A Singapore permanent resident (PR) is a residential status granted to foreigners who wish to apply for permanent resident status in Singapore. Foreigners are eager to move to Singapore due to its developing technology, impressive technological advancements, and diverse foreign talent from around the globe. However, PR is not synonymous with citizenship. Singaporean citizenship is in a league of its own—with its eligibility standards and requirements.Here are the most common reasons why people wish to become permanent residents in the country:
1. Immigration stability.
The ability to live, study, work, and even retire in Singapore is one of the best advantages of being a permanent resident there. You will only need to renew your permanent resident status every five years. Combining a PR with a valid re-entry permit enables entry and exit from Singapore without additional visas. After you successfully apply for a PR status in Singapore online, you also enjoy the living and employment standards afforded to Singaporean citizens but not those with other visa types.
2. Access to medical services.
PRs have easy access to public medical institutions such as hospitals, polyclinics, and national centres due to the lower cost of medical services. In addition, they can receive government assistance by enrolling their children in infant care and childcare centres.
3. Career stability.
As you apply for PR in Singapore, you don’t need to reapply for a work permit whenever you change jobs. There is a high likelihood that your new work pass application will be denied by the government or your employer, leaving you with no choice but to leave the country. A PR will be exempt from all of these risks, making it simpler and safer to switch jobs if necessary.Employers in the country also prefer to hire permanent residents to avoid the cumbersome work permit application process for foreign workers. In addition, having PR in their companies allows them to hire more foreign workers, which is the objective of many local businesses.
4. Entrepreneurial opportunities.
As a permanent resident, you do not need to reapply for work permits whenever you change jobs. It is risky to reapply for work permits because there is a chance of failure when you apply for PR in Singapore, forcing you to leave the country.Citizenship and permanent residency in Singapore do not carry these risks and will permit you to change jobs whenever. They can even accept government jobs and hold multiple part-time positions.Businesses in Singapore also prefer to hire citizens and permanent residents to avoid the bureaucracy of hiring foreigners and obtaining a work permit. Companies with more local employees (citizens and PRs) also have a higher quota to employ foreign workers (S-Pass and Work Permits), a goal many local businesses want. If you are a holder of an EP and your employment changes, you must cancel your current pass and apply for a new one once the new job is approved. Consequently, you must spend time and money during the transition.
5. Put your child’s education first.
PRs receive priority admission for their children to local public schools. Additionally, a PR application agency in Singapore provides your children with more school placements than foreigners. Everyone desires the best for their children, especially in a country with the best education system in the world. Non-PRs cannot choose their educational path and must accept whatever options are available.
6. Affordable housing.
Due to the reduced stamp duty, a PR is eligible to purchase an affordable home. They are required to pay half the stamp duty compared to a foreigner, while a citizen pays even less than a permanent resident. After three years, a PR will be eligible to purchase an HDB (Housing & Development Board) flat with the help of their PR application agency in Singapore if their income does not exceed a certain threshold.
7. Opportunity to obtain Singaporean citizenship.
As a citizen, you will be eligible for additional benefits, including lower tax rates, the right to vote, and the ability to purchase more subsidised housing. If you only apply as a permanent resident in Singapore, you can buy government housing, while a citizen can purchase new government HDB flats—a privilege denied to PR. Thanks to the government’s strong diplomatic ties with other countries, a local passport also serves as a visa and ticket to the rest of the world. With a Singaporean passport, you can travel to any country.
8. Access to central provident fund plan.
CPF, or Central Provident Fund, is a national savings programme to which Singapore permanent residents and their employers must contribute. CPF funds a pension for retirement, medical care, insurance, real estate purchases, and other investments.The CPF Act requires Singapore permanent residents to contribute a portion of their salary to this savings plan. Your employers will also contribute to your CPF account, which is separate from your salary. After CPF deducts from your salary, your taxable income is reduced, allowing you to pay less tax. Long-term savings from lower taxable income are also significant.Take note that CPF does not reduce your income, but will enable you to increase it over time. You cannot withdraw these funds until you reach the age of 52. If you don’t apply for PR Singapore online and return to your home country, you can withdraw the entire CPF balance.
9. Loan applications for investments or business capital are made easy.
Because permanent residents can obtain housing loans from banks easier than E-Pass and S-Pass holders, you can also apply for loans as a PR in Singapore to finance investments or start a business. Your loans are approved with lower interest rates and within the minimum processing time.Being a PR allows you to live and work in Singapore. And enter and exit the country, second only to Singapore citizens. Many non-Singaporeans who intend to live in Lion City permanently will want to become permanent residents and then apply for Singaporean citizenship to enjoy full rights of residency. Before you apply, try to comprehend the advantages and disadvantages of being a Singapore PR so you can make an informed decision for your family!Check out Singapore Immigration Partners Pte. Ltd. today to apply for PR eligibility in Singapore!