Permanent Resident (PR) in Singapore – Pros & Cons
Looking towards applying for permanent residence in Singapore? We have the ultimate guide book that will help you understand the advantages and disadvantages of having one of the most sought after status across the globe. Before we go ahead with the perks and drawbacks, let’s first understand what permanent residence visa of Singapore means and what it offers.
For more information regarding Singapore work visas and other long term visas, check out our complete guide.
What is Singapore Permanent Visa?
A migratory solution that empowers foreign employees and entrepreneurs to live indefinitely in the country of Singapore, the permanent resident visa allows them to avail the benefits and freedom enjoyed by the citizens of the country. It enables access to better healthcare, freedom to do business and freedom of employment, access to the Central Provident Fund, education and so on. It is one of the prime aims of the holders of the Employment Pass, S Pass, and Entre Pass.
To apply, head over to ICA’s application page and select whether you are an Employment Pass Holder (EP, SP) or Foreign Student accordingly.
Permanent Resident Requirements
A holder of an Employment Pass or S Pass is eligible to apply for the permanent resident status. Do take note of the necessary related documents required for a PR application.
The Benefits of Permanent Residence (PR) In Singapore
1. Stability of residence
Offering a stable immigration status in Singapore is one of the major perks of PR. The recipients of a permanent residence in Singapore have most of the authorities, rights, and freedom as the citizens of the country. The dependents and spouse of the citizen or permanent resident of Singapore can also benefit from immigration stability through Long Term Visit Pass (LTVP or LTVP+).
2. Simplified Traveling
The holders of the Singapore Passport, i.e., the Citizens or permanent residents can enjoy a series of benefits that includes high levels of freedom of travel across various countries due to the visa-free access granted to the Singapore passport holders at those countries.
3. Sponsoring family members for PR
Adult permanent residents of Singapore can sponsor their immediate family members for LTVP or for permanent residency for easy migration to Singapore. This however is subjective to a lot of parameters that includes finances of the family member, career, objective and so on.
4. Employment Rewards
Whether it is self-employment, starting their own business venture, working as directors for Singapore companies or simply fetch an earning in the country through lucrative business and corporate profiles, all of this is possible with ease once a person has a permanent residency of Singapore. A PR is also preferable by companies as they do not have to invest further of obtaining work permits, sanction letters for any kind of part time or full time employments.
5. Lower medical expenses
The public medical services can be availed at subsidized rates for citizens and permanent residents of Singapore.
6. Retiring in Singapore
While there is no option to obtain a ‘retirement visa’ in Singapore, a permanent resident has the rights to live off their retirement years in the country.
7. Childcare and Education
Government-supported infant care facilities are also available at a subsidized cost for permanent residents of Singapore. Also, government-run primary and secondary schools give a priority to permanent residents over foreign students during enrollments. They also get the benefit of lower school fees as against that paid by foreigners.
8. Real estate and housing
Lower stamp duty or taxes on real estate purchases, eligibility to purchase resale public housing and development board (HDB) leaseholds, purchase executive condominiums are some of the other benefits of having a permanent residency in Singapore.
The Cons of Permanent Residency in Singapore
1. Central Provident Fund (CPF)
A comprehensive social security savings plan, the CPF is a compulsory contributory fund for all working Singaporean citizens and PRs. It covers basic needs of the citizens and PR during retirement, healthcare needs, home ownership, family protection and asset enhancements.
2. Dual citizenship not permitted
In order to attain permanent residency of Singapore, a foreign national must renounce their foreign citizenship.
3. National Service
At the age of 16 and half years, all male citizens and PRs need to register for the national service and need to serve a tenure of 2 years s full time national service men after they turn 18 years.
4. CPF withdrawal limitations
CPF savings can be withdrawn in a lump sum only once the PR or citizenship of Singapore is denounced.
Above are the advantages and disadvantages of permanent residency in Singapore. A permanent resident of Singapore can also apply for Singapore citizenship after two years of residing in the country. While there are more pros than cons, it is subjective to an individual’s need to live out in the country. A majority find it beneficial to avail the permanent residency in the country, eventually making Singapore their home.