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🇸🇬 Singapore vs 🇭🇰 Hong Kong
Singapore and Hong Kong are remarkably similar for EP/Work Permit holders
2026 tax data · Last reviewed: April 1, 2026 · Source: methodology
TL;DR — Key Takeaways
- →At $150,000 salary: Hong Kong take-home ≈ $129,000 vs. Singapore (EP) ≈ $127,500 — nearly identical.
- →Both are low-tax, territorial, English-friendly financial hubs with no capital gains tax.
- →Hong Kong: salaries tax capped at 15% of net income or progressive (max 17%) — whichever is lower.
- →Singapore: progressive 2%–24%; no CPF for Employment Pass holders.
- →Hong Kong has lower personal income tax at very high incomes due to the 15% cap; Singapore wins on stability and regional reputation.
Net Pay at $150,000 Salary (2026)
🇸🇬
Singapore
$127,500
estimated net take-home
Top rate: 24%
🇭🇰
Hong Kong
$129,000
estimated net take-home
Top rate: 17%
Annual delta at $150,000
🇭🇰 Hong Kong saves $1,500/year
Over 10 years at 7% compounding: $22,170 more
Key Tax Differences
| Factor | 🇸🇬 Singapore | 🇭🇰 Hong Kong |
|---|---|---|
| Top income tax rate | 24% | 17% |
| Effective rate at $100k | 10% | 12% |
| Taxation basis | Territorial | Territorial |
| Special regimes | Not Ordinarily Resident (NOR) Scheme | None |
🇸🇬 Singapore — Key Tax Facts
- →Income tax: 0%–24% progressive; no tax on first SGD 20,000.
- →Employment Pass (EP) holders pay NO CPF contributions — significant advantage for expats.
- →Citizens and PRs contribute 20% employee CPF + 17% employer CPF (capped at SGD 6,300/month ordinary wages).
- →Singapore taxes income sourced in Singapore; most foreign-source income is exempt.
- →No capital gains tax, no inheritance tax, no wealth tax.
- →Effective rate for EP holders at SGD 150k (≈ USD 112k): approximately 12%.
🇭🇰 Hong Kong — Key Tax Facts
- →Salaries tax: 2%–17% progressive (standard tax); or flat 15% on net income if lower.
- →Territorial taxation: only Hong Kong-source income is taxed.
- →MPF (pension): 5% employee + 5% employer, capped at HKD 1,500/month each.
- →No capital gains tax, no GST/VAT, no inheritance tax.
- →Effective rate at HKD 1M (≈ USD 128k) income: approximately 12–14%.
- →Basic and additional allowances reduce taxable income significantly for residents.
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Estimates assume a single filer with no dependents and no treaty benefits. Not tax advice. See methodology.