Becoming a permanent resident (PR) of Singapore is what many foreigners want to pursue. The sovereign island country is not only a global financial center but has consistently low crime rates and is the safest to live.
With several benefits, including a bright career, people prioritize their to-do list, which includes becoming a permanent resident of Singapore.
It should be noted that those working in the country for six or more months with an Entre pass, Employment pass, Personal Employment pass, or Short-term Employment pass can apply to become a permanent resident of Singapore.
One with a Student visa must stay at least two years in the country to be eligible for the PR status. Apart from enjoying the transparent legal system, excellent schooling, and immense safety, here are the other benefits of becoming a Singapore Permanent Resident.
So, without further ado, let us get straight to the topic.
1. Easy Access To Medical Services
Only the Permanent Residents of Singapore and the citizens enjoy the endowed rate for medical services. They can use the public and private clinics for health benefits through the CPF funds in their Medisave accounts.
Moreover, permanent residents and citizens enjoy a low-cost consultation fee and medical bills compared to non-residents, which can be one of the reasons why you should not be late for a PR application.
2. A Step Towards Citizenship
Once you become a Permanent Resident of Singapore, you just walk an extra mile toward citizenship. The PR status, and subsequently the citizenship, opens the door to getting a passport, enabling more rights.
A subsidized house, voting rights, better tax rates, and free access to many countries with a Singaporean passport are some blessings you can enjoy as a Singapore Citizen.
3. Travel Freedom
The moment you become a Permanent Resident of Singapore, you can freely enter or exit the country anytime and without a specific reason.
With the Blue Identity Card or a valid Re-Entry Permit, serving as your identity document in the country, you can enter or exit Singapore with zero travel restrictions. However, compliance with the Singaporean Immigration Authority concerning Re-Entry Permit (REP) is necessary. The REP should be renewed every five years.
4. Tax? Sigh Of Relief
Just like the citizens of Singapore, tax relief is one of the perks for permanent residents. It means the tax will be compensated to some extent but not discarded. The tax rates are reduced to fulfill several social objectives, such as encouraging family systems, filial piety, retirement savings, etc.
5. Loan Perks
One of the benefits of becoming a Singapore Permanent Resident is that you can have easy access to secure enormous higher loan amounts at attractively lower interest rates. This country’s PRs are also eligible to apply for housing loans at the highest priority, which includes purchasing a property.
It must be mentioned that the PRs cannot buy the newest properties in Singapore. However, the citizens do enjoy this perk. Notably, PRs can also apply for loans for starting a business, even more effortlessly, within a minimum processing time, than Employment Pass (EP) and Short-term Employment Pass (S pass) holders who are at the risk of rejection.
6. Change Jobs Freely
Every person dreams of changing jobs freely without fearing being demoted in the profession. Since it is not a dream but a reality that Singaporeans live in, you can also be among them.
Surprisingly, you will not have to re-apply for a Singapore work permit. If you are willing to change your current job, you must cancel the old visa and re-apply for a new one. All this comes with a risk of delay or rejection.
7. Career And Education
People usually immigrate to build stable careers for themselves. Singapore is one of the countries where you can enjoy a steady future with a checklist of perks. Employers in this nation prefer PRs to avoid the monotonous work pass application for foreign workers.
Having PRs in respective firms prefer more foreigners, which every local company looks for. Moreover, the salaries will be more competitive as compared to non-residents. You can also enjoy more than one job at a time to bring hefty finances home.
Aside from a garnished career, while pursuing education in Singapore, the PRs have the perk of choosing an educational institute of their choice for their unmarried children under 21 years old.
8. Central Provident Fund (CPF)
Although you have to contribute a smaller portion of your salary for CPF, think of it as for your own benefit. It serves as a retirement plan, where your employer will fund your CPF account on top of your salary on a 30-day cycle.
Feel secure as you grow older with Singapore’s CPF plan, as it basically is a National Saving Program. It will be used to fund your pension once you turn 55 and offers medical services, insurance, real estate purchases, and other benefits.
Note that you will not be able to withdraw these funds until you turn 52 or above. If you decide to cast off your PR and return to your country, you will then be able to withdraw the entire amount instead of withdrawing in divisions.
9. Low-Cost Housing
Being a Permanent Resident of Singapore, you can buy affordable properties because of the low stamp duty fee. It is a kind of fee that the government imposes on certain legal documents, usually involving the transfer of property. The PR only needs to pay half the amount corresponding to a foreigner.
The permanent residents in Singapore can buy second-hand Housing and Development Board, unlike a citizen who can buy new houses. Nevertheless, Singapore’s PR can enjoy the country’s housing and loan schemes.
Overall, becoming a Permanent Resident of Singapore comes with various perks. It ensures safety and security, an established career, quality education, entrepreneurial ventures, restriction-free travel in and out of the country, and others. If you want to obtain the advantages mentioned above, you should aim for a PR status in Singapore.