Singapore is a thriving economy with more than 5.3 Million and has a high per capita income. Permanent residence in this country is a dream that every individual will dream of. How does one obtain permanent residence (PR)? If you have worked in Singapore for at least six months and possess current work pass, then you are eligible to apply for permanent residence status.
Obtaining permanent residence allows you to enjoy many rights and benefits that are almost similar to those given to full citizens.
Here are the top 7 befits of Singapore PR:
1. Career stability
As a PR in Singapore, there’s no need for you to reapply work permit whenever you change your job. it is quite risky and frantic when the government rejects your new work pass application since it leaves with the option of leaving the country.
A PR will not have such risks as they can switch their jobs easily without the need to apply for a new work pass.
2. Central Provident Fund Plan (CPF)
Employers must contribute to the employers a percentage of 16-17 % of the monthly salary of their employees who are PR.
These funds can be used in selected reserves and in case you renounce your residence or it lapses then you can withdraw the accumulated funds freely. Central Provident Funds also allows one to enjoy tax reliefs.
3. Immigration stability
Permanent residents can live, leave or enter Singapore without the need to apply for separate visas. You will be issued with a Blue card which will act as your identity card. A dependent or a spouse of a PR and full citizens can enjoy long term visits.
4. Low housing costs
A PR is entitled a lower stamp duty and can purchase an affordable property. Compared to foreigners you will pay half the stamp duty fee, whereas citizens pay even less than what a PR pays for to purchase a property.
5. Medical Health Care
The governments provide health subsidies; the number of subsidies depends on the salary that a PR earns. Permanent residents have saving schemes such as that helps them in offsetting the medical bills.
6. Education Benefits
As a PR your children pay lower fees compared to foreigners. You can access the Singaporean system and you can upgrade your knowledge as well and get a better job.PR children also receive priority in placement in government primary and secondary schools.
7. Business Benefits
A PR can start a business without the need for a local representative. You can access loans for capital easily since you are considered more trustworthy. There are also fewer regulations imposed on permanent residents.
Getting permanent residence in Singapore is the best thing that you can get. Being a PR in this country comes with a lot of benefits and at the same time, the laws of the country are executed in a proper way to favor all citizens and foreigners. With PR you can live as long as you want and at the same time, you can enter and leave the country with fewer conditions being imposed.