Everybody who arrives to Singapore for job earlier or later makes a decision to pursue permanent residency. If Singapore is your last professional destination (which probably is taking to consideration that Singapore pampers really qualified labour force), you might decide to put down roots here and experience benefits of being PR in Singapore.
Singapore PR Travel BenefitsTravelling becomes easier when you obtain a PR status. You can freely travel inside Singapore and even overseas without worries that it could impact your employment somehow. Please keep in mind that when it comes to travelling, your PR status doesn’t make you equal to Singapore citizen. Only citizenship gives a privilege of visa-free entry to more than 70 countries in the world; PR status guarantees only simpler procedure of getting those visas. You can pursue obtaining citizenship through your PR later. This is the only way to become a citizen for a foreigner.
Singapore PR Tax BenefitsBecoming a PR, you start paying taxes in the same way all Singapore citizens do. But now you get access to the CPF, an advanced scheme of providing for your own needs in healthcare, buying property, investment, caring about your family, education and so on. When you work for Singaporean company, your employer pays from your every monthly salary to CPF, so this way you get your personal fund that covers your needs. You build up your retirement fund while you are still employed to provide sufficient funds for your old age.
Singapore PR Business BenefitsRunning a business is much easier when you have a PR status. Firstly, you can get loans much easier (as you are considered more trustworthy). Secondly, you can invest in the economy and get straightforward dividends. Thirdly, business regulations are softer for PRs. Fourthly, you can buy property (you are not limited only with options “for foreigners”) and spread your business.
Singapore PR Medical BenefitsSingaporean PR can enjoy government subsidies for healthcare. The percentage of this subsidy depends on the PR’s salary: the lower it is the bigger help from the government they can get. The subsidy works only in government healthcare establishments.
Singapore PR Housing BenefitsBeing a Singaporean PR, you have a right to dwell in government-provided apartments – public housing – which is much pocket-friendly than private one. If you need to buy your own house, getting loan from the bank is much easier now due to your more “solid” status. Benefits of Singapore PR allow you to buy second-hand apartments in government housing program (HDB). To buy new flats, you must be a Singapore citizen.
Singapore PR Employment BenefitsYou become more flexible in your employment. Now you don’t need to apply for a new work visa every time you decide to switch over to new employer. Plus, getting job becomes easier now, as you have access to jobs “for Singaporeans.” Fair Consideration Framework (government initiated privilege for Singaporeans in landing jobs) that squeezed you from the “market” earlier now becomes your benefit. Other benefits for Singapore PR are:
- Education. You get access to outstanding Singaporean educational system, and it means you can upgrade your knowledge which leads to better job in the future. It also means better education for your kids
- Family. You can bring your close people with you to Singapore as Permanent residents, and it means a better and more harmonised life for your whole family
- Attitude. PRs get more respect for their commitment to the country. You will notice that your opinion matters as you become a full member of Singaporean society
- If you are an investor and have minimum 2.5 million SGD you would like to invest into Singapore business, you get the green light from the authorities right away. As soon as your investment happens, you can apply for PR for yourself your family members. Being the most expensive, this scheme is the shortest possible way to get or actually “buy” a PR status in Singapore.
- If you are either a skilled worker or technician or professional (holding S, Q, or P work visas), you can apply for PR after your employment history in Singapore reaches 1 year milestone. You shouldn’t be older than 50 at the moment of application.
If you choose the second way, theoretically you can apply for PR right after your arrival to the country under work visa. But for being considered, you should provide salary slips for at least half a year of working in Singapore, so it means there is no need to rush things. The suitable time for application also depends on the work visa you have. If you are a holder of P1, the authorities are likely to satisfy your application after a year of working in the country. P2 holders should wait for one more year for having more chances. If your pass is Q or S, your chances of getting PR will be sufficient at the end of the 3rd year.
Singapore isn’t lavish in granting its Permanent Resident benefits to every first comer. Their criteria are very tricky for the uninitiated. Any specific case requires strategizing of application and elaborate approach, so it’s wise to pass your case into talented hands of competent visa agents.