Singapore’s financial services sector recruits actively from London. The combination of Asia-Pacific growth mandates, major banks and asset managers maintaining dual-hub operations in both cities, and a tax differential that meaningfully increases net-of-tax compensation makes the London to Singapore relocation finance professional move one of the most common senior-hire scenarios LBEA sees. This guide covers the Employment Pass pathway for UK-based finance professionals, the Financial Services salary thresholds, the UK–Singapore tax treaty, and the practical cost of living comparison that determines whether the move actually improves your take-home position.
All salary figures are sourced from the Ministry of Manpower and all tax rates from the Inland Revenue Authority of Singapore, as at 15 July 2026.
Employment Pass for UK Finance Professionals: The Financial Services Salary Floor
Finance professionals coming from London — bankers, fund managers, private equity professionals, compliance officers, quant researchers, and wealth advisers — will almost always need an Employment Pass (EP) sponsored by a Singapore employer. The EP is the work pass for professionals, managers, and executives.
For the Financial Services sector, MOM applies a higher qualifying salary than for most industries. As at 2026, the Financial Services EP floor is SGD 6,200 per month for candidates up to their early twenties, rising with age. For professionals in their mid-40s — which includes many senior finance hires from London — the age-progressive floor reaches approximately SGD 11,800 per month. From 1 January 2027, the Financial Services EP floor rises to SGD 6,600 at the base, with a corresponding upward shift across all age bands. Our EP and S Pass salary floors January 2027 guide provides the full age-progressive tables and renewal timeline.
Every EP application is also assessed under the COMPASS points framework. For a London-trained finance hire, the two criteria that typically require the most attention are C1 (salary relative to local PMET benchmark) and C2 (qualifications). UK degrees from Russell Group universities, Oxbridge, and major London Business School programmes generally score well under C2. The COMPASS C1 score depends on where the candidate’s salary sits within MOM’s percentile table for the Financial Services sector — a factor that varies by sub-sector and specific role. The complete Singapore Employment Pass guide covers COMPASS methodology in detail.
The Net Salary Calculation: Singapore vs London
The headline attraction is the tax differential. Singapore’s personal income tax is progressive and capped at a top marginal rate of 24% on chargeable income above SGD 1 million. For a finance professional earning the equivalent of SGD 360,000 per year (SGD 30,000/month), the effective Singapore income tax rate is approximately 15–17%. The UK, by contrast, taxes income above £125,140 at 45%, with the additional complication of the gradual withdrawal of the personal allowance between £100,000 and £125,140 producing an effective marginal rate of 60% in that band. National Insurance contributions add a further 2% on income above £50,270.
For a London finance professional earning £200,000 per year (approximately SGD 340,000), the annual income-tax and National Insurance liability in the UK is approximately £87,000–£93,000. The same professional earning the SGD equivalent in Singapore would pay approximately SGD 48,000–52,000 in income tax. The annual saving is on the order of SGD 60,000–70,000 — enough to cover international school fees for one child or a substantial portion of the Singapore rent premium over London.
Singapore also levies no capital gains tax. For finance professionals with equity compensation — unvested share options, long-term incentive plan awards, or carried interest — this is frequently the more significant financial consideration than the income-tax differential.
The UK–Singapore Double Tax Treaty
The UK and Singapore maintain a comprehensive Double Tax Agreement (DTA) that governs how employment income, dividends, interest, royalties, and pension income are taxed when you move between the two jurisdictions. For a London professional relocating to Singapore, the key practical points are these:
Employment income earned after you become a Singapore tax resident is taxed in Singapore and generally not subject to UK income tax — provided you meet the UK statutory residence test’s conditions for ceasing UK tax residency in the year of departure. The timing of the departure, and specifically whether you have fully severed your UK ties, is a matter that requires professional advice in the year of departure; the UK’s statutory residence test applies a facts-and-circumstances test rather than a calendar-year rule.
UK pension income — including defined-benefit pensions from former UK employers — may continue to be taxed in the UK even after you become a Singapore resident, depending on whether the pension is from a government scheme. Private pension income may be covered by the DTA to allow Singapore taxation only. Clarify the pension treatment with a cross-border tax adviser before relying on it as a retirement-income projection.
For EP holders in Singapore, CPF contributions do not apply — only Singapore citizens and Permanent Residents pay CPF. There is no National Insurance equivalent in Singapore. Your employer does not contribute a mandatory retirement levy on top of your salary, meaning the salary quoted in Singapore is broadly the salary received (minus Singapore income tax).
Cost of Living: What London Finance Professionals Need to Budget
The tax saving is real but so is the Singapore cost base. The most significant line items for a London finance professional relocating to Singapore are housing and, if bringing a family, schooling.
Housing
A three-bedroom condominium apartment in the prime and near-prime districts of Singapore — Districts 9, 10, 11, and the CBD fringe — runs SGD 8,000 to SGD 16,000 per month. This is comparable to a prime London rental but the floor space and amenity quality (pool, gym, concierge) are typically higher at any given price point. Expats on company relocation packages often receive a housing allowance of SGD 4,000 to SGD 8,000 per month. Self-funding tenants should budget realistically. Our Singapore neighbourhood rental guide for 2026 covers the main districts with current rent ranges and commute times to the CBD.
International Schooling
Families with children will typically use the international school sector. Top-tier international schools — the British one (Tanglin Trust, Singapore’s largest British curriculum school), UWCSEA, and Dulwich College Singapore — charge SGD 30,000 to SGD 50,000 per child per year. For a family with two school-age children, school fees alone can be SGD 60,000–100,000 annually. Many senior finance packages include an education allowance; where they do not, this cost is the primary reason the London-to-Singapore financial case is tighter than the headline tax differential suggests.
Healthcare and General Living
Healthcare in Singapore requires private insurance — there is no NHS equivalent for EP holders. A comprehensive expat health plan for a family of four costs approximately SGD 6,000–12,000 per year. General living costs — groceries, dining, transport — are broadly comparable to or slightly below London for comparable quality, with hawker centre meals providing a genuinely affordable food option that London lacks at equivalent quality. Public transport is excellent and significantly cheaper than London.
Settling In: Practical First Steps for London Finance Professionals
Once the EP is approved, the first 90 days in Singapore are the administrative sprint. Open a personal bank account (DBS, OCBC, or UOB are the main retail banks; most require a physical branch visit with your EP card and passport). Register for the National Registration Identity Card equivalent (the Singapore Employment Pass card serves this function for EP holders). Set up a SingPass account — this is Singapore’s national digital identity platform and is required for government services, IRAS tax filing, and CPF access if you subsequently become a PR.
For families, the Dependant’s Pass application should be submitted concurrently with or immediately after the EP application. EP holders in the Financial Services sector will nearly always earn above the SGD 6,000 threshold that allows Dependant’s Pass spouses to work in Singapore without a separate Letter of Consent. See our Dependant’s Pass and LTVP guide for the specific eligibility rules and documentation required.
Singapore’s public transport card (EZ-Link or SimplyGo) replaces the Oyster card. Driving is possible but the Certificate of Entitlement (COE) system makes car ownership expensive — most CBD-based finance professionals rely on the MRT and taxis or ride-hailing. A foreign driving licence from the UK can be exchanged for a Singapore licence without a test in most cases, subject to a one-year validity check.
The Path to PR and Citizenship
Many London finance professionals who relocate for a two-to-three year assignment find they stay longer. Singapore Permanent Residency (PR) can be applied for under the Professionals, Technical Personnel and Skilled Workers (PTS) scheme once you hold an EP — there is no minimum duration, though ICA’s holistic assessment weights time in residence, tax paid, and CPF contributions (which begin at the PR stage) alongside salary and qualifications. Our complete Singapore PR pathway guide sets out the PTS criteria, the supporting documents required, and the realistic processing timeline for finance professionals.
Ready to Make the Move?
The London-to-Singapore move in finance is well-trodden and well-supported by the Singapore financial services sector’s active talent recruitment. The EP pathway is clear; the tax case is strong for senior earners; and the quality of life, schooling, and connectivity across the APAC time zone make it a compelling long-term base.
Singapore Employment Agency — the consumer brand of Little Big Employment Agency Pte Ltd (MOM Licence 19C9790) — assists finance professionals and their employers with EP applications, COMPASS assessment, Dependant’s Pass arrangements, and the full suite of work-pass advisory services. For corporate setup, including the Singapore entity that many finance professionals establish for their personal investments or advisory activities, speak to Raffles Corporate Services.
— The Editorial Team, Little Big Employment Agency