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.