06 Jun Benefits And Responsibilities Of Singapore PR
The status of Singapore Permeant Resident (PR) has long being coveted by expats and non-residents on this sunny island. With 10s of thousands of applications being made for Singapore PR each year, there is certainly good reason for the high demand each year. In fact, the number of PRs granted in 2018 was higher than in 2017, 32,710 compared to 31,849.
Why then are so many non-residents trying each year to get Singapore PR? Are there any responsibilities that come with being granted PR? In this article, we shall go through these questions and more.
The Benefits Being a Singapore PR
Let us start with the top benefits that Singapore PRs enjoy over their non-resident counterparts.
No Visa Restrictions
Any expat can relate to the hassle filled nature of juggling their work passes and flight plans. For example, if you are in the midst of renewing your work permit but have to leave Singapore for any reason, you risk returning without the right to work.
Alternatively, each time you approach the expiry of your work pass, you will require the assistance of your employer to help renew it. In the event that you have just left your company and have yet to find new employment, then you would be counting on your previous employer. Should you be unable to get their help on the matter, you may be forced to leave Singapore for the time being.
In contrast, a permanent resident is entitled to an unrestricted stay in Singapore. You can expect to be able to leave and re-enter the country without ever running into work permit issues.
More Job Opportunities
Firms in Singapore are required to operate under a hiring quota for foreigners. This means, that they are allowed to only employ a certain number of work pass holders. Effectively, this limits your options for employment as a firm that is interested in having you onboard may not be able to offer you the job should they have saturated their quota.
As a Singapore PR, you will no longer count towards a firm’s foreign worker quota. As such, you will find many more opportunities coming your way without the artificial restriction on your employability.
It is also worth reiterating that as a Singapore PR, you can now switch jobs at any time without having to go through the process of applying for a new work visa. You also won’t have to account for the risk of being forced to leave the country before your new company succeeds in applying for a work visa for you.
Singapore has been one of the world’s leading centres for technological innovation and a go to marketplace for entrepreneurs. The country has strong innovative policies, significant government subsidies, great geographical location and is known for its ease of starting a business. When you incorporate your business in Singapore, you can do so in the matter of a day and have access to the entire South East Asian region.
If you have spotted a market opportunity in Singapore for a new business, then it is time for you to apply Singapore pr. As a PR, you will be allowed to start your own business in Singapore with no requirement for another citizen to be a principle owner of your company.
Property Purchase Options
HDB flats are synonymous with Singapore, being the type of housing which the majority of locals stay in. As a non-citizen, you will not be permitted to purchase a HDB flat since it falls under public housing.
However, as a Singapore PR, you will be able to purchase a resale HDB flat from an existing homeowner. This is done through the Public Scheme or Non-Citizen Spouse scheme, with the only requirement being that you must have attained PR status at least 3 years prior to the purchase.
It should be noted thought that Singapore PRs are not eligible to apply for a Build-To-Order (BTO) flat directly from the Housing and Development Board (HDB). The only exception being that if you are engaged or married to a Singaporean citizen. In which case, you will be able to apply for a BTO flat via the Public Scheme or Non-Citizen Spouse scheme.
Public School Priority
For starters, Singapore PRs’ children enjoy priority over other foreigners when enrolling into public schools. School placements are typically offered first to citizens, then to PRs and finally to non-residents. Furthermore, unlike citizens or PRs, non-residents will not be able to request for their child to be enrolled into any particular school.
Given that Singapore’s public schools are consistently ranked as one of the top if not best in the world, there is huge incentive to helping your child to get enrolled here. It is also worth noting that despite their high standards of education, the government’s subsidies have made them widely accessible.
In contrast, if you are unable to secure a spot in public schools for your child, then you would have to resort to international private schools. While the standards in these schools are certainly still reliable, they charge much higher annual tuition fees. How big is the difference? Private schools have annual tuition fees that range from $10,000 to $37,000, easily thousands more than that of public schools.
The Responsibilities of a Singapore PR
Singapore permanent residents enjoy numerous benefits, highlighted by those mentioned in this article. However, in exchange, they are expected to contribute to Singapore and shoulder some responsibilities.
Eligibility for CPF Contributions
The Central Provident Fund (CPF) is a social security savings scheme that is mandated by the Singapore government for both citizens and PRs. Acting as a safety net for all, each person’s CPF account helps ensure that individuals have sufficient savings to tackle medical, housing and retirement needs. Employers are required to divert a portion of your gross salary to your CPF account, which does enjoy variable interest rates.
With consistent CPF contributions, you should be able to retire with a peace of mind, knowing that you have sufficient savings to tide you through your golden years.
In Singapore, all male citizens are required by the government to enlist for National Service within the armed forces, civil defence or police force for a period of 2 years. Conscription ensures that Singapore, despite being an extremely small nation, has adequate defences and support in times of emergencies. It also acts as a deterrent against foreign forces who are looking to upset the peace that the country enjoys.
While you may not need to undergo National Service, your son (if sponsored by you) will be required to enlist. During the 2 years in National Service, your son will undergo stringent training that is intended to toughen him and prepare him to serve the nation when required.
Engaging First Immigrations as your PR Application Agency
First Immigrations is the leading PR application consultant in Singapore. Having been in the industry for many years, we truly understand the frustration of foreigners applying for PR status. From past cases, we have found that 90% of all applicants who were rejected had errors in their application.
When you apply PR Singapore with us, we give you a realistic evaluation of your current chance of success before telling you the required steps needed to improve your odds. We take special care to ensure that your application is not only error free, but also correctly angled to demonstrate the desired traits under the PR application program.