High pay is a key driver.
Singapore’s appeal as a destination for internationally-mobile banking professionals is growing, proven by the fact that majority of foreign financial services workers based in the city-state are keen to stay permanently.
A survey by recruitment firm Astbury Marsden showed that 60% of foreign staff in financial services say they plan to apply for permanent residency. This compares with just 17% who said they did not intend to do so.
Financial services expats are also staying longer in Singapore. More than a quarter of respondents or 27% have been living in Singapore for 5-10 years, with a further 13% who have been a resident for ten years plus. Of the total, a third or 32% are native Singaporean)
“In many respects, the fact so many professionals now see Singapore as their long-term home, rather than just a temporary posting, is the ultimate compliment. We are finding that significant numbers of internationally-mobile professionals, particularly in the finance sector, want more than just a temporary work posting to Singapore – once they’ve arrived, many want to stay here and make it their long term home,” said Mark O’Reilly, Managing Director for Asia Pacific at Astbury Marsden
Expats are keen to stay because of attractive pay rates. Average salaries in the financial services sector top $138,000 per annum, while management consultants can earn almost $123,000 on average.
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