Buying or renting a car in Singapore costs an arm and a leg, recalls the website of the American magazine Business Insider. So much so that car-related costs weigh heavily in the balance when it comes to drawing up the list of the most expensive cities in the world – a task that the British consultancy firm Economist Intelligence Unit ( EIU ) takes on in particular each year. ) by comparing the prices of 160 products and services around the world.
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For the fifth consecutive year, the city-state topped the EIU rankings , ahead of Paris and Zurich (tied for second), and while New York and Los Angeles ranked 13th and 14th , respectively. positions, despite the rise in the cost of living observed in American cities.
Import taxes and duties
Singapore is by far the most expensive city to buy and rent a car, Business Insider points out . At issue: the government’s desire to reduce the number of vehicles in circulation on the island. The authorities issue a limited number of driving licenses (Certificate of Entitlement, COE ) each year . Note: the local permit is compulsory for foreigners who have been resident for more than twelve months. Valid for ten years for Singaporeans, the COE expires after only five years for foreigners. Its cost is prohibitive: up to 37,000 dollars (32,000 euros) depending on the engine capacity of the vehicle. Added to this are taxes and import duties levied by the government on the price of the vehicle,“which mean that a modest SUV can cost you more than 100,000 Singapore dollars (65,000 euros),” CNN ‘s 2017 report continues .
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Cars are not the only outsized expense item in Singapore. For example, the city ranks third for the price of clothing – not to mention housing. Harrison Jacobs, international correspondent for Business Insider, believes, however, that she does not quite deserve her image as the preserve of “Crazy Rich Asians”. He explains, for example, that it is possible to eat cheaply there, that public transport is among the most convenient in the world and that it offers magnificent museums and parks: