The hidden trap: both use territorial taxation—foreign income is tax-free—but Singapore's CPF mandatory savings (20% employee + 17% employer) adds to total cost. A HK$1,000,000 earner pays ~HK$123,000 (12.3%) vs S$200,000 earner paying ~S$20,000 income tax but S$40,000+ CPF. Choose Hong Kong if: foreign income, no retirement mandate. Choose Singapore if: want CPF retirement savings, cleaner city, English-speaking.

By Daniel, Founder of CountryTaxCalc

Daniel has spent 5+ years researching tax systems across 95+ countries and all US states to make tax comparison accessible to everyone. For corrections, contact us.

Last Updated: March 2026

The Big Picture

🇭🇰 Hong Kong

17%

Top Rate

Territorial system

🇸🇬 Singapore

22%

Top Rate

Territorial system

Typical Annual Savings

At $100,000 income:

$5,000

That is $417/month back in your pocket!

Tax Savings by Income Level

IncomeHK TaxSG TaxSavings10-Year
$50,000 $2,500$1,500$1,000$10,000
$75,000 $4,500$2,800$1,700$17,000
$100,000 $7,000$4,000$3,000$30,000
$150,000 $12,000$7,000$5,000$50,000
💡

CountryTaxCalc.com is reader-supported. When you use our partner links, we may earn a commission at no cost to you. This helps us provide free tax calculators and comparison tools. Learn more about our affiliate partnerships

Best for Most People

Wise

★ 4.3 Trustpilot  ·  287,413 reviews

Send money at the real exchange rate. Save up to 5x vs banks on international transfers.

⚠ For currency exchange only — not a bank account replacement.

Transfer Money Between Hong Kong & Singapore →
For Employers & Businesses

Deel

★ 4.7 Trustpilot  ·  8,728 reviews

Need to hire internationally or pay contractors abroad? Deel handles payroll compliance in 150+ countries. Trusted by 40,000+ companies. 4.7 stars / 8,728 Trustpilot reviews.

⚠ For employers and companies only — not for individual freelancers or employees.

Hiring Internationally? Deel Handles Compliance →

Hong Kong Pros and Cons

✅ Pros

  • Lower top rate: 17% vs Singapore's 22% (24% from 2024)
  • No CPF: voluntary MPF (5%+5%) vs Singapore's mandatory 37% combined
  • No capital gains tax: crypto, stocks, property gains all tax-free
  • Territorial: only HK-sourced income taxed

❌ Cons

  • Political uncertainty: National Security Law concerns for some
  • Housing crisis: world's most expensive city for property
  • Air quality: worse than Singapore, especially summer
  • MPF returns poor: mandatory retirement fund underperforms

Singapore Pros and Cons

✅ Pros

  • CPF retirement: mandatory 37% savings = guaranteed retirement fund
  • Clean and safe: world-class infrastructure and low crime
  • English official: easier for Western expats than Cantonese HK
  • Territorial taxation: foreign income tax-free

❌ Cons

  • CPF mandatory: 20% employee contribution locks up cash until 55
  • Higher top rate: 22% (24% from 2024) vs HK's 17%
  • Car ownership expensive: COE + tax = S$100,000+ just for permit
  • Strict laws: chewing gum ban, caning for vandalism

Frequently Asked Questions

Q: At $200,000 USD income, which city has lower total tax?

Hong Kong wins. HK$1,560,000 (~$200K USD) pays ~HK$200,000 salaries tax (12.8% effective). In Singapore, S$270,000 (~$200K USD) pays ~S$42,000 income tax (15.5%) PLUS S$40,000+ CPF if employed (20% employee contribution). Total burden: HK ~13% vs SG ~31% including CPF.

Q: What is CPF and why does it matter?

Singapore's Central Provident Fund is mandatory retirement savings. Employees contribute 20% of salary (up to S$6,800/month), employers add 17%. This is ON TOP of income tax. The money is locked until age 55. Hong Kong's MPF is only 5%+5% and capped at HK$1,500/month each. CPF is a hidden 'tax' that dramatically changes the comparison.

Q: Which city is better for crypto and investments?

Both are excellent—no capital gains tax in either. Crypto profits, stock gains, and property appreciation are all tax-free. However, Singapore is cracking down on crypto regulations while Hong Kong is actively courting crypto firms. For property investment specifically, Hong Kong has punitive stamp duties (15-30%) for non-permanent residents.

Q: Which is better for American expats?

Both have complications. US citizens owe US tax on worldwide income regardless. The Foreign Earned Income Exclusion (~$126,500 for 2024) helps but high earners still owe US tax. Neither HK nor SG has a US tax treaty, so no special relief. Singapore's CPF contributions may not be recognized by IRS, creating potential double-taxation issues.

Q: What about housing costs?

Both are brutally expensive. Hong Kong: HK$35,000-50,000/month for a 600 sq ft flat in decent area. Singapore: S$3,500-5,000/month for similar. Hong Kong's density is higher and apartments smaller. Singapore's public housing (HDB) is affordable but only for citizens/PRs. Neither is cheap, but Singapore offers slightly more space for money.

Related Comparisons

USA CalculatorUK CalculatorAll Comparisons