Top Benefits of Singapore PR
PR or permanent resident of Singapore https://www.tip.com.sg/becoming-a-singapore-permanent-resident.html is that much coveted residential status that most foreigners dream and aspire to have. The economy of Singapore is thriving and bustling with its extremely high per capita income and a population of more than 5.3 million. When you are a PR of the country, you will be entitled to several perks and benefits that will give you that special status that non-PRs don’t get to enjoy. If you are curious to know about the benefits of Singapore PR, read on to know what awaits you once you become a permanent resident in the country.
More Stable Career
As a Singapore PR, there is no need for you to worry about new work permit applications whenever you change jobs. Reapplying for work permit can be very painful and hectic because of the risk that your employer or the government might reject your application and leave you with no choice but to leave Singapore.
But, once you become a PR, you can say goodbye to these risks that can make it safer and easier for you to change jobs if the need arises. The country’s employers in general also prefer to hire PRs to save themselves from the tiresome work pass application for the foreign employees. Employing PRs in their companies also endow them with higher quota for hiring more foreign workers that is often the goal of most local companies.
Lower Housing Costs
One of the exciting benefits of Singapore PR is that it lets you buy affordable property thanks to the lower stamp duty fee. When you are a PR, you only need to pay half the price of the stamp duty compared to foreigners. Singapore PRs can also buy HDB or Housing and Development Board flats after three years provided that their income doesn’t go beyond the set amount.
Take Advantage of the Central Provident Fund Plan
Singapore PRs are required to contribute a part of their salary to the Central Provident Fund plan according to the workforce law of the county. The good news here is that employers will also fund the CPF of their workers on top of the monthly salary.
You can think of the CPF as your retirement plan to give you the peace of mind and sense of security once you get older. It doesn’t matter if you need funds for medical, housing, or investment purposes because CPF can come in really handy.
Priority for Children’s Education
The benefits of Singapore PR also include priority entry for the children at the local public educational institutes. This also allocates the kids more spots in schools unlike foreigners. It is very important since every parent only wants the best for their children, especially because Singapore is known to have the world’s best educational system.
There are still more benefits of Singapore PR that await you. But no matter what your reasons for living in Singapore might be, one thing is for sure – a great life is waiting for you in the Lion City.