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.

  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.