Recently, Singapore's National Population and Talent Agency (NPTA) released its Population Briefing 2024.
The report shows that Singapore's total population surpassed the 6 million mark for the first time, up 2% from a year ago. This growth was mainly due to the increase in the non-resident population.
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Singapore's new population milestone
Surpasses 6 million for the first time
Singapore's population totaled 6,036,900 as of June 2024, according to the Singapore Population Brief 2024
Specifically:
Total number of citizens was 3,635,900, an increase of 0.7% year-on-year;
Total permanent residents at 544,900, up 1.2% year-on-year;
Non-resident population totaled 1,856,000, an increase of 5 percent.
The non-resident population increased by a whopping 5% from 1,770,000 in June last year to 1,860,000 at present, accounting for about 30.7% of the total, and is the main driver of further population growth in Singapore.
Within the composition of the non-resident population, there are varying percentages of visa holders in various categories: Construction, Maritime Shipbuilding and Manufacturing Work Pass (23%), Other Sector Work Pass (21%), Long Term Residence Permit (LTRP) and Immediate Relative Permit (IRP) (16%), Domestic Helper (15%), Employment Pass (11%), S Pass (10%), and Student's Pass (5%).
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Migration to Singapore
34,000 people have been granted PR
In recent years, Singapore has attracted a large number of international migrants due to its stable social environment, advanced economic system and excellent quality of life.
In the past year, a total of 23,472 people were granted Singapore citizenship and 34,491 were granted permanent residence in Singapore.
Looking back over the past five years, Singapore has attracted an average of about 22,400 new citizens and 32,600 permanent residents annually, with this year's figures showing a steady increase over previous years' averages.
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The many advantages of moving to Singapore
1. High Quality of Life
Known as Asia's “City of Happiness” and “Garden City”, Singapore's high green coverage, clean streets and fresh air provide residents with an unparalleled living environment.
In addition, Singapore is a global leader in healthcare, with 13 hospitals and healthcare institutions accredited by the Joint Commission International (JCI), providing a solid guarantee for the health of its residents.
2. Superior Tax System
Singapore has an attractive tax environment, with a single tax system, low tax rates and the principle of territorial taxation. The corporate income tax rate ranges from 0-17% and the personal income tax rate tops out at 24%.
At the same time, Singapore is exempt from tax on capital gains, dividends or income derived from overseas, and there is no inheritance tax, which greatly facilitates overseas investment and capital flows.
In addition, Singapore has signed Double Taxation Exemption Agreements (DTAs) with more than 80 countries, effectively avoiding the problem of double taxation.
3. Global Accessibility
In the Heinz Passport Index 2024, the Singapore passport offers visa-free access to 194 countries and territories, making it the world's number one in terms of accessibility.
Currently, the popular way to move to Singapore is through the Self-Employed PIC program. If you are interested in applying for this program, please feel free to contact Nebula Hai International, and we will provide you with tailor-made and exclusive services.
Translated with DeepL.com (free version)
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