Reasons to become a Singapore permanent resident
Singapore is one of the leading countries when it comes to diverse foreign talents and thriving technological advancements. That explains why many tourists who’ve had a taste of what the country offers dream about obtaining permanent resident (PR) or citizenship status.
If you’re thinking of relocating to a new country, the below reasons might make you consider Singapore.
Immigration stability
The greatest advantage of becoming a PR is that you’ll have the freedom to work, study, live, and even retire in the state. All that’s required is that PRs must renew their permanent residence status every five years. And the good news is that Singapore PR application requirements aren’t as complicated as in many countries.
By combining a Re-Entry permit and a PR, you can do a lot in the country without applying for additional visas. And because you’re a PR, you’ll enjoy the employment and living standards offered to citizens.
Entrepreneurial opportunities and employment stability
Once you become a PR in this state, you can change jobs without reapplying for a new work permit as required by other countries. Permanent residence and citizenship status allow you to change jobs as you wish, and you can even apply for and get government jobs. The PR status also allows you to hold more than one part-time job.
Most companies prefer employing PRs and citizens to avoid the bureaucracy and complexity of hiring foreigners. As a PR, you can also start your own business if you don’t prefer employment.
Low housing costs
Once you become a PR, you can buy a property affordably, thanks to this country’s low stamp duty fees. And if you become a citizen, you can pay half of what you pay as a PR. In addition, the cost of borrowing is low in this country, meaning you can own a home as soon as you start working.
When you’ve been a PR for at least three years, you can buy a Housing and Development Board (HDB) flat, provided your income can afford one. However, the PR status will only allow you to purchase second-hand Housing and Development Board flats because new flats are preserved for citizens.
Access to CPF plan
CPF (Central Provident Fund) is a statutory savings plan to which employers and PR employees contribute. The contributions fund a pension scheme for purchasing real estate, insurance cover, medical care, selected investments, and other retirement-related benefits.
As a PR, you’ll contribute a percentage of your earnings towards this fund. Another advantage of this contribution is that it will lower your tax obligations since it lowers your taxable income.
Access to high-quality medical care
Singapore has some of the best medical facilities in the world. As a permanent resident, you’ll enjoy affordable treatment in all the facilities, including national medical centers, polyclinics, hospitals, and all public medical facilities.
You can also take advantage of government support to enroll your kids in childcare and infant care centers.
Ease of loan application
When you want to buy a property or invest, you can easily get a loan in Singapore as a permanent resident. Banks will approve your loans faster than they do for S-Pass and EP-holders. The loans are affordable, and banks rarely reject them.
Conclusion
As you can see, Singapore is one of the best countries in Southeast Asia. It is safe, welcoming, and has amiable residents. Whether you want to do business or seek employment, the country will provide you with many opportunities. The country offers some of the best medical facilities, schools, parks, and recreation facilities in Asia. Becoming a PR is also the best starting point to becoming a citizen of the country.