Benefits of a Singapore Permanent Resident
Singapore Citizenship
To become a Singapore citizen, you must first obtain permanent residency (PR) status. After holding PR status for two years, you will then be eligible to apply for citizenship.
If you are granted citizenship, you will enjoy the same rights and benefits as native-born Singaporeans, such as the right to vote, lower tax rates, and housing subsidies
Health Care Opportunities
Singapore government programs offer a lot of medical health benefits to Singapore Permanent Residents who will get to avail of that using their CPF funds in their MediSave account.
Other health care benefits include lower consultation fees and lower medical bills compared to any non-Singapore permanent resident or foreigner!
Career
Increased Career opportunities with the option to switch jobs freely because companies occasionally prefer permanent residents for a job so that they don’t have to deal with the hassle of renewing employees’ existing work passes.
CPF And Tax Rebate Of Singapore PR
Once you have obtained permanent residency (PR) status in Singapore, you will be eligible for tax benefits such as tax reliefs and rebates, just like any other Singapore citizen.
Additionally, if you enroll in the Central Provident Fund (CPF), both you and your employer will contribute a monthly amount towards your retirement savings. The CPF is incorporated into multiple programs and schemes related to healthcare, housing ownership, family protection, and other investment opportunities that can help grow your assets in the long run. It is also important to ensure that you have enough assets to support yourself after retirement.
Property and Education
Increased Educational opportunities for students who are permanent residents. A person with permanent resident status is given higher priority when they get to apply for housing loans for purchasing a property.
Moreover, a PR will also be able to buy a resale Housing Development Board (HDB) unit that is way more affordable than condominiums in today’s market. Thus, you can purchase a property at a much more affordable rate and security than a foreigner who can only purchase private residencies without any government support provided to them. This ultimately means that purchasing a house in any neighborhood on a PR status will mean that your children living in the house under the age of 21 will also be given priority in the nearby public schools that you might wish to enroll them in.
Family Sponsorship
You can easily sponsor your direct family members for a brighter future for the whole.
Other benefits include property owners and government pension options after retirement!