Obtaining Singapore PR status allows one to enjoy the many benefits and rights of a Singapore citizen.
As a permanent resident of Singapore, one is free to live, work, study, purchase government and private properties in the country and be a part of Singapore’s society. Being a PR will allow an individual to arange of perks such as the freedom to travel in and out of the country without visas, priority entry to Singapore’s public education system for PR children who are still schooling, freedom to switch employers without having to apply for a new work pass, and many more.
The benefits are,
Being a PR is the only path to obtain a Singapore passport (apart from being born to a Singapore Citizen parent). One will be eligible to apply for Citizenship upon being a PR for at least 2 years. Similar to PR application, there are schemes available for a PR to apply for Citizenship to the ICA.
PRs get to enjoy the right to live in Singapore for the next 5 years and is allowed to leave and enter the country freely, without having to apply for separate Singapore visas to travel or to work.
Singapore PRs are entitled to Government subsidies for Public Hospitals, Polyclinics and National Centres. Medisave, Singapore’s national medical savings scheme which helps individuals (only available to Singaporeans and PRs) to set aside a part of their income to subsidize for medical / hospitalization bills.
A student PR child will be high on the priority list, just after the citizens in the entry for government schools (Pre-school / Primary / Secondary / Junior Colleges / Polytechnics). On the other hand,foreigners find themselves having a difficult time balloting for a slot in government schools... and often have to enroll into an International School, which comes with exorbitant school fees.Subsidies and tuition grants will also be granted to a Singapore PR to study in local / private institutions.Read more...
Being a Singapore PR enables one to change jobs freely without having to worry about re-applying for a work permit. PEP / EP / S Pass holders must apply for new work pass with the MOM if they wish to change jobs, which involves risks such as having the new work pass application ...rejected or delayed, making one lose the job opportunity or worse, having to leave Singapore if a new work pass is not approved in time. Being a PR removes these risks and hassles. At the same time, more job openings will be available to Singapore PRs based on the current government’s policies to ensure the locals are being first and to be given priority in the job opportunity.Read more...
A PR is entitled to sponsor his/her direct family members – spouse, unmarried children under the age of 21, born within a legal marriage or legally adopted and aged parents to obtain ...a long-term staying visa, whereas a work pass holder has to meet certain salary requirements to be eligible for sponsorship of passes for family members (S$6,000 in base salary to sponsor spouse and children and S$12,000 in base salary to sponsor parents).Read more...
The Central Provident Fund (CPF) scheme, in which a Singaporean employee or PR employee and their employer has to contribute a monthly minimum amount to the employee’s pension fund. The CPF scheme helps with the individual financially when it comes to home-ownership, health care, children’s education, family protection and asset growth through investments and higher interest rates given. CPF contributions can also be a form of tax relief, hence, resulting in a lower taxable income per year.
Should a permanent resident decide to renounce their residency or let it expire, he / she can fully withdraw their accumulated CPF funds. However, that is only recommend if he / she never plans to work in Singapore in the future. Once they return to Singapore, they will be required to top-up the same amount back into their CPF account.
Singapore PRs are entitled to purchase public housings (HDB) owned and managed by the Government while foreigners can only purchase private properties which are at least double to triple the price of a HDB.
As a PR, it is a lot easier to borrow various loans such as a housing loan should they want to buy property as compared to foreigners. At the same time, PRs get to enjoy lower property tax rates as well. On the purchase of first property in Singapore, PRs are required to pay 5% of buyer’s stamp duty fee (BSD) and 15% for subsequent properties while foreigners need to pay at least 20% for any of their residential properties in Singapore
Almost 100,000 foreigners want to become Singapore permanent residents every year, and only an average of 30,000 gets their application approved by the Immigration & Checkpoints Authority (ICA). This keeps Singapore’s PR population size stable at approximately 530,000, and provides a pool of candidates who may be suitable for citizenship in the future. There are several paths you can take to obtain a Singapore PR status, let’s take a look at how you can decide on the scheme that best suits your current circumstance and profile
Any foreign individual, who is working in Singapore on a work pass (excluding Work Permit), may submit an application for permanent residence (PR) to the ICA for consideration. He/she may include in the application, his/her spouse and any unmarried child(ren) below 21 years of age who was born to him/her within the context of a legal marriage, or has been legally adopted by him/her.
A Singapore Citizen / PR is allowed to sponsor his/her spouse and any unmarried child(ren) below 21 years of age (born within the context of a legal marriage or legally adopted) by submitting an application for permanent residence (PR) to the ICA for consideration.
Foreign students who are studying in Singapore may submit an application for permanent residence (PR) to the ICA for consideration.
Outstanding international art professionals (well-recognised artist in your own country or with an international reputation) with a strong track record of local engagements may submit an application for permanent residence (PR) to the National Arts Council (NAC) and subsequently, the ICA for consideration upon approval by the NAC.
Eligible global entrepreneurs, business owners and investors who are interested in starting up a business or investing in Singapore may submit an application for permanent residence (PR) to Contact Singapore, a division of the Economic Development Board (EDB) Singapore and subsequently, the ICA for consideration on approval by EDB.
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Option A: Invest S$2.5 million in a new business entity or in the expansion of an existing business operation.
Option B: Invest S$2.5 million in a GIP fund3 that invests in Singapore-based companies.
Option C: Invest S$2.5 million in a new or existing Singapore-based single family office having Assets-Under-Management (AUM*) of at least S$200 million.1 You may also consolidate up to 2 of your businesses, all of which must only be engaged in one or more of the industries listed in Annex B, to meet the minimum turnover criteria