I saw this article on the public account a month ago and wanted to discuss it, but I forgot due to various reasons. Today, seeing Lao Wu mention it, I want to talk about the issues that a cryptocurrency practitioner might encounter in Singapore.

First of all, there’s work. Work is the superstructure of life and is also a necessary guarantee for maintaining life. From my perspective, there aren’t many cryptocurrency practitioners who come to work specifically in Singapore. Especially after the new regulations in Singapore, although not many have left, the number of new joiners has indeed decreased significantly.

Salaries in Singapore's cryptocurrency sector are also quite varied. I’ve heard of salaries as low as 4,000 SGD (let's calculate it at an exchange rate of 5.5). Many friends ask, isn’t it said that the EP in Singapore requires a minimum income guarantee, which is above 4,000 SGD?

Yes, that’s correct, but some companies use a method called AB accounting, where they pay you a salary on the A account, for example, 6,000 SGD, but you have to return 2,000 SGD yourself. The biggest pitfall that many friends don’t know is that when you file taxes, you still report it as 6,000 SGD.

As for the higher-level big shots, I won’t mention them. For normal job positions, I’ve seen salaries of 30,000 SGD a month, which is already at the level of most company directors or some small companies' "O" level. It seems quite a lot; calculated in RMB, the after-tax annual salary exceeds 1 million, and Singapore’s taxes aren’t very high, roughly less than 55,000 SGD.

Can this income allow for a very comfortable life in Singapore?

The answer depends. If there are no children, or if the children can attend government schools, and you at least have PR (Permanent Residency), then the quality of life is indeed good. Buying two HDB flats or one private property is not a problem. The education for children and healthcare for the whole family can be easily managed. However, most friends who have come to Singapore in the last two years have not obtained PR, and 2024 is an election year, making it difficult to get PR.

But if the children are not in government schools and are instead in international schools, if there is only one child, it can still barely maintain a comfortable life. However, if there is more than one child, especially if both are in international schools, this is the problem Xiao Gang encountered. With two children in international schools, a monthly salary of 30,000 SGD becomes a bit tight. I previously wrote an article discussing the cost of living in Singapore; interested friends can take a look.

https://x.com/Phyrex_Ni/status/1830963788377661467

Basically, the average tuition for each child is about 50,000 SGD a year, and that’s just for mainstream classes. If the English level isn’t very good, additional EAL or PCS classes are needed, which adds another 10,000 SGD per year, totaling 20,000 SGD for two children. PCS can be more expensive; of course, different schools have different names, but they generally mean English support classes.

This is just tuition; schools also have many other miscellaneous fees, especially for girls, where various costs can be higher.

A family with two children generally needs at least three rooms. Two larger rooms are possible, but for HDB, a larger two-room flat should be around 3,500 SGD, while an apartment would generally require three rooms, costing about 5,500 SGD. So, calculating it this way, the salary is almost all deducted. Let’s do the math:

30,000 x 12 - 55,000 - 120,000 - 5,500 x 12 = 119,000 / 12 = less than 10,000 SGD a month.

It seems that 10,000 is quite a lot, but after deducting expenses for food, insurance, transportation, internet, and utilities, there isn’t much left. This is still without considering extracurricular classes for the children, which are also quite competitive and expensive in Singapore. For two children, it’s X 2.

Therefore, the cost for citizens and PR holders in Singapore is much lower, while pure foreigners need to consider the economic burden of living in Singapore. One child is manageable, but with two or three children, without sufficient savings or monthly income, it can be quite difficult.

These aren’t the most challenging aspects. In fact, there are two other factors that make Xiao Gang and others give up. One is that if they plan to start a business, the costs in Singapore are too high, especially for Web3 startups. The other is that obtaining residency is very difficult. PR is like a wall blocking many foreigners, and not being able to obtain PR means leaving is the only option for many friends.

This article is sponsored by #Bitget ｜ @Bitget_zh

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