Getting a Singapore PR is like getting the golden ticket to Willy Wonka’s chocolate factory. It sounds a bit exaggerated, but the truth is there is a myriad of benefits in getting the PR. Singapore is popular for its stable economy, safe environment, excellent job opportunities, and educational system, so it’s not surprising.
Apart from that, the city-state is known for its dynamic metropolis. It is constantly evolving to provide the best for its people and everyone who visits Singapore. You can bag several opportunities and enjoy much more perks from becoming a permanent resident in Singapore. People who migrate to Singapore with families tend to consider it the best option because of its educational system.
The country also has thriving technology, diverse talents, and people from worldwide. Foreigners who are lucky enough to secure a PR can enjoy plenty of benefits as compared to the benefits given to work visa holders.
However, you can’t request a PR right away. You must hold a work visa and stay employed for over 12 months before applying for a PR. So let’s check out some reasons why you should get a PR.
10 Reasons Why You Should Get a PR
1. Plenty of job opportunities
Singapore is an economic powerhouse, so it’s no surprise that there are plenty of advantages. The government has made extra effort to initiate amazing job opportunities for PR holders and citizens. The stable economic policies attract businesses from all over the world.
As with the increasing number of businesses in Singapore, there’s a higher rate of job opportunities for locals and PR holders. On top of all, the unemployment rate is lower in Singapore compared to other countries in Asia.
Singapore PR holders don’t have to worry about leaving the country due to job loss like the work pass holders. PRs in Singapore can switch jobs without reapplying for work permits. They can take up government jobs and more than one part-time job.
Also, Singapore companies prioritize permanent residents and citizens when hiring. This will help them stay away from bureaucracy issues.
2. Cost-effective Public Transport
Private transportation is costly in Singapore. But the efficient government has introduced excellent, cost-effective transportation, so you will not feel the need for a private vehicle.
Singapore has spent a lot of money and effort on the public transportation system. It is super-efficient; moving from one place in Singapore to another takes less time than you can assume.
The train network is also convenient and fast. It has expanded so much that the accessibility is high for travelers. As a PR you can avail of different concession cards to make your ride even more cost-effective.
3. Access the Central Provident Fund (CPF)
A huge perk for PR holders is getting access to the CPF. It’s like a pension system. Both citizens and PRs along with their employers must contribute some money to their CPF accounts.
There are different sub accounts for the central provident fund. Insurance, investment, housing, and education are covered through the Ordinary Account. Medisave, medical insurances, and retirement are covered through the Special Account.
As Singapore PRs, you are required to put a certain % for the savings plan, as per the CPF Act. Your taxes will reduce as the taxable income will be less when the CPF is deducted from the salary.
Contributing to CPF doesn’t reduce your actual income. Instead, it saves a sum of amount in the long run.
4. Security and Political Stability
Singapore is deemed one of the safest countries globally with the lowest crime rate. You are unlikely to see political unrest in Singapore. It has tight rules and regulations, so they easily maintain peace.
It also helps in reducing and preventing crimes in Singapore. As a PR, you and your family get to enjoy a secure and peaceful life.
5. Eligibility for Singaporean Citizenship
After you become a permanent resident and work in the country for years, you will be eligible to apply for Singaporean citizenship. The locals enjoy many more benefits, so it’s obvious for PR holders to dream of getting Singapore citizenship.
As a Singapore citizen, you will be eligible to receive more concessions, tax benefits, subsidized housing, and voting rights. Apart from this, you will also get a Singapore passport. This will help you travel to other countries without applying for a visa.
6. Immigration Stability
Another massive benefit for PR holders is that they can study, work, live, and experience retirement as well. They just need to renew their PR status every five years to keep enjoying the privileges.
If you have valid PR and a Re-Entry Permit (REP), you will be able to move in and out of the country without applying for a visa.
7. Low-Cost Housing
Once you get the PR, you will be able to purchase properties because of the lower stamp duty. The cost will be half the amount paid by a foreigner. Yes, citizens bear even lower costs compared to the PR holders.
However, the concessions given to PR holders are amazing. You get perks for housing schemes and loans to buy an HDB flat as long as you meet the income ceiling. But you can only purchase the flats from the housing and development board (HDB) if you are PRs for at least 3 years.
Also, you are only allowed to purchase second-hand apartments and houses from the HDB because the new ones are reserved for Singapore citizens.
8. Simple Loan Application Procedures
PR holders can get housing loans effortlessly compared to S-Pass and EP holders. They can also request loans to fund their businesses. The approval procedure for your loan will be easier and will require less processing time. You will also enjoy lower interest rates.
S-Pass and EP holders can also request for loans, but the chances of getting accepted are lower. Even the processing time could be longer.
9. Enjoy Medical and Educational Services
The medical fees are lower for PRs as they can enjoy medical services from institutions, such as national centers, polyclinics, and hospitals.
If your child is also a PRs you can enroll them in public educational centers. Your kids will get a preference over foreigners when it comes to admissions to esteemed local institutions. If you want to provide the best for your kids, there couldn’t be a better education system than the Singapore education system.
As PRs, you have the chance to bear lower educational costs, including primary, secondary, and EDCA-licensed child care services.
10. Opportunity to get PR for Family members
Adult PRs get the opportunity to sponsor their family members for Long Term Visit Pass (LTVP). However, certain parameters, such as career, finance, and much more, influence the possibility of getting approval.
The 10 benefits mentioned above are the most intriguing ones. When compared to expatriates in Singapore, it’s apparent that being a PR is much more exciting and beneficial. If you have PR status, you will enjoy affordable living standards along with a great quality of life.
There are, of course, disadvantages as well, but the benefits outweigh them any day. If you think that the process is overwhelming, you can talk to our immigration consultant to make the process seamless and efficient.
