Benefits Of having Singapore Permanent Residency (PR)
Singapore is widely regarded as one of the smallest and safest countries of Southeast Asia, ranking high in terms of quality of living. It can be termed as Asia’s powerhouse, with its thriving economy, world-class medical facilities, diverse culture, and numerous opportunities.
One of the biggest reasons why people all around the world want to settle in this city is its free-market economy. It’s no surprise that a recent global report by INSEAD states that Singapore is the second-best country to attract, support, and retain talent.
Foreigners who have worked in Singapore with employment pass, S pass, Enter pass, personal employment pass can apply to become Singapore Permanent Resident. While foreign students will have to stay for at least 2 years to apply for Singapore PR. Becoming a full-fledged Singapore permanent resident comes with numerous benefits, each of them are explained further in the article.
10 Benefits Of having Singapore PR (Permanent Residency)
- Lower cost housing
Singapore real estate rules and regulations are really complex for a foreigner, and there are multiple restrictions that are imposed upon it. While PRs can have multiple options when it comes to investing or buying a housing property.
The Housing & Development Board (HDB) is the authority that plans and develops public houses. Singapore PRs will be eligible to buy resale HDB flats with the requirement of holding Singapore PR holder status for a minimum of 3 years.
Getting access to the resale flat market cuts down housing costs, as the additional buyer’s Stamp duty is way less for PRs as compared to what foreigners pay to buy a housing property.
Although, citizens or PRs of countries like. Norway, Iceland, Switzerland, Liechtenstein, and the USA will have to pay the same stamp duty as Singapore Permanent Resident or Citizens are paying.
- Finance and Tax benefits
When it comes to providing support in terms of monetary and tax benefits, the Singapore government offers relief to Singapore PRs. From easy approval of housing loans to receiving tax relief from time to time, Singapore PRs can enjoy various tax benefits.
- Access to world-class medical facilities
Singapore is widely known for its world-class medical facilities, plus PRs can easily access public medical institutions because of its lower fees. They also get to enjoy lower consultation fees and medical bills as compared to foreigners. Plus, the government also provides various subsidiaries to help an individual with their or their family member’s treatment.
- Career Stability
This is one of the biggest benefits, and a PR holder won’t have to worry about getting rejected while re-applying for an employment pass while changing jobs. They even have more opportunities for a PR holder as employers are also happy to recruit without having to go through the hassle of visa application. Plus, Salary and staff benefits are also better for Singapore PRs as compared to non-Singapore PRs. All in all, switching jobs becomes a lot safer and easier.
- Quality Education
While seeking education in public institutions, Singapore PR’s children will be given priority entry as compared to foreigners. It becomes really important as everyone wants the best for their children, and when it comes to education, Singapore provides quality education.
Hence one should consider their children while thinking of migration, and there are a number of benefits children can attain with the help of PR status, namely:
- Singapore PR will get a benefit of lower fees as compared to foreigners.
- Better chances of getting enrolled in your preferred public school.
- Easier admission process as compared to non-Singapore PR holders.
- Family benefits
An individual can include their spouse and unmarried children (below the age of 21) in an application for Singapore PR. A Singapore PR can also sponsor a Long term visit pass for immediate family members (including parents). While for employment and S pass holders, this same facility is available but is subject to various restrictions. Apart from that, knowing that Singapore is one of the safest places to live with low crime rates and a stable political environment, as having a safe environment for the family is one of the main considerations while deciding about migration, one won’t have to worry about it either.
- Secured retirement
A PR can enjoy the benefits of the Central Provident fund, wherein both you and your employer will contribute a monthly amount to your CPF account. The main objective of this pension scheme is to provide their members a medium for retirement savings, and funds may be withdrawn before retirement in order to meet their needs in relation to medical needs, housing ownership, family protection, and asset management. Apart from the withdrawal for investment purposes, CPF funds may be withdrawn when the individual reaches the age of 55 years. Plus, no matter when an individual is withdrawing from that account, these funds are totally tax-exempt.
- Entrepreneurship opportunities
With its business-friendly environment and stable government, Singapore is a great place to start and expand all over Asia as it’s well connected with other countries. For entrepreneurs, Singapore has introduced Entrepass to attract talent, but it has its limitations, while entrepreneurs with PR won’t have any limitations; hence it will be a more practical approach.
Another great benefit that PRs can have is that they won’t need to find a business partner or representative who has Singapore citizenship. Singapore PR can register or start a company in their own name without any restrictions. In comparison, this same process can be really complex for an employment pass holder.
- Loan perks
PR holders can easily acquire loans from banks for starting a business or to fund investments, that too with lower interest rates and minimum processing time. Even if you are applying for house loans, PRs have more chances of getting their loan approved as compared to employment pass or S pass holders.
The whole procedure will be easier for you, and you can take benefit from it when you require loans for healthcare, housing, or even if you want it for purchasing a vehicle.
- Singapore citizenship
Singapore Permanent Residents will have an opportunity to apply for Singapore Citizenship; they’ll be eligible if they hold Singapore PR status for 2 years. It’s most of the PRs goal, as being a citizen of Singapore comes with even more benefits in terms of tax benefits, housing rates, healthcare, and other facilities. Once an individual receives Singapore citizenship, they can not just freely enter and exit Singapore, but it will get easier for them to travel around various other countries as well.
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Having a Permanent Residency (PR) comes with a lot of benefits and opens up a lot of opportunities, but it’s still subjective when it comes to deciding whether you want to live in this city. With preparation and proper guidance, the probability of getting your application approved is high. An individual can easily get approved if they have experience, expertise, and skills that are in demand, and the majority of people do prefer having a PR so that they can actually feel at home while living in Singapore.
Sandeepan has great experience in business consulting and management, Sandeepan provides insightful resources in Company Formation, Business Expansion, and related areas.