Singapore is a wonderful and attractive country to travel to, whether for work or pleasure. In fact, in some industries, it is not unusual for some organisations to send their employees to Singapore for several months as part of job opportunities. Singapore is sometimes a city that is described as a country, and in fact, more than 5 million people live there and the total area of only 300 square miles. In fact, in some major cities across the countries like US and UK, the sizes are similar. After spending some time there, visitors sometimes want to become permanent residents. It is estimated that 400,000 permanent residents reside in Singapore, and if you are planning to apply for Singapore PR application for some time, this article can help you through the process as we share several pros and cons that you will receive after the permanent resident status in Singapore.
Let’s examine the pros and cons of attaining permanent resident (PR) status.
Those with the PR status are capable of living, working and owning the country. However, PRs can buy new units as well as second hand apartments. If you are buying a property, PR status can get you a loan up to 80% of your housing loan. PR status It also means that you have visa restrictions that allow you to continue living in Singapore even though you lost your job. This means you do not have to worry about finding another job within a specific time for fear of being deported. While enjoying the benefits of having Singapore’s desire to travel, and if they are children of school age, they have given priority school in schools. You can also get a long term social tour.
As the permanent resident you will be entitled to monthly CPF contributions that can help you to change jobs without any hassle and without requiring any working visa in the country. You are also able to enjoy the tax benefits which are necessary if you are residing in any foreign country. All these rights do not come without their share of obligations. For example, if you have a male child, they should also receive the PR status but will be required to serve in the military when they turn 18.
Here are the conditions that are essential for you to be eligible for PR application.
- You should live and work in the country for at least 6 months and you should take an average of three to six months to be approved.
- You should be under 50 years old and the people above 50 are not eligible for obtaining PR status in the country.
- You should be given to individuals who work and contribute to the Singaporean society.
The number of permanent resident that are being granted every year in Singapore is going to decline due to protests of increasing number of foreigners working there. Nevertheless, you can find more accurate information about the PR application from SLIC so that you can improve your chances to get approved and accepted as the permanent resident of the Singapore.