20 Oct Benefits And Drawbacks of Becoming Singapore PR
Being a permanent resident status holder in Singapore offers a lot of benefits and advantages on your part. With this status, you get to do a lot of things that are not made available to other immigrants in the country. However, you need to understand that being a Singapore PR status holder does not only entitle you to certain privileges but also imposes certain obligations on your part. There is a need to be aware of all these things to ensure that you will be able to maintain a good standing as a permanent resident in Singapore.
As a permanent resident, you get an opportunity to buy properties in the country. Take note that resident aliens enjoy a lower tax on real estate purchases. This means that you can get a house in Singapore without the need to pay an expensive price for it. At the same time, you also get an opportunity to permanently live in Singapore or work in a Singaporean firm. There is no need to keep on renewing or getting a new work permit from the government. Another advantage of being a permanent resident is getting a priority or preference fro your child’s enrolment in a local public school in the country.
Also an important advantage is having the right to travel in and out of the country without the need to secure a visa. Since you are already considered as a permanent resident of Singapore, there is no additional requirement of getting a travel visa. This can save you a lot of time and money especially if your primary business or work requires travelling to another foreign state. Nonetheless, it is important that you do not stay in a foreign land for a long time. Otherwise, the government may think that you are not interested in acquiring a permanent residency in the country.
Once you have completed the Singapore immigration PR application and have received a grant from the Immigration and Checkpoint Authority, you are now considered as a permanent resident. Together with the enjoyment of the rights is also the imposition of certain obligations. One of which is joining the Central Provident Fund (CPF scheme). This requirement is mandatory for all permanent residents of the country. As such, you and your employer need to contribute a monthly payment to your pension fund.
Do not worry about the contributions because these are actually good for you. The funds can be used to provide for healthcare services. It can also help you in home-ownership as well as family protection. There may be deductions from your salary but it is not really burdensome. The government provides some sort of a tax relief in order to help you in your monthly contribution.
Your blue card, as issued by the ICA, entitles you to live and sojourn in Singapore for the rest of your life. During your stay in the country, it is highly recommended that you keep on complying with certain rules and regulations. Make sure that you obey the state laws. Otherwise, the grant for a permanent residency may be taken away from you. It is also important to keep your good standing in the Singaporean community especially if you are planning to become a naturalized citizen. There is a need to show the government that you have no ill intentions of staying in the country.