Singapore residency is beneficial from a tax perspective and economic perspective. Singapore does not have capital gains tax, estate duty or inheritance tax. Goods and services tax is also low at 7%. In addition, Singapore has double taxation agreements with many countries, which means that residents can enjoy lower taxes on foreign-sourced income. Singapore also has a very stable political environment and a robust legal system. The Singapore dollar is one of the strongest currencies in Asia and is pegged to a basket of major currencies. This makes it an ideal place to park your money.
Singapore's GIP Business Visa, commonly referred to as the "EntrePass", is a Singapore work visa that allows foreign entrepreneurs to live and work in Singapore. The visa is valid for two years and can be renewed for up to three years.
A) Invest at least S$2.5 million (1.8M USD) in a new business entity or in the expansion of an existing business operation OR B) Invest at least S$2.5 million in a GIP fund that invests in Singaporebased companies OR C) Invest S$2.5 million in a new or existing Singapore-based single family office having Assets-Under-Management (AUM*) of at least S$200 million.
According to the SovSpot Passport Index, the Singaporean passport is presently ranked fourth. It allows entrance to 193 countries without requiring a visa. As a result, it is regarded as one of the world's most desirable passports, having nearly the greatest mobility score. Visa-free travel and visas on arrival are available to Singaporean passport holders in countries such as Brazil, the European Union, the United Kingdom, the United Arab Emirates, and the United States. Singaporean passport holders, on the other hand, need a visa to visit around 36 countries around the world. Cameroon, Oman, and Russia are among the countries that require a visa.
The number of countries Singapore passport holders can enter without a visa (i.e. visa-free countries) is added to the number of countries Singapore passport holders can enter by obtaining a visa on arrival (i.e. visa-on-arrival countries) or an electronic travel authorization (i.e. visa-on-arrival countries) (eTA). There are now 151 visa-free countries for Singapore passport holders, 32 visa-on-arrival countries for Singapore passport holders, and 10 eTA destinations. In total, Singapore passport holders can visit 193 countries without a visa, via visa on arrival, or using an eTA. As a result, the Singapore passport is ranked number four in the world. Apart from the visa-free and visa-on-arrival countries, there are 36 other countries where Singapore passport holders would need a physical visa or an eVisa (i.e. visa required countries).
We are currently working on updating all countries with digital nomad visas, check back soon. If you register we will send out a notification email as soon as these are added.
Indonesia, particularly Bali, has long been a preferred digital nomad destination. The new Indonesia digital nomad visa will soon be available to remote workers. This