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The Benefits You Must Know of Becoming a Singapore PR

Every year thousands of foreigners and work pass holders submit their applications to become Singapore permanent residents and for good reasons.

In fact, statistics released by the Ministry of Manpower as of June 2021 revealed that there are over 490,000 PRs plus an additional 1.47 million non-residents living in Singapore. This huge quantity of people despite the global pandemic.

So, it comes as no surprise then that a recent global report by INSEAD listed Singapore as second place in terms of how well the country attracts, develops, supports and retain talent.

These are just some of the qualities that make this metropolitan city the perfect place for foreigners planning to settle down or start a new life.

And applying to become a Singapore PR is but the first step.

After all, as a PR, you get to enjoy benefits similar to a Singapore citizen such as entering and leaving the country without having to apply for a separate visa. But instead of the pink identity card (IC), you’ll receive a Blue Card that serves as your form of identity in the country.

For foreigners who bring their families with them and have included them in their PR application, their children will qualify for a higher spot to enter a public school of their choosing.

Switching careers and jobs is also easier as you wouldn’t have to re-apply for a work permit or a different type of work pass which can affect your stay and in some cases, a risk of getting rejected.

One of the systems that many countries praise and love about Singapore is the Central Provident Fund (CPF) scheme which was designed to help the local citizens plan for their retirement. As a PR, you’ll qualify for this scheme which means your employer will have to contribute a monthly amount to your account. While the fund’s primary purpose is for retirement, it can also be used to finance public home-ownership, investment, children’s education and health care among several other benefits.

Applying and getting approved for loans is easier and as a PR, you are eligible to buy second-hand government HDB flats.

For the entrepreneurial type, you can also start a business and qualify for several of the available government grants and schemes to kickstart your business.

Finally, as you continue to live and work in Singapore and love the culture here, you can apply for full Singapore citizenship after having been a PR for a number of years. This will give you access to one of the world’s most powerful passports and your children will stand to benefit from the many subsidies and support from the Singapore government.

While there are many benefits of a Singapore PR that has led to the huge volume of applications flooding every year, there are certain things to consider as well.

The biggest of which is that Singapore has national military conscription for all male citizens and PRs. By the age of 16.5 years old, they’ll need to enlist and serve for two years upon turning 18 or after completing their tertiary education.

This is one of the five pillars of national security which the country prides itself on and any citizen (both existing and new) are mandated to contribute back to the nation’s progress and growth.