It’s no surprise that Singapore is a popular choice for many people seeking a better quality of life. As a Singapore permanent resident, you enjoy the freedom to live and work in Singapore without limitations. That’s not all, you also have priority access to public schools and universities for your children’s education.
Singapore offers a wide range of career opportunities and a stable living environment, including the ability to own property. Plus, you can explore Asia and beyond without the hassle of visa applications.
Here are the five reasons why you should convert to Singapore PR!
1. Healthcare Subsidies
As a Singapore Permanent Resident, you can receive government assistance for healthcare costs at public hospitals, clinics, and specialized medical centers. Additionally, you can participate in Medisave, a national savings plan that helps cover medical expenses. Only Singapore Citizens and permanent residents are eligible for Medisave.
2. CPF
Under the Central Provident Fund (CPF) scheme, a Singaporean or PR employee and their employer must contribute a monthly minimum amount to the employee’s fund. The CPF scheme will help the individual financially regarding health care, home ownership, and asset growth through investments and higher interest rates. By obtaining a Singapore PR, you will be entitled to the CPF scheme which will benefit you in future planning, buying a property and growing your wealth for retirement.
3. Property Ownership
Singapore PRs are allowed to purchase a resale HDB flat owned by the Government. Meanwhile, foreigners can only purchase private properties which will cost at least double or triple the HDB price.
As a PR, it would be easier to borrow a housing loan if you are planning to buy property in Singapore. Additionally, PRs get to enjoy property tax benefits. On purchasing their first property in Singapore, PRs only need to pay 5% of the Additional Buyer’s Stamp Duty (ABSD) rate while expatriates have to pay 60% for any of their residential properties in Singapore.
4. Education
As a Singapore PR, your child who is entering school for the first time will be placed higher on the priority list when it comes to entering preschool, primary school, secondary school, Junior Colleges or Polytechnics. On the other hand, foreigners often face difficulty obtaining a place in government schools and will need to enroll in International Schools with much higher school fees. Subsidies and tuition grants will also be granted to a Singapore PR to study in local or private institutions.
5. Career Stability
Holding a Singapore Permanent Residence status also provides you with greater career stability. You are able to change jobs freely without having to worry if your employer will renew your contract or having the need to apply again when changing jobs. On top of that, more employment opportunities are available for Singapore PRs as compared to foreigners. This is because the current government policies ensure that locals and permanent residents are prioritised when it comes to career progression.
In conclusion, there are a multitude of benefits to becoming a Singapore PR. If you have been working in Singapore for many years and have finally decided to settle down here, you might now be considering an application to obtain a PR in Singapore.
Here at Singapore Immigration Consultancy, we work with individuals to create effective applications to obtain their Singapore PR or Citizenship. If you are looking for a professional to assist you in this process, do reach out to us for more information today!