Recently the Singapore government announced measures to cool the property market which included raising the Additional Buyer’s Stamp Duty (ABSD) rates for all segments of the population. And one of the things that stood out is the considerable difference between the revised rates for PRs and foreigners, making the benefits of securing a PR quite evident.
So, today along with highlighting property-related benefits, we are also sharing some of the other advantages of being a Singapore PR over being a foreigner or an expat.
Get To Know The Benefits Of Being A Singapore PR
1. Low-Cost Housing & Loan Perks
As a Singapore PR, not only are you eligible to buy second-hand units of government HDB flats, but you also get access to a wider selection of exclusive housing loans and schemes. And that’s not all, with the recently enacted cooling measures wherein the ABSD rate has been revised from 20% to 30% for foreigners on any residential property, the rates for Singapore PRs on the first residential property remain unchanged at 5%. So, whether you are looking at home-ownership as an investment or as a personal residence, securing a PR before purchasing property can help you save some valuable dollars.
2. Ease Of Travel
With the advent of multiple VTL and even beyond that, being a Singapore PR with a valid Re-Entry permit gives you the freedom to live, enter, and leave the country without having to apply for a separate visa. Plus, it also simplifies the process of obtaining visas to various countries. So, if you have to travel often for business, getting a Singapore PR makes travelling much easier.
3. Career Flexibility & Stability
You don’t have to worry about cancelling and reapplying for your work permit at the risk of delay or rejection every time you change jobs. As a Singapore PR, you are able to save invaluable time and money and free yourself from all these risks and make job-hopping a less painful process. Also as more employers prefer to employ resident working population you have vast job opportunities that can even help you attain attractive salary packages, employee benefits, and more.
4. Family Sponsorship & Added Benefits
One of the major benefits of being a PR is the ability to easily apply for a long-term visit pass (LTVP) for your parents, spouse, and children under the age of 21 without having the need to meet certain salary requirements.
What’s more, as a PR, your school-aged children are given priority enrolment to local public schools before other work permit holders and can also enjoy subsided fees and tuition grants. And you also get easy access to world-class medical institutions at lower or subsidised fees and can also take advantage of the government’s support by enrolling your kids in infant care and childcare centers.
5. Financial & Tax Benefits
Becoming a Singapore PR allows you to reap the financial and tax benefits provided by the government such as many tax rebates and in addition being a part of the Central Provident Fund (CPF). It entitles you and your employer to contribute a percentage of your salary to your CPF to ensure a comfortable retirement or can also be used for medical care, insurance, real estate purchase, and more. Also, the CPF deducted from your salary helps lower your taxable income which also contributes to significant savings in the long run.
You can access these funds at the age of 55 and should you wish to renounce your PR and leave the country, you are allowed to withdraw the full sum of your CPF.
6. Opens The Door To Obtain Singapore Citizenship
Getting a Singapore PR opens the door to Singapore Citizenship. After you’ve been a PR for 2 years, you are qualified to apply for citizenship and enjoy the same rights, privileges, and greater benefits as any citizens who were born in Singapore. What’s more, you also acquire a Singapore passport which happens to be one of the most powerful passports in the world.
Be it work, healthcare, property ownership, or career, overall, being a Singapore PR comes with amazing benefits that can help you live a comfortable full-scale life with your family and enjoy many privileges reserved for citizens.
But, all this starts with creating an impeccable Singapore PR application which many fail to realise is a long, tedious, and complex process. Hence engaging an experienced immigration firm and expert consultants who understand the criteria of evaluating an application and the rigorous screening process not only has a positive impact but also helps strengthen your PR application and make it stand head and shoulders above everyone else’s.