Singapore is regarded as one of the most sought-after countries in Southeast Asia for foreigners looking to settle down and pursue their careers. Having the possibility to apply for PR status in Singapore is a goal that many foreigners hope to realise after residing, studying and earning a living in the country for a long time.
Today, foreigners with Employment Passes, Entre Passes, Personal Employment Passes, or S Passes who have worked in Singapore for at least six months can apply to become permanent residents here. Meanwhile, foreign students who wish to become Singaporean permanent residents must stay in the country for at least two years before applying for PR.
As a Singapore permanent resident, you can gain access to a wide variety of benefits. Besides having a strong economy, here are some of the advantages foreigners can look forward to if they have a successful PR application:
Many times, the decision to move to another country depends upon the benefits that family members will receive. In most cases, a family's main consideration when deciding to migrate is the political climate of the desired country.
Known throughout the world as one of the safest countries, Singapore's low crime rate and stable political environment explain why foreigners can work and live here with confidence. Singapore is more than just a safe place to live in, as it offers a great quality of life through affordable living costs, a wide range of family-friendly activities, as well as a variety of delicacies from many different cuisines.
Aside from being a safe environment, Singapore also makes obtaining housing loans simple for foreigners when they become permanent residents. In Singapore, you are required to pay a Buyer's Stamp Duty (BSD) before buying a property. Also, you may be required to pay Additional Buyer's Stamp Duty (ABSD), depending on factors such as your residency status and the number of properties you own. Below are the ABSD rates:
However, if you are a citizen or permanent resident of countries such as Iceland, Liechtenstein, Norway, Switzerland, or the USA, you will receive the same Stamp Duty treatment as Singaporeans. Learn more about the conditions for ABSD remission here.
Unemployment in Singapore has always been low, but with more regulations imposed by the Ministry of Manpower (MOM) in its efforts to ensure that Singapore Citizens and Permanent Residents are given priority, the unemployment rate for the resident working population has fallen even further to 3.8% in June 2021. Though employment and unemployment rates are still high compared to pre-pandemic levels, the overall numbers have improved as the healthcare sector maintains its growth momentum. Furthermore, the Immigration and Checkpoints Authority (ICA) and the Ministry of Social and Family Development (MSF) recently announced that spouses of Singapore citizens and permanent residents who apply for and successfully obtain a Long Term Visit Pass (LTVP) should have an easier time getting employment.
Singapore has topped the World Bank's global ranking of the easiest places to start a business, underscoring the importance of having a reliable infrastructure for business owners. Furthermore, Singapore is one of the most well-connected cities in terms of its public transportation network, as it enables commuters to get around the city for a reasonable price. Additionally, Singapore PRs will get access to top-notch healthcare treatment and facilities at subsidised rates.
The Central Provident Fund (CPF) provides financial and tax benefits to those who are successful in their Singapore PR applications. As part of the pension scheme, you and your employer must each contribute a monthly amount to the pension fund. Apart from retirement, the contributions are also useful for other advancements such as investment, insurance, housing, and healthcare.
Ultimately, Singapore citizenship is the end goal for most PRs. Upon earning permanent residency for a certain number of years, you will be eligible for citizenship, which grants you more privileges and benefits. Being a Singapore citizen comes with even more benefits such as more healthcare and housing subsidies, better tax rates, and you will even have voting rights as well. On top of that, you will also be granted a Singapore passport that can be used to travel to a myriad of countries.
It is clear that having permanent residency status in Singapore comes with many perks and privileges that empower you to live and work in the country with ease. The majority of foreigners who want to immigrate to Singapore want permanent residency. To increase your chances of achieving your PR status, it is best if you work with a professional rather than simply applying for PR online without assistance.
Singapore Immigration Partners is a PR application agency in Singapore that has assisted many foreigners to obtain residency in Singapore by taking them through each step of the application process. Learn more about our reliable PR application services and enjoy a seamless PR application process while increasing your likelihood of being approved!