TechPats, defined as skilled technology workers who choose to work abroad, are in high demand globally due to shortages in tech skills within businesses. These individuals possess specialised skills in technology and opt to relocate internationally for better career prospects, higher salaries, and enhanced living standards. Expat insurance provider, William Russell, recently released The TechPat Index, which evaluates several key factors to determine the most favorable destinations for these tech-savvy professionals.
The report also highlights key areas in the Asia-Pacific region that are more likely to attract techpats with their infrastructure and career opportunities.
Factors influencing TechPat decisions
According to the report, when considering relocation, TechPats weigh various critical factors beyond just job opportunities and salary. These include the cost of living, relocation expenses, and entry requirements, which collectively impact their overall quality of life abroad.
Cost of living: Countries like Switzerland and Singapore, which rank highly for TechPats, also tend to have high living costs. However, Switzerland offers the highest average salary for software engineers globally, underscoring the importance of balancing salary potential with living expenses.
Relocation costs: Moving abroad involves big expenses such as flights, visa fees, and shipping belongings. Despite high relocation costs, the potential career benefits in destination countries like the United States often outweigh initial financial outlays.
Entry requirements: Entry into foreign markets often requires navigating complex visa processes and meeting specific health and financial criteria. Countries vary significantly in visa costs and prerequisites, influencing TechPats’ decisions.
Based on these factors, the TechPat Index identified top destinations for TechPats considering job availability, average salaries, internet infrastructure, and technological advancements.
United States
- TechPat Score: 8.83/10
- Key Highlights: With over 101,000 software engineer jobs on LinkedIn and robust educational institutions like MIT, the U.S. offers TechPats significant career opportunities. High-speed internet and extensive tech ecosystem further enhance its appeal.
Switzerland
- TechPat Score: 8.73/10
- Key Highlights: Switzerland boasts high average salaries for software engineers, excellent broadband infrastructure, and a burgeoning tech startup scene centered around Crypto Valley in Zug.
Singapore
- TechPat Score: 8.54/10
- Key Highlights: Leading in university scores for engineering and technology, Singapore offers a dynamic environment with substantial job opportunities in tech, bolstered by advanced broadband speeds and numerous tech accelerators.
Asia’s technological frontier
The TechPat Index highlights South Korea as a technological powerhouse, with a composite score of 6.63/10. The South Korea market is also driven by high internet and mobile data usage, substantial R&D investment, and readiness for innovation.
Leading globally with 5G accessible 42.9% of the time, South Korea’s telecom infrastructure supports TechPats requiring high-speed connectivity. With average mobile internet speeds at 303.21 Mbps and a vibrant tech industry, South Korea sets a benchmark in Asia for tech innovation and infrastructure.
At the same time, the report says that Singapore is an emerging top contender for TechPats, boasting a TechPat score of 8.54/10. What sets Singapore apart is its university education in technology and engineering, with institutions like Nanyang Technological University (NTU) scoring an impressive 86.8 out of 100.
In terms of employment opportunities, the report outlines that Singapore offers 622 software engineer jobs per capita, with over 3,755 positions listed on LinkedIn. This job market includes opportunities at major tech giants like TikTok and ByteDance within the city-state’s regional tech hub.
Also, there are almost 70 tech startups with headquarters in Singapore, making it the country with the most tech startups is Singapore, with 11.26 startups per capita. Some of the emerging startups in the country include Cloudbric, Osome, Bloom, Horangi Warden and Mathilda.
TechPats relocating to Singapore can expect competitive compensation, with software engineers earning an average of S$60,702 (£35,931, US$45,108, or €42,007) annually.
The report also found that Singapore’s mobile internet speeds average 93.42 Mbps and fixed broadband speeds are at 270.62 Mbps, a crucial factor for digital operations.
The TechPat Index also spotlights the broader region, with the United Arab Emirates boasting the fastest mobile internet speeds in the region at 303.21 Mbps, and Japan and China, with their economies and tech ecosystems, making them formidable contenders for TechPats.