Singapore, or the Little Red Dot, as it is also known, is a regional powerhouse in Southeast Asia. Although tiny, its economy is one of the strongest, and foreign talent from all over the world embrace any opportunity to work and live in the city-state. The country’s economy grew by more than 3% in the third quarter from a year ago. Analysts have also predicted a higher 4.2% rise quarter-on-quarter and a 2.4% rise on a year-on-year basis.
The ultimate goal of people working or running a business in Singapore is to obtain Singapore permanent residence as there is a myriad of benefits that come with it, but who can apply? Foreign Individuals or business owners who are current work pass holders (Employment Pass, Personalised Employment Pass (PEP), EntrePass or S Pass) and have been working in the country for the past twelve months are eligible to apply for Singapore PR or permanent resident status under the scheme for Professionals/Technical Personnel and Skilled Workers (PTS).
According to data obtained in 2016, there are more than half a million Singapore PR holders, and the numbers are predicted to increase. The process takes from six months to a year, and although a bit long, many are more than willing to go through it because obtaining permanent resident status gives them opportunities which would otherwise be unavailable.
Singapore Permanent Resident benefits
Being a Singapore PR means having a lot of benefits and advantages such as the privilege of living, entering and leaving Singapore without applying for a separate visa to travel or work. Once the Singapore PR application has been approved, a Blue Card will be given which serves as an identity document.
Spouses, as well as children below the age of 21, can be included in the PR application. School-aged children are given priority, just behind citizens, to enrol in public schools of their parent’s choice. Parents of Singapore PRs can also apply and obtain long-stay visas.
One of the best things about being a Singapore PR is the opportunity to change jobs without having to re-apply for a Singapore work permit. Changing jobs with just a work-related Singapore visa can be risky because there is a need to cancel the old work visa and apply for a new one, with the prospect of rejection. Why run the risk when you can avoid it?
Singapore PRs are provided financial and tax benefits through the country’s Central Provident Fund, otherwise known as CPF. Under this scheme, the individual and their employer contribute a monthly minimum amount to their pension fund. Money contributed can be used for various necessities such as family protection, home-ownership, health care and even increasing one’s assets.
Singapore PRs have better chances of getting various loans approved, such as housing loans. They are also eligible to purchase second-hand units of government HDB flats.
After a certain number of years, Singapore PRs are qualified to apply for full Singaporean citizenship and start enjoying the same rights as locally-born citizens. One of the various perks of having Singaporean citizenship is being able to travel to several countries without the need for a visa as Singapore passport is the most powerful one on the world!
However, being a Singaporean permanent resident also comes with responsibilities. Young sons who are also Singapore PRs must enlist in the military service by the time they are 16.5 years old and serve for two years once they turn 18. It is also a requirement to participate in 40 days of Operationally Ready National Service annually until they reach the age of 50 or 40, depending on their ranks.
If you are not currently working in Singapore and interested to migrate to the Lion City, you may contact us for a Free Eligibility assessment. We can help you plan your migration to Singapore
Vibrant Singapore opens many doors to businessmen and working individuals who are permanent resident holders. The Merlion awaits you with a world of benefits
If you are an existing work pass holder working in Singapore for several years, you are eligible to apply for a Singapore PR. Learn more about how we can help to secure a Singapore PR status.