Benefits of PR
Being a permanent resident means that you and your family can live, work, and buy property in the country. You will be treated as a part of the local community, eligible to various benefits such as travelling in and out of the country without restrictions.
1. Purchase of Public housing
There are many benefits, one of which is the affordable housing due to the lower stamp duty. He or she pays half the stamp duty compared to that of a foreigner, while a Citizen pays less than half of what a PR pays. Naturally, he or she would be able to buy a HDB flat after three years, supposing the income does not exceed a certain amount.
3. Entrepreneurship Oppurtunity
Singapore PRs looking to incorporate companies can go through smoother processes and/ or maintain majority shareholding in setting up of businesses without the need for a local (nominee) director.
5. Public Education
Your school-going children will have priority access to esteemed public education system. Singapore PRs will be given priority placement for their children should they chose to enrol them into Public (Government) schools. In addition, education cost of children of SPRs will be subsidized by the government to make it more affordable.
2. Employment Opportunity & Stability
Another great perk is job stability. Employers generally prefer hiring a local as it saves them the trouble of getting work passes. In addition, having more locals in the team means having a higher quota for hiring foreigners. You also will no longer have to acquire a new work visa every time you transfer jobs.
4. CPF & Medisave
Central Provident Fund (CPF). The CPF acts like a retirement plan so that you can feel secure as you get older. You can use the CPF to pay for medical expenses, housing, and even investments. The companies that you become affiliated with are required to contribute to your CPF based on a percentage of your salary.
For individuals considering Singapore as their permanent home, securing their Singapore PR marks the first step toward gaining Singapore Citizenship.