Singapore

Why Do Many Under Work Pass Apply For Singapore PR?

A lot of expats and immigrants to Singapore get here under a work pass – either an S pass or an E pass. Most of these executives or professionals eventually apply to become a Singapore permanent resident. If you too, want to apply to become a Singapore permanent resident, look for DREAMIMMIGRATIONSG for Singapore PR application assistance. Here are the reasons why many people under work passes (not work permits as work permits are not eligible for Singapore permanent residence) apply for PR.

Becoming a Singapore PR offers them stability for their families – spouse and kids. Many expats in their 30s or early 40s bring their spouse and schooling kids to Singapore as they move here under usually an E pass. Since most expats work for at least several years in Singapore, their spouse are used to the lifestyle in SG, and their kids would have grown up in local schools and made lots of acquaintances and friends locally. In the event of changes to their job and hence their work pass is suspended or expired, the entire family would have to leave Singapore within around 30 days. This can cause huge disruptions to their families – both spouse and kids! Add financial instability at this point in time to this overall instability, and it can cause lots of unnecessary pressure. This is all negated if one is a permanent resident, and one is especially compelled to go through a PR application if one likes working and staying in Singapore anyway.

A work pass is tied to a job, while a Singapore permanent residence is not. Even in a normal situation where one simply wants to change a job, instead of being laid off or fired, being under a work pass only affords one an extremely short period of time to quickly secure their new job. If there are any unexpected delays before the new job commences, one would need to leave the country in the meantime. This is not the case if one is a PR instead.

A PR is the best of both worlds. With a Singapore PR, one can stay and work in the country indefinitely, but in the event if they ever wish to uproot and move to another part of the world permanently, they can still keep the residency if they so wish, or void it if they wish to give it up. It is much more flexible than if one was to be say a local citizen.

A permanent residency is more flexible than the full citizenship, but allows one to leverage much lower property taxes too. If one intends to live in Singapore for the long term, one often buys a property in Singapore. However, due to Additional Buyer Stamp Duty, also known as ABSD, properties in Singapore are much more expensive to foreigners – if not already expensive by themselves. To avoid almost all of this ABSD tax, one just needs to become a PR.

Singapore

Benefits To Being A Singapore PR

The reasons that people choose to become a Singapore PR are aplenty. However, here are some of the most popular reasons why many foreign people immigrate to Singapore and become a SG permanent resident. If you are interested in becoming a Singapore PR, here’s a general guideline on how long the process can take.

It can get pretty touch to get your PR application approved, you are definitely recommended to look for a PR application agency like Dream Immigration Singapore for assistance.

  1. As a permanent resident in Singapore, if you are taxed at the local rates, it is among the lowest personal tax rates in the entire world. For those with high income, this is a big plus point and advantage that a Singapore PR can offer.
  2. You will be able to stay indefinitely in Singapore. For many people, this can be a big advantage and benefit because many other countries and cities around the world may have significantly higher crime rates or natural disasters, while Singapore is thankfully void of nearly all of that.
  3. You can send your children to the local schools and pay subsidized rates for the school fees.
  4. You will be able to access most types of real estate and property in Singapore. You can now purchase executive condominiums after 5 years after its completion, Housing and Development Board flats and landed property now, while you couldn’t do the above if you were not a permanent resident in SG yet.
  5. You will be able to leverage healthcare and pension fund, CPF fund, benefits when you hold a Singapore permanent residence.
  6. You can change jobs or start businesses freely in the country, and without unnecessary restrictions which is usually applicable to foreigners, and most other visa pass holders.
  7. If you are a job seeker, you can apply to virtually all companies and their vacancies and have no restrictions related to your citizenship. On the other hand, if you are still a foreigner, you will experience problems like the company cannot hire foreigners until they have hit a certain number of local hires. All those problems go away if you become a permanent resident. In this regard, a permanent resident is as good as a Singaporean citizen.

As you can tell, you can reap nearly all the benefits that SG has to offer as a permanent resident in Singapore, without any of the downsides – for example you can still hold multiple passports and for most of you reading this, no need for forced conscription as well. You literally get the best of both worlds and have your cake and being able to eat it too!

Singapore condo

Why New Singapore Permanent Residents Usually Live In Condos

There are three main types of housing in Singapore – Housing And Development Board (HDB) government flats and subsidized executive condominiums, private condominiums and strata-landed and private landed property. Here is a good read on the various types of housing in Singapore.

The most popular group of housing in Singapore among the many new permanent residents yearly in Singapore is actually private condominiums by far, and the following are the reasons why. If you are a new permanent resident, or thinking of applying to be a Singapore PR, and looking for popular housing in SG among fellow new Singapore PR, then this is a must read article for you!

First and foremost, first hand prices for HDB flats and executive condominiums are only available for full Singapore citizens. While permanent residents can purchase such units at the open market value, the prices are getting much mores similar to private properties, while benefits are nowhere as attractive as compared to that of private properties. Since most new PR in Singapore are actually white collared professionals or executives or investors, few and far between choose HDB flats or even executive condominiums. Perhaps only those who ‘escape’ to Singapore from communist countries are the ‘poorer’ ones, who need to opt for a HDB flat.

On the other hand, the average age of a new Singapore permanent resident is actually relatively young, in the 30s to 40s. This means that most of them are only newly married or have one or maximum of two children. As a result of that, they see no need to spend on overpriced Singapore properties (which many are), and live in a nice two bedroom condominium instead of extravagant landed properties.

Also, for those who just got their Singapore PR application approved, they were usually previously in Singapore under another VISA like the S pass or E pass. This means that they would not have been able to purchase a HDB flat anyway, and thus most either rent or buy only private condominium units.

Landed properties in Singapore cost around $2 million to $10 million and up, depending on the size and location. However, since many new permanent residents in Singapore are only mid way in their careers, a $600,000 to $900,000 condominium makes much more sense, while still living in relative luxury.