Banking in Singapore on a Long-Term Visit Pass (LTVP)
LTVP holders can open bank accounts but have more limited financial access than PR holders. You need your passport, LTVP card, and a local address. Some banks require an Employment Pass sponsor letter.
Best Banks for Long-Term Visit Pass (LTVP) Holders
| Bank | Type | Key Benefit | Fee |
|---|---|---|---|
| DBS | Savings Account | No minimum balance option | 0 SGD |
| OCBC | Passbook Savings | Branch-based, easy for LTVP | 0 SGD |
| Wise | Multi-currency | Best for converting foreign currency | Varies |
| Revolut | Multi-currency | Good for travel and spending | 0-19.99 SGD/mo |
Taxes for Long-Term Visit Pass (LTVP) Holders in Singapore
LTVP holders without a Letter of Consent cannot work and have no Singapore tax obligations. Those with an LOC (LTVP Plus holders) pay Singapore personal income tax on employment income.
| Income Band | Tax Rate |
|---|---|
| LTVP without LOC (no income) | 0% |
| LTVP Plus with LOC: SGD 0-20,000 | 0% |
| LTVP Plus with LOC: SGD 20,001-30,000 | 2% |
| LTVP Plus with LOC: SGD 30,001-40,000 | 3.5% |
Sending Money Home from Singapore
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Most LTVP holders depend on financial support from family in Singapore or abroad. These services offer the best exchange rates for regular transfers.
| Service | Rate | Fee | Speed |
|---|---|---|---|
| Wise | Mid-market | 0.4-1.5% | 1-2 days |
| InstaReM | Near mid-market | 0.5-1% | 1-2 days |
| Remitly | Near mid-market | 0-3.99 SGD | Minutes |
| Bank Wire | 2-4% markup | 15-25 SGD | 3-5 days |
Cost of Living in Singapore on a Long-Term Visit Pass (LTVP)
LTVP holders typically live with their sponsor. Shared living costs in Singapore:
| Expense | Central Region | East/West | Johor Bahru commute |
|---|---|---|---|
| Share of rent in sponsor home | 1,500-3,000 SGD | 1,200-2,500 SGD | 400-800 SGD (JB side) |
| Groceries and meals | 600-1,000 SGD | 600-1,000 SGD | 400-700 SGD |
| Transport | 100-200 SGD | 100-200 SGD | 200-400 SGD (RTS link soon) |
| Monthly total | 2,200-4,200 SGD | 1,900-3,700 SGD | 1,000-1,900 SGD |
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Download FreeFrequently Asked Questions
Can a Singapore LTVP holder work?
Standard LTVP holders cannot work. LTVP Plus holders (spouses of Singapore citizens or PRs earning above certain thresholds) receive an automatic Letter of Consent allowing them to work for any employer.
Can LTVP holders access public healthcare in Singapore?
LTVP holders can use Singapore public hospitals and clinics but pay subsidised rates, not the citizen or PR rates. Healthcare bills can be significant. Private health insurance is strongly recommended for LTVP holders.
How long is the Singapore LTVP valid?
LTVP is typically valid for 1-3 years and must be renewed. Approval for renewal depends on the sponsor's continued EP or citizenship status, and your relationship with the sponsor.
Can a Singapore LTVP lead to PR?
Yes. Spouses of Singapore citizens are eligible to apply for PR. The wait time varies from 1-5 years depending on integration factors. Spouses with LTVP Plus who work full-time have significantly higher PR approval rates.