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10 Key Benefits of Being a Singapore PR
You will be eligible to apply for Singapore PR as long as you are a current valid work pass holder (PEP, EP, EntrePass or S pass), and having been employed for a minimum of 6 months.
Here are the 10 key benefits of the Singapore PR:
#1 – EASE OF TRAVEL
You will be able to enter and leave Singapore with the freedom of not having to apply for a separate visa.
#2 – PROPERTY AND LOANS
Permanent residents will be able to enjoy reduced stamp duty and taxes for property purchases. On top of that, options to purchase different kinds of properties reserved only for Singapore citizens opens up to Singapore PRs as well such as executive condominiums, resale public housing. Housing loan applications by PRs will also be prioritized and approved at a higher rate compared to foreigners.
#3 – EMPLOYMENT STABILITY, OPPORTUNITIES & FREEDOM
There will be no need for work passes/visas application or renewal for permanent residents. Employers in general prefer hiring PRs/citizens due to the simplified process of hiring without having to separately apply for a work pass before any kind of employment. Permanent residents would also be able to change employment freely without any additional paperwork.
#4 – MEDICAL
World class public medical facilities and services would be available to PRs at a subsidized rate similar to Singapore Citizens.
#5 – CHILDCARE AND EDUCATION
Just behind singapore citizens, PR children are just next in priority over other foreigners for a placement in any government education institutions. Subsidized education from primary to tertiary level would be available as well. This is extended to various government supported infants to kindergarten education as well
#6 – CPF (Retirement Savings Plan)
Take advantage of Singapore's Central Provident Fund (CPF) available only to Singapore citizens and permanent residents. CPF yields a relatively competitive rate and is tax free for both contributions and earnings. While CPF savings are mainly for retirement purposes, it can be used for buying certain properties, health care, education and selected funds for investments. Upon the renunciation of your PR status, your CPF monies are available to be withdrawn by you.
#7 – EASE OF DOING BUSINESS
As a Singapore PR, one can start a business and be the sole proprietor, a director or an officer at the company similar to a Singapore Citizen. Business owners can also take advantage of the low and attractive tax rates in Singapore.
#8 – FAMILY
Even if you're away from your family who are in your home country, Long term visit passes are just a few clicks away and they will be able to visit you as freely and often as your family desires.
#9 – SENSE OF BELONGING
Being a Singapore PR helps instill a sense of belonging to the holder. Being away from home for extended periods can be a taxing and treacherous journey especially when cultures are different. As a Singapore permanent resident, one would actually be able to call Singapore home and with the country's multicultural society, it would help tremendously.
#10 – ONE STEP CLOSER TO SINGAPORE CITIZENSHIP
The most coveted status and what most Singapore permanent residents aim to obtain in the long run. You will be eligible to apply for Singapore Citizenship after a couple of years and have the exact same benefits and rights as citizens born locally. Not to mention, being a Singapore passport holder, one of the strongest in the world consistently.
Keep in mind that becoming a Singapore PR comes with certain responsibilities as well! If you have children(sons) whom are PR holders, they are liable for 2 years of conscription (national service) at the age of 18.
In conclusion, becoming a Singapore PR opens you up to numerous benefits and opportunities which are emphasized by the very high numbers of applications every year in Singapore. Speak to one of our experts today if you need any kind of help regarding Singapore permanent residency!
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