Singapore residency advantages and disadvantages
Tammy: We all know that Singapore is actually a highly developed country and is ranked 9th on the United Nations Human Developed Index, the highest in Asia for a sovereign state, and it is a first world country. Many are considering moving there, planning to get a job or even to study, as there are a lot of advantages you’ll have when you’re living, working or graduated in Singapore. But let’s talk about being a Singapore resident, in general what are the most advantage when you are a Singapore resident?
Ray : I think one of the greatest thing about Singapore is the Stability of residence
They offer you a stable immigration status in Singapore. Once you have a permanent residence in Singapore, you will have most of the authorities, rights, and freedom as the citizens of the country. Your and your dependents and spouse can also benefit from immigration stability through Long Term Visit Pass.
Tammy : What great news to everyone who is considering moving to Singapore, even your dependents and spouse can also benefit from immigraton stability through long term visit pass. What else can you share about this Singapore resident advantages?
1. Simplified Traveling
The holders of the Singapore Passport, i.e., the Citizens or permanent residents can enjoy a series of benefits that includes high levels of freedom of travel across various countries due to the visa-free access granted to the Singapore passport holders at those countries.
2. Sponsoring family members for PR
Adult permanent residents of Singapore can sponsor their immediate family members for LTVP or for permanent residency for easy migration to Singapore. This, however, is subjective to a lot of parameters that includes finances of the family member, career, objective and so on.
3. Employment Rewards
With a PR, it is also preferable by companies as they do not have to invest further in obtaining work permits, sanction letters for any kind of part-time or full-time employment.
4. Lower medical expenses
You can enjoy public medical services at subsidized rates for citizens and permanent residents of Singapore.
5. Retiring in Singapore
A permanent resident has the rights to live off their retirement years in the country.
6. Childcare and Education
Government-supported child care facilities are also available at a subsidized cost for permanent residents of Singapore. Also, government-run primary and secondary schools give a priority to permanent residents over foreign students during enrollments. They also get the benefit of lower school fees as against that paid by foreigners.
7. Real estate and housing
Lower stamp duty or taxes on real estate purchases, eligibility to purchase resale public housing and development board (HDB) leaseholds, purchase executive condominiums are some of the other benefits of having a permanent residency in Singapore.
Tammy: Oh! I like this lower stamp taxes on real estates purchases, I hope I can invest on something like this, but about the the disadvantages?
The Cons of Permanent Residency in Singapore
- Central Provident Fund (CPF)
A comprehensive social security savings plan, the CPF is a compulsory contributory fund for all working Singaporean citizens and PRs. It covers the basic needs of the citizens and PR during retirement, healthcare needs, homeownership, family protection and asset enhancements. CPF savings can be withdrawn in a lump sum only once the PR or citizenship of Singapore is denounced.
- Dual citizenship not permitted
In order to attain permanent residency in Singapore, a foreign national must renounce their foreign citizenship.
- National Service
At the age of 16 and half years, all male citizens and PRs need to register for the national service and need to serve a tenure of 2 years s full-time national servicemen after they turn 18 years.
Tammy : I think some countries has national service too, like what you’ve mentioned. So you have already mentioned the disadvantages, then lets talk about people who are eligible to apply for Singapore Residency? Can anybody apply for this?
Who are eligible to apply for Singapore Residency? Can anybody apply for this?
Ray: Individuals eligible to apply for Singapore PR include:
- spouses and unmarried children (below 21 years old) of Singapore citizens or permanent residents
- aged parents and legal guardians of Singapore citizens
- foreign workers in Singapore possessing valid work passes (Employment Pass, S-Pass), and their dependents (with some exceptions)
- students studying in Singapore
- investors and entrepreneurs
How long will it take before you can get a Singapore residency?
Tammy : I am sure there are a lot of investors and entrepreneurs who are interested in moving to Singapore, they could also bring their family with them and dependents with proper documents of course. Now for example someone is interested on apply for Singapore Residency, how long will it take to get approve?
Ray : Theoretically, you can make the application the day you start working in the country as an Employment Pass (EP) holder. However, one of the application requirements is to provide six months’ of payslips from your Singapore employer. This also means that you should wait at least six months from the day you start work to apply for your PR. Realistically, how soon you can apply for PR status also depends on the type of employment pass you are holding and the unofficial annual quota set by the government. Also, do make sure you are in good terms with your employer at the time of submitting your PR application. The application form contains a section that is to be completed by the employer.
Tammy: So technically speaking, you can apply for Singapore Residency after 6 months of working in Singapore, because you need to provide a 6 months payslips from the employer as part of the requirements, at least you don’t need to wait for 1-2years before you can apply. So just make sure you are in good status and good terms with your employer because they are also part of your requirements that will be submitted to the government.