Compare taxes and see how much you save moving from Hong Kong to Singapore
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.
Top Rate
Territorial system
Top Rate
Territorial system
At $100,000 income:
That is $417/month back in your pocket!
| Income | HK Tax | SG Tax | Savings | 10-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 |
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Hiring Internationally? Deel Handles Compliance →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.
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.
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.
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.
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.