The move from London to Singapore has accelerated among finance professionals since 2021, and it has not slowed. Bankers, fund managers, fintech founders, and compliance officers at global firms are finding that Singapore’s regional hub status — combined with its favourable tax environment, visa infrastructure, and quality of life — makes it a genuinely compelling alternative to a career spent in the City.
This guide is written for professionals already working in financial services who are considering or actively planning a move. It covers the Employment Pass mechanics specific to the financial services sector, the real difference in tax burden between the two jurisdictions, housing realities, and the PR pathway that opens up once you are established here.
The Employment Pass for Finance Professionals
Finance professionals relocating to Singapore will almost always arrive on an Employment Pass (EP), sponsored by a Singapore or Singapore-registered employer. The financial services sector carries a higher qualifying salary floor than most other industries.
Per the Ministry of Manpower, the minimum qualifying salary for a new EP application in financial services is SGD 6,200 per month as at July 2026, rising with age. A candidate in their mid-40s must earn at least SGD 11,800 per month in the same sector. These thresholds apply to new applications; from 1 January 2027, the financial services floor rises to SGD 6,600 per month for new applications (and SGD 12,700 for the mid-40s cohort).
Beyond the salary floor, every new EP application must pass the COMPASS framework — a points-based assessment requiring 40 points across five criteria: salary percentile (C1), qualifications (C2), employer nationality diversity (C3), local PMET employment support (C4), and the Shortage Occupation List bonus (C5). Finance professionals score well on C1 if their salary sits in the top quartile for the sector, and many benefit from C2 if they hold a degree from a recognised institution. However, firms with a high concentration of a single nationality in their Singapore workforce will score poorly on C3 — worth confirming with HR before you apply.
For a deeper look at how COMPASS scoring works, see our COMPASS Framework: Earning Your 40 Points guide.
The Real Tax Comparison: London vs Singapore
This is where the numbers tend to surprise City professionals. The headline figures are well-known — Singapore’s top income tax rate is 24%, applied only on chargeable income above SGD 1,000,000. The UK’s additional rate hits at 45% on income above £125,140 (approximately SGD 215,000). But the more meaningful comparison sits at the income bands where working finance professionals actually live.
A Singapore tax resident earning SGD 250,000 in employment income (roughly £147,000) will pay approximately SGD 28,750 in income tax — an effective rate around 11.5%. A UK resident on the equivalent £147,000 would face income tax of approximately £55,000 plus National Insurance contributions of around £5,500, producing a combined effective rate approaching 41%. The difference compounds across a multi-year relocation.
Key points from IRAS:
- Singapore resident rates run from 0% (first SGD 20,000) to 24% (above SGD 1,000,000).
- Employment Pass holders do not contribute to CPF; CPF obligations begin only when you obtain Singapore PR or citizenship.
- The personal income tax relief cap is SGD 80,000 per Year of Assessment.
- Foreign-sourced income remitted to Singapore by resident individuals is generally exempt from Singapore tax.
Note: you become a Singapore tax resident once you have been here for 183 days or more during the calendar year. For professionals arriving mid-year, there may be a partial-year non-resident period — during which employment income is taxed at the higher of 15% flat or the graduated resident rate without personal reliefs.
London to Singapore Finance Professional: Choosing Your Pass
Not every finance professional arriving from London needs a standard EP. Our EP vs PEP vs ONE Pass comparison guide covers the full decision tree, but the short version is:
Standard Employment Pass
Tied to your employer; renewed every two years (extendable to three years from the second renewal). Most professionals moving at the associate-to-director level will use this route.
Personalised Employment Pass (PEP)
Available to EP holders who have earned at least SGD 22,500 per month, or overseas professionals earning the equivalent. Not tied to an employer — you may keep it for up to six months between roles. See our Personalised Employment Pass guide for full eligibility rules.
ONE Pass
For professionals earning a fixed monthly salary of at least SGD 30,000 from a single employer. Valid for five years, employer-agnostic, and permits concurrent employment arrangements. Our ONE Pass eligibility guide covers who genuinely qualifies and how the outstanding-achievement pathway works.
Housing: What to Budget in Singapore
Rental costs differ sharply by district and property type. Finance professionals relocating to Singapore typically look at the Core Central Region (CCR) — Districts 9, 10, 11, and the CBD fringe — which covers Orchard, Holland Village, River Valley, and Tanjong Pagar.
As a realistic budget guide for 2026:
- 1-bedroom condo in CCR: SGD 4,000–6,500 per month
- 2-bedroom condo in CCR: SGD 6,500–11,000 per month
- 3-bedroom condo in CCR (typical for families): SGD 9,000–17,000 per month
- HDB flat (less common for new EP arrivals): SGD 2,500–4,500 per month
Renters generally pay a one-month security deposit plus one month advance on signing. Note that foreigners may not purchase HDB flats and face the 60% Additional Buyer’s Stamp Duty (ABSD) on private residential property purchases. Our Singapore stamp duty guide for foreigners explains the thresholds and the limited exemptions available.
Families: Schools, Healthcare, and the Domestic Worker
London finance professionals frequently relocate with families, which adds a second layer of planning. Our complete family relocation guide covers this in detail, but the key points are:
International schools: Singapore has more than 60 accredited international schools running IB, British, and American curricula. Fees run SGD 25,000–55,000 per child per year. Waiting lists at popular schools — Tanglin Trust, UWCSEA, Dulwich — can be 6–18 months. Start the application process before you arrive.
Healthcare: Singapore’s private healthcare is excellent. Employer health insurance is standard for EP holders at MNC and financial services firms. Public hospitals are available at subsidised rates but healthcare access for non-residents differs from what UK professionals are accustomed to under the NHS.
Foreign Domestic Worker: Many families with young children hire a Foreign Domestic Worker (FDW). Our FDW employer guide explains the levy, insurance, and regulatory requirements.
The Singapore PR Pathway for UK Professionals
Professionals relocating from London can realistically apply for Singapore Permanent Residence after two to three years of stable, well-compensated employment. The Complete Singapore PR Pathway Guide 2026 explains the three main routes; for most EP holders, the Professionals, Technical Personnel and Skilled Workers (PTS) Scheme is the relevant track.
ICA assesses each application holistically — there is no points threshold, and approval odds correlate meaningfully with salary, sector, length of residency, family profile, and community engagement. For a realistic breakdown by salary band, see Singapore PR Approval Odds by Salary Band 2026.
Planning Your Move: The Sequencing
For finance professionals planning the London to Singapore move, a practical sequence is:
- Secure employer sponsorship first. You cannot self-sponsor an EP (unless you already hold a PEP). Your Singapore employer submits the EP application via EP Online.
- Apply 8–12 weeks before your intended start date. Most applications are processed within 3–8 weeks, but complex COMPASS cases or additional document requests can extend this.
- Arrange short-term housing initially. Serviced apartments are widely available; lock in a longer lease once you have confirmed your preferred district.
- Register with IRAS once you receive your EP and SingPass. File your annual income tax return by 18 April each year (paper) or 18 May (e-filing).
- After 2–3 years, begin assembling your PR application. A well-prepared, complete submission materially improves approval odds.
For corporate setup alongside your personal relocation — setting up a Singapore subsidiary, registering a branch, or exploring EntrePass for founders — Raffles Corporate Services’ business relocation guide covers the incorporation, secretarial, and compliance requirements.
Conclusion
The London-to-Singapore move in financial services is well-trodden, but the specifics of the Employment Pass, COMPASS scoring, tax transition, and PR pathway reward careful planning. The lower effective tax rates, strong family infrastructure, and clear PR pathway make Singapore a compelling long-term base for finance professionals at the right career stage.
If you need help with your Employment Pass, Personalised Employment Pass, or PR application, Little Big Employment Agency (MOM Licence 19C9790) handles the full spectrum of work passes and PR applications for professionals relocating to Singapore. For corporate setup and incorporation support, Raffles Corporate Services provides end-to-end solutions.
— The Editorial Team, Little Big Employment Agency