It’s no secret that Permanent Residency in Singapore is a hotly contested for status, with over 100,000 people submitting their application each year. Despite the Permanent Resident (PR) application approval rate of only 30%, Singapore continues to remain a popular choice for foreigners looking for a second home to live, work and settle down in.
What makes Singapore such an attractive destination for Permanent Residency? In this article, we’ll look into the top 10 reasons why foreigners want to become PRs in this bustling metropolis.
1. Enjoy stable immigration status
Among the various passes and schemes available granted for foreigners looking to stay in Singapore for the mid to long term, Permanent Residency is the only one that allows them to remain in Singapore for as long as five years before status renewal. With PR status, PRs are able travel in and out of Singapore and/or switch jobs without the hassle of having to constantly apply for new work passes, visas and permits.
2. Extend PR status and long-stay opportunities to family
PRs can apply for Permanent Residency for their spouse and unmarried children under the age of 21, allowing the family to live together in Singapore and enjoy the same benefits of being a PR. On top of that, PRs may also able to apply for a Long-Term Visit Pass for older children and their parents to join them in Singapore, if they satisfy the pre-requisites to do so.
3. Unlock employment opportunities
On top of not being held back by the transient nature of work passes, Permanent Residency also provides PRs with an advantage in the job market compared to foreigners. This is many companies in Singapore are more inclined to hire Singaporeans and PRs due to limitations on foreigner manpower headcounts. PRs can also look into job positions available only to Singaporeans and PRs, including those in the public and civil service.
4. Realise entrepreneurship goals
Foreigners who prefer to start their own businesses instead of seeking employment also stand to benefit from PR status. As PRs, they are able to incorporate new companies in their own name without a local Singaporean representative.
5. Secure loans at attractive rates
From home loans to business credit, having PR status allows foreigners to secure various types of loans at more attractive interest rates with a higher loan quantum. This makes it easier to make major purchases and/or grow one’s business without having to manage the demands of a large cash outlay.
6. Save for retirement via the Central Provident Fund (CPF) plan
PRs are automatically enrolled in Singapore’s CPF scheme, which works in a similar fashion to a pension fund where both PRs and their employers will make monthly contributions. Under the scheme, PRs will be able to draw upon their CPF funds to cover healthcare, housing and education costs, while building a comfortable nest egg for retirement through stable asset appreciation over time.
7. Live in one of the world’s best public housing systems
With Singapore’s property prices skyrocketing in recent years, Permanent Residency is a great way for foreigners to be eligible to purchase public housing offered by the Singapore government. On top of being substantially more affordable than private property, these homes are usually located near to schools, healthcare facilities and other amenities, providing added convenience and accessibility to residents.
8. Access quality, convenient and affordable healthcare
PRs are able to seek medical services and treatments across Singapore’s network of polyclinics and hospitals across the island and enjoy lower fees than foreigners. They are also able to tap into the Medisave funds from their CPF savings to cover various medical expenses, thus defraying the cost of healthcare even further.
9. Empower children to grow within a globally renowned education system
Singapore’s education system is consistently ranked as one of the best in the world, with local students regularly outperforming others on standardised tests and exams. As a Permanent Resident, foreigners will be able to enrol their children in local schools and infant care centres at subsidised rates, which could be as much as 70% lower than what foreigners would pay. Local schools also tend to be more accessible and conveniently located near housing estates, so students can avoid long commutes while also saving on transport costs.
10. Kickstart the journey to becoming a Singapore Citizen
For many foreigners, applying for Permanent Residency is a first, and necessary step to obtaining Singapore Citizenship. Spending a fixed number of years living in Singapore as a PR is one of the many pre-requisites for becoming a Singapore Citizen. As such, many foreigners become PRs as a first step to eventually applying for citizenship and making Singapore their lifelong home.
All in all, becoming a PR in Singapore offers a multitude of benefits to foreigners who are committed to settling down in Singapore for the next few years of their life. In addition to being able to lower living expenses through subsidies, they are also able to access exclusive opportunities and government schemes available only to Singaporeans and Permanent Residents. Top this off with the low crime rates, efficient social administration and a beautiful Garden City environment, and it’s no wonder that Permanent Residency in Singapore is, and will continue to be a great choice for foreigners looking to build a home in one of the world’s most liveable cities.
Partnering with an appropriate immigration firm can make preparing a PR application in Singapore much less challenging than you may think. We offer a complimentary consultation session with our experienced immigration consultants to discuss how best to present your profile and guide you through the journey of becoming a Singapore PR. In addition, we have created a profile assessment tool that leverages our combined knowledge and years of experience to assist in evaluating your probability of obtaining Singapore PR.
We prioritize providing you with the best service possible, and our rates are both transparent and competitive. For more information, please read here. Contact us today for your complimentary Singapore PR consultation!