6 benefits as a Singapore Permanent Residents (PR)
In our little red dot, we have many alluring benefits for our Singaporean Permanent Residents that might open many doors of opportunities for you and your family. But foremost, who does not like a priceless sense of security and immigration stability that comes second only to our citizens. Besides enjoying a world-class level of healthcare, education, accommodation and employment perks, you will be able to immerse yourself with better quality in life. Let us delve deeper below to find out more.
1. House Ownerships
It is no doubt that the housing prices in Singapore are insanely pricey due to our scarce land resources. However, for most of our Singaporean Citizens and PR(s) the public housing options are heavily subsidized by our government – Housing and Development Board (HDB).
Lower stamp duty imposed when Purchasing Properties
To moderate the demand and affordability for Singapore’s residential properties, the government has since then enforced the Additional Buyer Stamp Duty (ABSD) rate as a form of our cooling measures. ABSD has been made mandatory since the year 2011 December which acts as an additional charge on top of the initial stamp duty charged.
On your first property purchased as a Singaporean PR, you will be able to substantially enjoy a lower stamp duty of 5% as compared to a foreigner who will be required to pay a hefty sum of 60%. The comparable difference of 15% between the Singaporean PR(s) and foreigners for the Buyer Stamp Duty can be analyzed. Does this already sound more appealing for you to obtain your PR status? If not, let’s continue to read on.
Eligible for Public Housing
With housing being the most vital aspects for our comfort and security, it comes as no surprise that we would like the best offered. In Singapore, most of our houses are inter-connected with many amenities for the utmost convenience. With a permanent resident status, you will be able to unlock public housing eligibility that provides affordable housing in various sizes for different income groups: two-room Flexi, three-room, four-room, five-room, five-room executive, 3 Gen maisonette. These resale leases are only made eligible for our Singaporean PR(s) that have crossed our 3-year mark from obtaining PR(s) status.
2. Singapore’s Retirement Scheme – CPF Benefits and Tax Rates
The CPF funding scheme is an initiative established by Singapore’s government to ensure our people can retire well during their golden years. With the mandatory national pension scheme, CPF allows individuals to start contributing 20% of their employment income to a “safe” account that is untouchable till the age of 65. An additional 17% of your CPF Contribution is made compulsory from your employer. This total contribution acts as a saving scheme categorized into three categories – Ordinary Account, Special Account and Medi-Save Account that allows you to use them for different components such as property acquisitions, healthcare bills or even retirement savings. Fret not, although this money may momentarily seem untouchable, there is a steady interest rate of 3.5-5% will be applied to grow your funds.
You can also expect a dip in tax rates if you are a residence residing in Singapore however this may be subjected to your annual income salary. In Singapore, a tier tax rate is given for our residence while a flat rate of 15% is charged on all foreigners.
3. Family Proximity and Education Priority
Amongst the many benefits Singapore has to offer, it is no secret that the education system here is one of the best around the world. With its highly renowned education system, it is no wonder many parents would opt Singapore as their top priority for their child to begin their educational journey here. When you obtain your citizenship as a Singaporean PR, your child age 20 and below (unmarried) will be entitled to apply for the same status as a sponsor. The world-class education system, owing to our government enforcements, offers public schools at an affordable rate for our Singaporean Citizens and PR(s).
By enrolling your children to our local schools, it will not only provide them with an edge in society, but it would also provide an added opportunity to expose them to our deep cultural diversity. In Singapore, bilingualism is vital for us to thrive in our society regardless of their race, culture or even religion. Schools in Singapore promote cultural cohesion, health and wellness and a series of core subjects that provides holistic development for your child.
4. Do not Require Separate Visa
Will you be over the moon if we told you that you do not require to apply for a separate visa to live and travel out of the country? Yes, you read that correct! The privilege as a Singaporean PR will not only allow you to save money but time and hassle. With Singapore located at the heart of many neighbouring Southeast Asian countries, it would mean that you are only hours away from your next getaway. However, do remember to check the validity of your re-entry permit before leaving the country.
5. Job Stability and better opportunities
Stability is indeed crucial for most people, as a Permanent Resident in Singapore, you will be able to expect better job opportunities as compared to foreigners – Employment Pass or S Pass. You can rest assured that you will be able to omit the tedious process of reapplying a work permit every time you wish to change your job. With peace of mind, you will be able to build a better quality of life for yourself and your family. It is time you throw these worries behind with a Singapore PR status.
6. World Class Healthcare Standards
With Singapore’s world-class healthcare standards and practices, many are envious of our healthcare system due to its reliability and efficiency. By converting to a Singaporean PR, you will be able to enjoy the medical benefits offered by Singapore’s CPF board at an affordable rate. With our Medisave benefits, you will be able to use them to settle your hospitalization bills for your dependents should there be a need. This scheme acts as the basis of insurance coverage for you and your family in time of an unexpected need.
Disclaimer: All information is true as of time of publish in 2022, information and data may change beyond this date. For most updated information, always refer to relevant site before making decisions. Kenneth & Co disclaims any liability for any harm caused by using the information provided.
