worth it? For the experience, probably yes. The kids are thriving. My wife loves it. I've got exposure to APAC markets that'll look good on the CV. But if someone's thinking of moving purely for the money, I'd say do the full calculation first. Not just salary and tax. Rent, schools, flights home, the fact that you're now buying everything in Singapore dollars while your savings targets are still in sterling. It's a good move. It's just not the windfall people assume.

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