What does PR in Singapore mean?
Permanent residency (PR) in Singapore is an opportunity that permits workers and businessmen to stay indefinitely and enjoy the benefits and privileges of the place as Singaporeans. People with PR receive the same benefits, privileges, obligations, and
responsibilities as citizens, including National Service obligations except for the inability to vote or hold public office, access to more limited public benefits such as medical and housing benefits, a lower priority for the public (government-supported) school placement.
Let us find out the chances of an Indian to get permanent residency in Singapore.
Some Statistics:
Singapore admits about 30,000 new PRs each year and gives between 15,000 and 25,000 new citizenships, according to the National Population Talents Division’s Population White Paper.
Singapore encourages a positive and harmonious community and has a long history of accepting people from diverse cultures and backgrounds. In truth, the vast majority of Singaporeans can trace their origins back beyond the country’s borders. As a result, there is no discrimination against citizens of a particular country or ethnicity; rather, the government works hard to maintain a balanced ethnic mix.
Several variables influence the number of new PRs granted to Indians in Singapore each year, including the need for a specific set of skills, industry quotas, age range, family nucleus, economic contributions, social integration activities, and so on. To receive a Singapore PR, no one factor must be met. Each PR candidate is rigorously reviewed to determine their capacity to integrate into and contribute to Singapore, as well as their commitment to establishing roots here.
Applicants’ family ties to Singaporeans, length of stay in Singapore, and whether they have attended Singapore schools or performed National Service are all considered. This holds for people of all ethnicities and nationalities.
Primary advantages of becoming a Permanent Resident in Singapore
- As a permanent resident of Singapore, you are allowed to live, enter, and leave the country without the need to get separate Singapore visas for work or travel. You will be given a Blue Card, which will serve as your identity document.
- You can change occupations without needing to reapply for a Singapore work permit. If you have a work-related Singapore visa and want to change jobs, you must terminate your current Singapore visa and reapply for a new one, which may result in a delay or refusal.
- Can include your spouse and unmarried children under the age of 21 in your PR application. If your children are of school age, they will be admitted to public schools of your choice, second only to citizens.
- Self-employment, founding a business, working as a director for a Singapore company, or simply earning money in the country through lucrative business and corporate profiles are all attainable with simplicity once a person obtains a permanent residency in Singapore. Companies choose a PR because it eliminates the need to invest additional funds in getting work permits and sanction letters for any type of part-time or full-time employment.
- Although a ‘retirement visa’ is not available in Singapore, a permanent resident has the right to live in the nation during their retirement years.
- Other advantages of obtaining a permanent residency in Singapore include lower stamp duty or taxes on real estate acquisitions, the ability to purchase resale public housing and development board (HDB) leaseholds, and the ability to purchase executive condominiums.
The Drawbacks of Having a Permanent Residence in Singapore
- An overseas individual must surrender their foreign citizenship to get permanent residency in Singapore.
- All male citizens and PRs must enroll for national duty at the age of 16 and a half years and serve for two years as full-time national servicemen after turning 18 years old.
- The CPF is a mandatory contribution fund for all working Singapore residents and PRs, and it is a comprehensive social security savings plan. It addresses residents’ and PRs’ essential needs during retirements, such as healthcare, homeownership, family protection, and wealth upgrades.
- Only once the PR or citizenship of Singapore is revoked can CPF funds be withdrawn in full.
The procedure for becoming a permanent resident
If you have a work permit, such as an Employment Pass, EntrePass or S Pass, or a Personalised Employment Pass, and have been employed in Singapore for at least six months, you are eligible to apply for permanent residency.
As an Indian, you will be eligible for PR if you are:
- A student studying in the country.
- An employment pass or an S pass holder.
- A foreign investor of the country.
- A spouse of a citizen who is living in Singapore.
- Unmarried kid under the age of 21 who was born in the context of legal marriage to, or legal adoption by, an SC or PR.
Facilities for an Indian as a PR in Singapore:
- The Cost of Living: This country is an ideal place to live because it provides the best amenities at reasonable prices when it comes to relaxation, amusement, health insurance, lodging, and other services. Monthly living expenditures for overseas students in Singapore range between 750 and 2,000 SGD. International students have the option of lodging in resident halls, academic hostels, personal hostels, or private flats.
- Opportunities for Employment: If you have a limited budget, Singapore is the place to go because it has a fantastic part-time job scheme for operating learners. According to Singapore’s Ministry of Manpower, foreign students with a Student Pass are entitled to work part-time for 16 hours per week during the duration of their studies and more hours during the holiday season.
- Education of the finest quality: Singapore is home to local and social colleges of the global leader class, each with its own set of resources. What gives Singapore universities an advantage is their collaboration with other academics all over the world, as well as their accessibility and obvious commercial relations, which play a vital role after the term during work placements.
- Affordability: Education in Singapore may not be completely cost-effective, but it is significantly more cost-effective when compared to more expensive nations such as the United Kingdom, the United States, and Australia. The annual average university tuition in this country will be USD 12,000 per year.
- Sightseeings: Aside from universities, this country is also home to a lot of recreational facilities. With a rich atmosphere of nature and animals, flora and fauna, lakes, and natural places, the island nation is a fascinating destination for international students. If you prefer walking, Singapore’s avenues are lined with shopping centers, exhibitions, and cafés for students to enjoy.
Different Types of PR in Singapore
To qualify for the ForArts – PR Scheme for Foreign Artistic Talent
An applicant needs to meet all the criteria below:
- In their specific field of work, they should have relevant training, education, and professional experience.
- In the fields of literary arts, visual arts, performing arts, design, or media, one must have made outstanding achievements.
- Has a proven track record of engaging at the leadership level in the community.
- Have made significant contributions to the arts and culture scene in Singapore.
- Have future intentions to get active in Singapore’s arts and cultural sector
To qualify for the GIP – PR Schemes for Investors.
Presently there are two investment options in Singapore under the GIP scheme:
- Invest at least S$2.5 million in a new startup or expansion of an established company.
- Invest at least S$2.5 million in a GIP-approved fund.
Investors in Singapore can seek permanent residency in Singapore under the Global Investor Programe (GIP program). Through this plan, you can apply for PR for yourself and your entire immediate family by establishing a firm with a minimum capital of S$2.5 million or investing an equivalent amount in a reliable business in Singapore.
To qualify for the PTS – PR Scheme for Working Individuals.
Foreigners with specialized technical talents are eligible to apply for the Professionals/Technical Personnel and Skilled Worker scheme (PTS scheme). When seeking PR status in Singapore, working professionals can use this plan. The PTS system is one of the most straightforward methods of obtaining PR in Singapore.
When applying for this plan, the essential criterion is that you be employed in Singapore. It means that you must first relocate to Singapore after acquiring a work visa known as an Employment Pass (Entrepreneur Pass) or a Personalised Employment Pass.
Benefits of PR for Indians in Singapore
- To receive a better rate, apply for many debts, such as mortgage loans, to buy a property. Singapore PR holders can now purchase state HDB flats for used structures.
- Take advantage of the financial and tax advantages offered by the Central Provident Fund (CPF) system in this island nation. Under the CPF scheme, you and your spouse contribute a minimum monthly amount to your retirement fund, which can be used for healthcare, mortgage, social security, and wealth growth criteria.
- After a certain number of years as a permanent resident, you will be eligible for full residency, which will grant you a passport and give you the same rights as domestic residents.
Conclusion
It is possible to apply for permanent residency in this island country. Nonetheless, only those who are eligible will be welcomed. Individuals will be assessed to determine whether they are eligible for a long-term residency visa based on their age, degree of education, acceptable language skill, second agency dialect, and job knowledge.
For any further queries contact Ondint Consulting