Retiring in Singapore: 2025 Guide for Foreigners

Retiring in Singapore is a great option for foreigners thanks to how safe it is, its world-class healthcare, political stability, and high standard of living. With a clean, efficient infrastructure and a multicultural environment where English is widely spoken, it offers a comfortable lifestyle for retirees.

In this article, we’ll explore why people choose to retire in Singapore, how to retire in Singapore as a foreigner, the visa and financial requirements and how to plan your move. We'll also introduce the Wise account, a handy companion to make your money go further with low, transparent fees.

Why retire in Singapore?

Here are some pros and cons of retiring in Singapore to help you decide whether this is the right destination for you.

Can foreigners retire in Singapore?

Yes, but retiring in Singapore as an expat can be challenging. There is no dedicated Singapore retirement visa, so retirees must qualify through other channels. Some retirees choose to stay long-term through work passes, investor schemes or by relying on family ties.

How to retire in Singapore as a foreigner

Retiring in Singapore as a foreigner is a bit more complicated than it is in other Southeast Asian countries, but it’s still possible if you pursue one of the following routes:

1. Apply for a visa that allows long-term residence, such as an employment pass, EntrePass, or the Global Investor Programme
2. Work until you’re eligible for permanent residency
3. Stay temporarily using renewable short-term passes
4. Marry a Singaporean citizen or permanent resident

What are the visa options?

Although there’s no dedicated Singapore retirement visa, there are other visas you can consider depending on your financial situation and background.

Employment Pass (EP)

The Employment Pass Visa allows you to reside and work in Singapore if you are a foreign manager or professional. This is best for retirees who want to continue working

In the table below, we outline some of the criteria for this type of visa.

How to apply

1. Complete the candidate’s form and send it to your employer, as they must apply for the EP on your behalf³
2. If the pass is approved, you’ll receive an in-principle approval (IPA) letter that gives you 6 months to enter Singapore
3. When you arrive, your employer will complete the application process, and you’ll receive a notification letter allowing you to start work
4. The notification letter will state whether you need to register fingerprints and a photo within 2 weeks at the Employment Pass Services Centre
5. The card will then be delivered to you within 5 business days

EntrePass

The EntrePass Visa is for individuals who have experience in investments and entrepreneurship. This is best for retirees interested in starting a business

Below, we go into some of the requirements for this visa.

How to apply

1. Submit an application online with the required documents, such as a business plan, your CV and the company’s latest financial statement⁷
2. If approved, you’ll receive an IPA letter that gives you 6 months to enter Singapore⁸
3. When you arrive, log in to the EP eService and provide the required information and documents
4. You’ll receive a notification letter that allows you to start working and will state whether you need to register fingerprints and a photo
5. Then, you’ll receive your physical pass within 5 business days

Global Investor Programme (GIP)

This type of visa is for high-net-worth individuals aiming to become permanent residents of Singapore. This is best for high-net-worth retirees seeking a permanent stay in Singapore

If you wanted to get the GIP visa, have a look at the table below.

How to apply

1. Submit a completed GIP application form online and a hard copy to the Singapore Economic Development Board (EDB)
2. Attend an interview with the EDB
3. If you’re approved, you’ll receive an Approval-in-Principle that’s valid for 6 months
4. Once you make your investment and submit evidence, you’ll receive the final approval letter outlining how to finalise your permanent residency within 12 months

How much do I need to retire?

Cost of living

Numbeo, a cost-of-living comparison tool, estimates that a single person will need around 1,500 SGD a month, excluding rent, to live in Singapore.¹¹ Here’s a breakdown of some common expenses you can expect.

How much retirement savings do I need?

Based on Numbeo’s estimated 1,500 SGD for living costs, plus 4,054 SGD if you rent a 1-bedroom apartment in the city centre, you’ll need around 5,554 SGD a month or 66,648 SGD a year. Assuming a 20-year retirement span, you’ll need 1,332,960 SGD in retirement savings, not accounting for inflation.

If you want to cut costs and live outside of the city centre for 2,984 SGD a month, plus your 1,500 SGD living costs, you’ll need 4,484 SGD a month, or 53,808 SGD a year. This equates to 1,076,160 SGD for a 20-year retirement.

Housing prices

Most Singaporeans live in HDB flats as they’re subsidised, but only citizens and permanent residents can buy them. If you’re on a visa and want to purchase property, your options are condominiums and apartments. You can apply to purchase landed property from the Landed Dealings Approval Unit, but approval is rare.

So, if you want to purchase a condo or apartment, here’s what you can expect to pay.

Wise - A smart way to manage your money across borders

Retiring to Singapore is a big move, and managing your money shouldn’t be a hassle. Wise can help make it simple.

The Wise account is an easy way to hold and exchange 40+ currencies, including SGD, MYR, EUR, CNY, and more. All you need to do is create a free account to get started.

With Wise, you can exchange currencies at the mid-market rate each time, with low, transparent conversion fees from 0.26% and absolutely no markups. Plus, you can order a linked Wise card for convenient spending without any foreign transaction fees, and up to 2 free ATM withdrawals to the value of 350 SGD when you're overseas. You'll even get 8+ local account details to get paid conveniently to your Wise account in SGD and a selection of other major global currencies.

Sending money or making payments abroad? Wise also offers fast, low cost transfers to 140+ countries - you can track your transfer in your account and your recipient will also be notified when a transfer reaches them.

✍️ Sign up for a free account now