17 Oct Why You Should Consider Applying for PR in Singapore
Singapore, with its exquisite lifestyle and booming economy, has become an attractive destination for many individuals seeking permanent residency (PR). As of June 2024, there are approximately 544,900 PRs in Singapore, making up about 9% of the total population [1]. This number has seen a steady increase over the years, reflecting the growing appeal of Singapore as a long-term home for expatriates.
In this comprehensive guide, we’ll explore the top advantages and benefits that every holder of a permanent residency status in Singapore can avail of, backed by the latest statistics and insights.
1. Affordable Housing Plans
One of the most significant benefits when you apply for PR in Singapore is access to more affordable housing options. PRs can avail of low-cost housing arrangements due to lower stamp duty fees compared to foreigners. This means that an immigrant with a blue pass can get a chance to purchase top-of-the-line real estate properties in the country without spending too much for it.
Recent statistics show:
- The average price for private residential properties is around $1.95 million, while HDB resale flats average around $597,297 [2].
- PRs pay an Additional Buyer’s Stamp Duty (ABSD) of 5% on their first property, which is significantly lower than the 60% ABSD for foreigners [3].
While specific data on PR property ownership is not readily available, it’s clear that PRs have a significant advantage over non-residents in the property market.
2. Enjoy a Stable Career
When you apply for PR in Singapore and succeed, you can enjoy greater job stability and opportunities. Your PR status enables you to change jobs without the need to apply for a new work permit, providing flexibility in your career choices. Moreover, most Singaporean firms prefer to hire permanent residents over those staying in the country temporarily.
Employment statistics for PRs are promising:
- The employment rate for PRs is around 67.5% [4].
- PRs are predominantly employed in high-growth sectors like finance, technology, and healthcare [5].
- PRs often hold professional, managerial, executive, and technical (PMET) positions, with income levels comparable to citizens [6].
These figures demonstrate the strong position PRs hold in Singapore’s job market, offering stability and growth opportunities.
3. Extend Benefits to Children
Children of PR status holders enjoy preference and priority in Singapore’s public schools. This is crucial if you want to give your children access to Singapore’s world-renowned education system.
Education statistics show:
- PR students constitute a small percentage of the total student population, with international students (including PRs) making up less than 5% in primary and secondary schools [7].
- PR students generally perform well academically, often comparable to citizen students [8].
- PR children have access to the same educational opportunities as citizens in local universities [7].
These figures highlight the educational advantages your children can enjoy as dependents of a Singapore PR.
4. Get Loans Fast
Another advantage of acquiring PR status in Singapore is the opportunity to apply for loans more easily. Most banks in Singapore offer preferential treatment to PRs compared to non-residents.
Financial statistics indicate:
- PRs generally have higher loan approval rates compared to non-residents due to their stable residency status [9].
- Interest rates for PRs are typically lower than those for non-residents due to lower risk profiles [9].
- PRs have access to a wider range of financial products, including certain types of housing loans and investment products [9].
This financial flexibility can be a significant advantage for PRs looking to invest or expand their businesses in Singapore.
5. Chance to Become a Singapore Citizen
Your PR status can be a stepping stone to becoming a naturalized citizen of Singapore, opening up even more benefits and rights.
Citizenship conversion statistics reveal:
- Approximately 20-25% of PRs eventually become Singapore citizens [10].
- PRs typically wait several years before applying for citizenship, with many applying after 5-10 years of residency [10].
- While the approval rate for citizenship applications from PRs is not publicly disclosed, it’s generally known to be selective [10].
Additional Benefits of Singapore PR Status
Beyond these primary advantages, PRs in Singapore enjoy several other benefits:
Healthcare Benefits
– PRs receive healthcare subsidies, though at lower rates compared to citizens [11].
– PRs have access to public healthcare facilities at subsidized rates [11].
Retirement and CPF Contributions
– PRs contribute to the Central Provident Fund (CPF) at the same rates as citizens [11].
– This ensures PRs have a structured way to save for retirement and healthcare needs.
Economic Contributions
– PRs significantly contribute to key sectors driving Singapore’s economy, particularly in finance, technology, and healthcare [11].
– PRs are active in entrepreneurship, particularly in high-growth sectors [11].
Indeed, becoming a permanent resident in Singapore offers a multitude of advantages. The application process, however, can be competitive.
Recent statistics show:
- Singapore receives approximately 120,000 PR applications each year [12].
- The approval rate for PR applications is around 25-30% [7].
- About 30,000 PR applications are approved annually [7].
Given these figures, it’s crucial to present a strong application. Consider hiring an expert to help you navigate the process and increase your chances of success.
In conclusion, the benefits of Singapore PR status are substantial and wide-ranging, from housing and career opportunities to education and financial advantages. As Singapore continues to position itself as a global hub for talent and innovation, the value of PR status is likely to grow even further. If you’re considering making Singapore your long-term home, these advantages make a compelling case to apply for PR status.
Sources:
[1] https://www.population.gov.sg/our-population/population-trends/overall-population/
[2] https://smartwealth.sg/housing-cost-singapore-statistics/
[3] https://bing.com/search?q=stamp+duty+rates+for+PRs+compared+to+foreigners+and+citizens+in+Singapore
[4] https://www.straitstimes.com/singapore/jobs/singaporeans-saw-21-rise-in-median-real-income-this-year-despite-inflation-mom
[5] https://stats.mom.gov.sg/iMAS_PdfLibrary/mrsd_2022LabourForce_survey_findings.pdf
[6] https://fred.stlouisfed.org/series/QSGR368BIS
[7] https://achieveimmigration.sg/singapore-permanent-residence-citizenship-application/
[8] https://www.mnd.gov.sg/newsroom/speeches/view/written-answer-by-ministry-of-national-development-on-private-residential-property-and-hdb-flat-ownership
[9] https://dollarbackmortgage.com/blog/foreigner-property-singapore/
[10] https://singaporepr.sg/singapore-pr-approval-statistics-understanding-the-trends-and-factors/
[11] https://www.todayonline.com/singapore/property-cooling-measures-absd-foreigner-tax-double-singapore-buyers-2159551
[12] https://www.spic.com.sg/singapore-pr-approval-rate/