Retirement is a significant milestone in one's life. For many expats, Singapore has emerged as a popular destination to enjoy one’s golden years. Over the years, many expats working here have submitted their PR applications to become Permanent Residents (PR) of one of the most liveable cities worldwide. So why is Singapore an attractive choice for retirees seeking a high quality of life? Let us find out!
Reason #1: World-class healthcare amenities
Singapore boasts a world-class healthcare system with modern hospitals, state-of-the-art medical technology, and highly-trained healthcare professionals. As a result, patients can expect accessibility, efficiency, and high standards of care when they visit a doctor. Moreover, they have fewer concerns about healthcare costs, as Singapore has universal health coverage through a semi-financing system (Medisave) available to Singaporeans and Permanent Residents.
Additionally, the government has stepped up efforts to make healthcare more affordable to senior citizens through initiatives like the CHAS programme, ElderShield, and CareShield Life*, ensuring the elderly population remains in good hands during their golden years. As such, retirees can rest easy knowing they can access top-notch medical services at subsidised costs.
*Please note that the aforementioned healthcare policies only apply to Singapore Citizens and Permanent Residents. Expats looking to retire in Singapore must submit their PR applications and become a PR before they can enjoy these benefits.
Reason #2: Conducive living environment
When putting down roots in a new location, many expats will obviously choose to settle down in a clean and safe country, and that is what Singapore offers in addition to a high standard of living and excellent quality of life. Moreover, the ever-expanding public transport system makes travelling within the country a breeze.
The nation has also made great strides in building an inclusive living environment for everyone over the years, with various housing estates surrounded by essential amenities like food centres, shopping malls, schools, and supermarkets. All these facilities are a stone’s throw away, making it convenient for everyone living in the area.
Besides, after living in Singapore for years, many expats find the country’s cosmopolitan lifestyle and diverse culture appealing. As a result, many choose to submit their PR applications and become PR to continue indulging in the nation’s vibrant arts and cultural scene, varied dining options, and recreational activities while enjoying their retirement years.
Reason #3: Comfortable living climate
Singapore’s unique geographical position means the nation faces no natural disasters and enjoys a tropical climate with consistent temperatures throughout the year. Aside from the occasional rainy season, the non-erratic weather all year round is conducive to outdoor socialising, allowing retirees to engage in community activities and participate in various recreational events, enhancing their social connections and overall well-being.
Reason #4: Elder-friendly policies
As Singapore faces an ageing population, the government has implemented multiple elder-friendly policies, such as elder-friendly transport options, accessible public spaces, and senior citizen discounts on various goods and services, to allow retirees to have peace of mind in their golden years.
Furthermore, Singapore Citizens and Permanent Residents do not have to worry about their finances after retirement, as they would have contributed to their Central Provident Fund (CPF) while working. Upon age 55, they can make retirement withdrawals at any time and as often as they like to pay for immediate cash needs.
Expats who are not Singaporeans or PRs also have a viable alternative that can help them save up for retirement – the Supplementary Retirement Scheme (SRS). This scheme is voluntary and available to all taxpayers in Singapore, allowing one to set aside a portion of their income before tax in approved investment accounts. Nevertheless, most expats choose to submit their PR applications and become a PR to enjoy the perks associated with this status.
It is easy to see why many expats choose to settle down and retire in Singapore. If you have been living in Singapore for a period of time and are considering this possibility, we recommend applying for Singapore PR online. However, if you are unsure how to apply for Singapore PR, fret not. Our PR agency can help you. Do not hesitate to contact us to schedule an appointment with our consultants today.
Learn More: The Different Ways To Get Your Singapore PR