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Benefits of Having a Singapore PR (Permanent Resident)

Singapore is known to be one of the best city-states to line in because of its dynamic economy, high-quality lifestyle, amazing infrastructure, and many more. This country is known as the Lion City and is a place of possibility and opportunity where everyone can turn their dreams into reality. Not only because of its amazing lifestyle but the visuals along with the food and culture also plays a major role in attracting people. Maybe this is the reason why people from every corner of the planet want to have a Singapore Permanent Resident (PR) visa.

But you might be wondering, what exactly does a Permanent Resident (PR) Visa mean? Right. Well, let’s be straightforward. A PR Visa means a visa for Permanent Residency. Getting a Permanent Resident Visa in Singapore means that you got permission to make Singapore your second home. A PR Visa allows you to live and work in Singapore permanently.

Now, at this point, another question might arise asking “what are the benefits of having a Permanent Resident Visa in Singapore”? To be honest, there are many but let’s talk about the major six benefits anyone can enjoy if they have a Permanent Resident Visa in Singapore. These are as follows:

  1. Efficient workforce with CPF Facility

  • Singapore holds the title for being one of the countries providing the best labor and employer relation.
  • The work culture of Singapore values the productivity, efficiency, and hard work of its employees.
  • These are the top priority of any company in Singapore while hiring someone instead of connection, network, and social background.
  • Along with the working environment, Singapore offers its PR the CPF facility.
  • Now, you may be wondering, what is CPF? Well, the answer is simple. CPF stands for Central Provident Fund. It is a mandatory saving program that is contributed by PR for their needs after retirement.
  • This works by deducting a certain percentage from the salaries of PR of Singapore, which will be used as a pension for retirement, medical care, insurance, real estate purchase, and several other findings.
  • The involvement of CPF allows the permanent residence to pay a comparatively lower income tax and enjoy a carefree life after retirement.
  1. Low-cost housing:

  • The permanent residence visa holder has a benefit over foreigners in that they can afford to purchase a property in half the stamp pay duty that a foreigner has to pay.
  • This visa allows you to have several advantages when it comes to housing and property, such as better housing loans and schemes, lower-cost housing and flats, etc.
  • However, you need to keep in mind that the cost you have to pay for housing is only lower than non-visa holders.
  • The Permanent Resident (PR) Visa holders are also allowed to buy HDB (Housing and Development Board) flats after 3 years of acquiring the visa.
  • A PR gets second-hand HDB houses since newer houses are only available for citizens of Singapore.
  • Apart from this, you can also buy an EC (executive condominiums) and private condominiums.
  • Even housing loans are easy to get with a PR visa. Your loans will get approved with minimum processing time and lower interest rates as compared to S pass or Employment pass holder.
  1. Better business opportunities

  • A PR visa holder has fewer rules and restrictions to follow when starting a business of their own as compared to other pass holders.
  • You can run your own business easily as a PR in Singapore with the proper schemes they offer for PR businessmen.
  • There are comparatively fewer obstacles to tackle in the business world when you have a PR visa in your hand
  • Singapore is a growing economy and is recognized by many MNCs (Multi-National corporations) as an ideal place for their business.
  • Singapore is also the home of many MNCs headquarters. This inevitably opens more doors of opportunities to give your business new wings.
  • Singapore provides an ideal business environment with good and stable policies which you can benefit from for your wealth creation.
  1. Location advantage

  • Singapore is the world’s top transportation hub. It has the busiest container ports, airports and serves sea and air cargo.
  • Singapore’s geographical location gives businesses profitable access to the area’s quickly increasing demands.
  • It is one of the safest countries to live in and work in as compared to other countries in a favorable environment.
  • The average tropical weather of the country is nice and cozy.
  • Singapore attracts many tourists from all over the world every year. The scenic, serene natural beauty of the country is breathtaking. It has become a tourist destination for many.
  • Singapore contributes to global trade and has many routes advantages for the same.
  • Situated between Indonesia and Malaysia, Singapore has many maritime trade benefits.
  1. Permanent Resident (PR) visa can get you:

  • Becoming a permanent resident of Singapore gives you numerous benefits. You can easily work, travel and live in the country and leave whenever you want to. A blue card is provided to you for your identification.
  • Having a PR does not restrict you from doing any job in Singapore. You can select and change your jobs as needed without being asked for a work permit.
  • You receive quality healthcare facilities from top hospitals and clinics.
  • Good access to the well-designed education system. The fees of schools, colleges, and universities are affordable.
  • If setting a business in Singapore, no politics or other events would affect your business. Businesses are supported in the country.
  • The retirement age is 55 for PR visa holders. You also receive pension amounts once retired.A path towards citizenship 
  • Singapore PR offers you an opportunity to become a citizen of this Lion City
  • If you want to live in Singapore for the rest of your life then there is no better option than to get the citizenship of Singapore.
  • As a citizen, you get to live and enjoy this place even more because then you will be entitled to greater benefits as compared to a PR visa holder.
  • As a citizen, you are exposed to several benefits like improved tax rates, voting rights, the ability to purchase any property or housing of your choice without any kind of obstacle, a passport of the country, and many other facilities which are privileges not available for a Permanent Resident (PR).
  • You will have to wait only for around 1-2 years to become a citizen of Singapore if you already are a Permanent Resident (PR) visa holder. But if you do not have a Permanent Resident (PR) visa then you might have to wait longer than that.

Conclusion:

These were the top 6 benefits of having a permanent resident visa in Singapore. Although being a Permanent Resident is not as beneficial as being a citizen, but it gives you a lot more benefits than any other visa or pass holder in Singapore. You can live a satisfying and happy life in Singapore. You get access to most of its resources with a Permanent Resident. So, if you are thinking about either starting a new life or setting up your business in Singapore, you should hurry up and apply for the permanent resident visa as it’s your door to citizenship of Lion City. Singapore also is one of the fastest-growing countries in the world and having a permanent residency gives you the freedom to travel, financial aid and other benefits

 

 

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