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HEAD-TO-HEAD TAX COMPARISON · 2026

COUNTRY A Hong Kong VS COUNTRY B Singapore

Side-by-side analysis of income tax, effective rates, and take-home pay for Hong Kong and Singapore in 2026.

Daniel · CountryTaxCalc Updated June 2026 Tax Comparison 2026
Calculate your take-home → See all comparisons →
OVERVIEW
Hong Kong and Singapore are Asia's two dominant financial centres and the most common relocation pair for high-earning expats in the region. Both use a territorial tax system — foreign-sourced income is not taxed — but their domestic tax burdens diverge significantly once CPF (Singapore's mandatory retirement savings) is included. Hong Kong's salaries tax is progressive from 2% to 17% on net chargeable income (after the HKD 132,000 basic allowance for 2025/26). A two-tier standard rate cap applies: 15% on the first HKD 5 million of net income, 16% above. In practice, most professionals pay effective rates of 8–14% on gross salary — well below headline rates. There is no GST or VAT in Hong Kong and no capital gains tax on any asset class. Hong Kong abolished its foreigner Buyer's Stamp Duty (BSD) in February 2024 — a major policy reversal that removed the 7.5% surcharge on non-permanent resident property purchases. Singapore's personal income tax is also progressive, from 0% on the first SGD 20,000 to 24% on income above SGD 1,000,000 (from Year of Assessment 2024). At moderate income levels — SGD 100,000 to SGD 200,000 — Singapore's income tax rate is actually lower than Hong Kong's. However, Singapore's mandatory Central Provident Fund (CPF) changes the comparison entirely. Employees contribute 20% of ordinary wages (capped at SGD 8,000/month from 1 January 2026, raised from $7,400), with employers contributing a further 17%. The CPF employee contribution is locked in a retirement account until age 55, effectively reducing take-home cash by 20% at most income levels. Including CPF, Singapore's total burden at USD 100,000 income is approximately twice Hong Kong's. Singapore levies GST at 9% (raised from 8% on 1 January 2024, and from 7% on 1 January 2023). Hong Kong has no consumption tax equivalent. For daily spending, Singapore's GST adds to cost of living across goods and services. For property buyers, the contrast is stark. Singapore's Additional Buyer's Stamp Duty (ABSD) for foreigners buying residential property stands at 60% (since April 2023) — on top of Buyer's Stamp Duty of 4–6%. This makes Singapore residential property one of the most expensive purchases globally for non-permanent residents. Hong Kong abolished its foreign buyer surcharge in February 2024; foreigners now pay the same Ad Valorem Stamp Duty as locals (1.5–4.25% on most residential properties). The verdict depends on income level and profile. For most working professionals earning USD 50,000–300,000, Hong Kong's lower total burden (income tax only, no GST, no BSD) is more attractive. Singapore wins for those who value CPF as a compulsory retirement savings vehicle, or for entrepreneurs and businesses where Singapore's governance, IP protections, and regional connectivity justify the higher personal tax cost.
Section 01

The Big Picture

Top-line rates and effective take-home for a typical earner — including income tax, social contributions, and applicable surcharges.

🇭🇰
COUNTRY A
Hong Kong
TAX RATE
0–17%
Progressive + two-tier standard rate cap (15%/16%)

Progressive salaries tax: 2% (first HKD 50K net), 6%, 10%, 14%, 17% (above HKD 200K net); basic allowance HKD 132,000 (2025/26); two-tier standard rate cap: 15% on first HKD 5M net income, 16% above; BSD for non-PRs abolished Feb 2024; MPF 5% employee (capped HKD 1,500/month); no GST/VAT; no capital gains tax; territorial system.

🇸🇬
COUNTRY B
Singapore
TAX RATE
0–24%
Progressive; CPF 20% employee; GST 9%

Progressive income tax: 0% (first SGD 20K), rising to 22% on SGD 320K–500K, 23% on SGD 500K–1M, 24% above SGD 1M (top rate from YA2024); CPF mandatory: 20% employee + 17% employer (ordinary wage ceiling SGD 8,000/month from 1 Jan 2026); GST 9% (raised from 8% Jan 2024); ABSD 60% for foreigners buying residential property (from Apr 2023); no capital gains tax; territorial system.

TYPICAL ANNUAL DIFFERENCE
Moving from Singapore → Hong Kong at USD 100,000/year equivalent
~USD 10,200

HK advantage at USD 100K including CPF. HK income tax ~USD 11,400 vs SG income tax + CPF ~USD 21,600.

Section 02

Tax Savings by Income Level

Net take-home after all income tax, social contributions, and surcharges — for a single employee with no dependents.

GROSS INCOME
🇭🇰 HK TAX
🇸🇬 SG TAX
SAVINGS
10-YEAR
USD 50,000 (HKD ~390K / SGD ~67.5K)
HK: ~HKD 22,000 income tax (~USD 2,800); effective ~5.7%
SG: ~SGD 2,100 income tax + ~SGD 13,500 CPF employee = ~SGD 15,600 total (~USD 11,600)
HK saves ~USD 8,800 total burden
~USD 88,000
USD 100,000 (HKD ~780K / SGD ~135K)
HK: ~HKD 89,000 income tax (~USD 11,400); effective ~11.4%
SG: ~SGD 10,000 income tax + ~SGD 19,200 CPF employee = ~SGD 29,200 total (~USD 21,600)
HK saves ~USD 10,200 total burden
~USD 102,000
USD 150,000 (HKD ~1.17M / SGD ~202K)
HK: ~HKD 158,000 income tax (~USD 20,300); effective ~13.5%
SG: ~SGD 22,800 income tax + ~SGD 19,200 CPF = ~SGD 42,000 total (~USD 31,100)
HK saves ~USD 10,800 total burden
~USD 108,000
USD 200,000 (HKD ~1.56M / SGD ~270K)
HK: ~HKD 222,000 income tax (~USD 28,500); effective ~14.3%
SG: ~SGD 34,400 income tax + ~SGD 19,200 CPF = ~SGD 53,600 total (~USD 39,700)
HK saves ~USD 11,200 total burden
~USD 112,000
USD 500,000 (HKD ~3.9M / SGD ~675K)
HK: standard rate applies → ~HKD 582,000 (~USD 74,600); effective ~14.9%
SG: ~SGD 124,200 income tax + ~SGD 19,200 CPF = ~SGD 143,400 total (~USD 106,200)
HK saves ~USD 31,600 total burden (CPF capped; gap widens on income tax alone)
~USD 316,000
💡

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🇭🇰

Hong Kong Pros & Cons

+ PROS
  • Low effective tax rates: two-tier standard rate cap of 15% (first HKD 5M net) / 16% (above) means most professionals pay 8–14% effective rate on gross salary — well below Singapore at equivalent incomes once CPF is included
  • No CPF equivalent: MPF is only 5% employee contribution capped at HKD 1,500/month — compared to Singapore's 20% CPF employee contribution; full gross salary is available as take-home cash
  • BSD abolished Feb 2024: foreigner Buyer's Stamp Duty on residential property was abolished in February 2024 — non-permanent residents now pay the same AVD as locals (1.5–4.25% on most properties)
  • No GST or VAT: Hong Kong has no consumption tax of any kind — Singapore's GST is 9% on most goods and services
  • No capital gains tax on any asset class: stocks, cryptocurrency, property appreciation, and business sales are all tax-free for individuals
− CONS
  • No state pension for expats: MPF (5% employee + 5% employer, capped at HKD 1,500/month) provides limited retirement accumulation — Singapore's CPF, while mandatory, builds a substantial retirement fund over a career
  • Higher salaries tax than SG at moderate incomes: at USD 100K gross, HK income tax (~11.4% effective) exceeds Singapore's income tax rate alone (~7.4%); CPF reverses this when total burden is considered
  • Stamp duty still applies: AVD on all residential property purchases at 1.5–4.25% (or 6.5% for properties above HKD 100M from February 2026); property prices remain among the world's highest
  • Political uncertainty: National Security Law changes since 2020 create planning uncertainty for long-term residency and business decisions — a relevant factor in financial and estate planning
🇸🇬

Singapore Pros & Cons

+ PROS
  • Income tax competitive at moderate incomes: Singapore's income tax alone at SGD 100K is ~7.4% effective — lower than Hong Kong's ~11.4%; for employees whose employer bears CPF costs fully, the income tax comparison favours Singapore at lower income levels
  • CPF as compulsory retirement savings: 20% employee + 17% employer = 37% total contributions build a substantial government-backed retirement fund; CPF earns 2.5–4% guaranteed government interest rates, exceeding typical MPF returns
  • No capital gains tax: like Hong Kong, all investment gains, property appreciation, and cryptocurrency profits are tax-free for individuals
  • Strong regional hub with rule of law, IP protections, and English as an official language — lower geopolitical risk than Hong Kong for long-term business planning
− CONS
  • CPF mandatory 20% employee contribution: locks up take-home cash until age 55; at most income levels the CPF contribution doubles the effective total burden vs income tax alone; not recouped on departure without a Minimum Sum requirement
  • Top income tax rate 24% on income above SGD 1,000,000 (from YA2024) — vs Hong Kong's 16% two-tier standard rate cap; high earners above USD 700K face a clear tax disadvantage in Singapore
  • GST 9% on most goods and services (raised from 8% in January 2024 and from 7% in January 2023) — Hong Kong has no consumption tax; adds meaningful cost to daily expenses for individuals and families
  • ABSD 60% for foreigners buying residential property (from April 2023, up from 30%): makes Singapore real estate ownership near-prohibitive for non-permanent residents as an investment; Hong Kong abolished its foreigner surcharge in February 2024
FAQ

Frequently Asked Questions

At USD 100,000 income, which city has lower total tax burden?

Hong Kong. At USD 100,000 equivalent (HKD ~780,000), Hong Kong salaries tax is approximately HKD 89,000 (~USD 11,400), an effective rate of 11.4%. In Singapore at SGD ~135,000 equivalent, income tax alone is ~SGD 10,000 (~USD 7,400 — lower than HK). However, adding CPF employee contributions (~SGD 19,200 on the OW portion) brings Singapore's total burden to ~SGD 29,200 (~USD 21,600). Hong Kong's total burden is approximately USD 10,200 lower per year at this income level.

What is CPF and how does it affect the Hong Kong vs Singapore comparison?

Singapore's Central Provident Fund (CPF) is mandatory retirement savings. Employees contribute 20% of ordinary wages (capped at SGD 8,000/month from 1 January 2026, raised from $7,400 in 2025), and employers add 17%. This is on top of income tax. The employee's 20% is locked in their CPF account until age 55 — it is not accessible as cash. Hong Kong's MPF is only 5% employee contribution, capped at HKD 1,500/month. CPF fundamentally changes the income comparison: Singapore's income tax at moderate incomes is lower than Hong Kong's, but the combined income tax + CPF burden is significantly higher.

Does Hong Kong have a foreigner stamp duty surcharge on property?

No — not since February 2024. Hong Kong abolished its Buyer's Stamp Duty (BSD) for non-permanent residents on 28 February 2024. Before abolition, BSD was 7.5% (reduced from 15% in October 2023). Foreigners now pay the same Ad Valorem Stamp Duty (AVD) as locals: 1.5–4.25% on most residential properties. For properties above HKD 100 million, a new 6.5% top AVD rate applies from February 2026.

What is Singapore's ABSD rate for foreigners in 2026?

Singapore's Additional Buyer's Stamp Duty (ABSD) for foreigners buying any residential property is 60%, on or after 27 April 2023 (raised from 30%). This applies to all residential property purchases by non-Singapore residents regardless of the number of properties held. On top of ABSD, Buyer's Stamp Duty (BSD) applies at 4–6% depending on property value. For context, a SGD 2 million property purchased by a foreigner attracts SGD 1,200,000 in ABSD alone.

What is Singapore's GST rate vs Hong Kong?

Singapore's GST is 9% (raised from 8% on 1 January 2024, and from 7% on 1 January 2023). It applies to most goods and services consumed in Singapore. Hong Kong has no Goods and Services Tax, Value Added Tax, or any equivalent consumption tax — one of the few major economies globally with no consumption tax. For an individual spending SGD 60,000/year on GST-applicable items in Singapore, the annual GST cost is approximately SGD 5,400.

What are Hong Kong's 2025/26 salaries tax rates?

Hong Kong salaries tax is applied to net chargeable income (gross income minus deductions and allowances). The basic allowance for 2025/26 is HKD 132,000. Progressive rates: 2% on the first HKD 50,000; 6% on the next HKD 50,000; 10% on the next HKD 50,000; 14% on the next HKD 50,000; 17% on the remainder. A two-tier standard rate cap applies: 15% on the first HKD 5 million of net income before allowances, 16% on the excess. Tax is assessed at whichever method produces the lower bill. A 100% tax rebate capped at HKD 3,000 applies for 2025/26.

Which city is better for crypto and capital gains?

Both are excellent — no capital gains tax in either Hong Kong or Singapore for individuals. Crypto profits, stock gains, and property appreciation are all tax-free as capital gains. However, if gains are characterised as trading income (frequent transactions with intent to profit), both jurisdictions may assess them as ordinary income. Hong Kong is actively courting crypto firms with a licensed exchange framework. Singapore has stricter retail crypto regulations following the 2022 market crisis. For pure capital gains tax treatment, both cities are equivalent.

Which is better for American expats — Hong Kong or Singapore?

US citizens owe US tax on worldwide income regardless of where they live. The Foreign Earned Income Exclusion (~$130,000 for 2025, indexed annually) reduces US tax on foreign employment income, but high earners in either city may still owe US tax. Neither Hong Kong nor Singapore has a US tax treaty, so there is no special bilateral relief. Singapore's CPF contributions present a complication: the IRS may not recognise CPF as a qualified foreign pension, potentially creating double-taxation on CPF contributions. American expats in either city should work with a US expat tax specialist.
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