Paul Immigrations Reviews: Why set up your residency in Singapore

Paul Immigrations Reviews: Why set up your residency in Singapore
March 27 05:13 2020

Singapore is the safest, wealthiest and most lauded Southeast Asian economy and a financial hub for the wider Asian region.

This favorable social, economic and financial environment attracts investment, opportunities and employers who find the city-state an easy place to set up a corporation and hire talent.

Luckily, The Lion City offers foreigners the possibility to establish long-term residence via its Permanent Resident (PR) immigration status that is available to those who fulfill certain criteria.

For most expats, becoming a PR is a dream because of the many benefits it provides over other employment passes. In this article, we will discuss 10 reasons why becoming a PR is a great decision.

Why setting up your residency in Singapore

Expats will find many countries with favorable conditions to set up residency. Places like Dubai or Doha have been attracting highly qualified foreigners to help develop their economies for the last two decades and have an expat-friendly environment with up to 80% of the population composed of non-citizens.

Why is Singapore an equally (if not more) appealing destination both for expats and employers?

Firstly, the country offers a flexible employment market with a low unemployment rate (just over 3%) and a highly qualified workforce.

Secondly, the country’s GDP per capita is one of the top-10 highest in the world and the country is a model economy, considered a “miracle case” because of its success in achieving the highest standard of development in the short period of time since independence.

Thirdly, the local economy thrives in the prestigious and highly regarded financial and insurance sectors with many international corporations setting their regional headquarters in the city-state and hiring highly skilled senior positions.

Last but not least, close to 20 million visitors come every year for business and leisure, opening a host of hospitality and service industry employment opportunities.

But beyond the attractive economic and labor market, Singapore is an extremely safe city, ranked at the top for several years in a row and one where families can raise children knowing they will be protected from the high crime rates found in other developed countries.

Paul Immigrations Reviews: 10 reasons to become a Permanent Resident

10 reasons to become a Permanent Resident

Most foreign workers will arrive in the country with a job opportunity that will grant them a work visa, be it a Work Pass or an Employment Pass.

While both passes allow them to work and bring their families with them, they are temporary visas tied to their employment which expire if the main pass holder loses their job.

These passes have other limitations with regards to employment or to setting-up your own business which limit an individual’s ability to fully maximize the advantages of living in such a favorable economic environment.

For this reason, many foreigners consider upgrading their work pass to a Permanent Resident (PR) status after a certain period. Below are 10 reasons why this is an appealing move for many.

Ability to stay in the country without an employment pass

As briefly mentioned above, the most relevant and immediate benefit of becoming a PR is the fact that a foreigner’s status is no longer linked to the employer who issued their work or employment pass. A PR holder can stay even without working.

This is possibly the number one benefit and reason why expats might be interested in becoming PRs. Having one’s employment status tied to the employer adds uncertainty to any family long-term planning and a PR status minimizes this by providing a more stable outlook.

Possibility to start your own company

While Employment Pass holders can invest in local companies, they can only do so after fulfilling certain criteria and, in many cases, informing and getting the permission of their employers.

They can, however, not start their own companies or hold more than one concurrent employment. It is also not possible for a foreigner without PR status to become a Director of a company they are not employed by.

Thus, to take full advantage of the city-state’s attractive business environment, many decide to pursue a PR application.

Option to retire in Singapore

Similar to the first benefit, becoming a PR gives the option to retire in the country as the ability to stay is not tied to one’s employment. Without a permanent residency or citizenship, foreigners cannot retire in Singapore because their stay is conditional to drawing an employment income.

Access to public housing

The Housing Development Board (HDB) is one of the Lion City’s most successful social programs and provides affordable housing to locals and PRs.

Over 90% of the local population of long-term permanent residents and citizens owns their home and this places Singapore at the top of the world’s rankings for homeownership.

Many foreigners choose to become Permanent Residents to have access to these favorable housing conditions.

The Government builds social housing every year according to demand and Singaporeans and PRs can apply to own their own home at a discounted price over market rates.

The country’s real estate market is one of the most expensive in the world but manages to achieve close to full ownership by locals thanks to the existence of HDBs.

Lower stamp duty

Even if you do not qualify for social housing or are not interested in living in an HDB flat and prefer to buy private property, PRs and citizens pay significantly lower stamp duty on property purchases than non-residents who may have to pay up to 15% of the cost of housing in stamp duties.

Discounts and benefits at local attractions

If you visit popular tourist attractions, museums and other entertainment venues you will often notice there are discounted prices for locals and long-term residents which are not available to other employment and work pass holders.

These discounts can range from 10% to 50% and are available island-wide for example, at places like the Cloud Forest, Sentosa’s Butterfly Garden or Jurong Bird Park.

Priority at local schools

Permanent Residents have access to the same public schools as locals which means that they can save on the very high education costs of international schools.

International schools in Singapore can cost up to $20,000 a year in tuition or more, a prohibitive cost for many foreigners with large families. Becoming a PR gives access to the more affordable, world-class, local education.

CPF contributions

Singapore imposes low taxes on foreigners who only need to pay personal income tax but are not required to make contributions to pension funds or other social security systems.

This makes the island-state attractive to many, but it also means they miss out on pension contributions employers must make for citizens and PRs.

Central Provident Fund (CPF) contributions can be used to help fund housing needs, medical costs and are paid for directly to the CPF Board by employers on a monthly basis.

Access to public grants

The Little Red Dot is a thriving economy with a wide array of funding and grants available to locals and PR holders. These grants can help fund many projects, from marketing expenses used to take a company to the international markets to innovation and IT costs.

While some of them are available to foreigners too, the majority are restricted or give priority to local or PR applicants.

Available grants can give a competitive advantage to local businesses and also help train and upskill workers through continuous training schemes.

Fast-track to becoming a citizen

Last but not least, many foreigners aspire to become Singaporean citizens and becoming a PR is considered a preliminary stage to achieve full citizenship.

The Singaporean passport has become one of the most powerful in the world and grants visa-free access to over 180 countries including China making it a valuable nationality to many.

Why use the services of an immigration consultancy: Paul Immigrations Reviews

Paul Immigrations Reviews

If the above benefits have convinced you of the value of becoming a PR holder, you should consider using the services of a qualified and experienced immigration agency to maximize your chances of success.

Paul Immigrations has helped thousands of candidates collect all the necessary documentation and prepare a winning case to increase their chances of a positive outcome. They can help collate supporting documents and write a cover letter while hand-holding you through the process of submitting your application.

To ensure that you do not waste any time and effort, their trained Immigration Specialists will assess your chances of success from the beginning and advice on the best way forward so that you do not apply if you are not yet eligible.

In those cases, they can provide advice on the things you can do to improve your profile and apply in the future with a higher chance of success.

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Singapore n Beyond
Singapore n Beyond

Sharing getaway and itinerary ideas in Asia and insider knowledge of Singapore

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