As a Singapore PR, you are allowed to live and work in Singapore. However, the status comes with many other benefits, namely:
Flexibility – After acquiring the Singapore PR status, you do not have to worry about visa restrictions entering Lion City. Other work visas, such as an Employment Pass, require you to leave the country within 30 days of losing your job. There are no such restrictions with a Singapore PR. Therefore, you can live and work in Singapore as long as your PR status is valid, even if you are not employed for a few months.
Better Career Options – As a PR in Singapore, you become a part of Singapore’s local workforce. You are free from the struggle of obtaining an Employment Pass for every new job you seek. You can also apply for Civil Service positions in Singapore. Since you are not required to get an employment pass, employers are also happy to recruit you as there is no extra hassle of visa application.
Entrepreneurial Opportunities – As an Employment Pass or S Pass holder, you are tied to a single company (that has sponsored your work visa) and cannot start your business in Singapore. However, being a PR, you are not restricted in this manner. You can incorporate your own business and become a local director in your company. What’s more, you can add your spouse as a director and manage the business in part-time.
Buy Resale Flat – A Singapore PR get access to all the ‘resale flat’ market. You can buy a resale HDB flat while paying a lower ABSD (Additional Buyer’s Stamp Duty). The ABSD for a PR is 5% which is 20% in the case of a foreigner. As a PR, you can offset monthly house loan payments using your CPF Ordinary Accounts.
Local Education – Your kids will get priority placement in the public schools of Singapore. The government of Singapore subsidizes the cost of education to make it more affordable for Singapore Permanent Residents.
Medical Subsidies – You get access to world-class medical care and state-of-the-art medical facilities. Depending on the ward you are admitted to, you also get a specific subsidy on your treatment.
Tax Reliefs – Singapore PRs are eligible for easy approval of bank loans, and they also receive various tax reliefs from the Singapore government. In addition, Singapore PRs receive many monetary benefits from time to time.
Pathway to Singapore Citizenship – If you want to make Singapore your permanent home, the SPR marks your first step toward acquiring citizenship in Singapore. After two years of being a PR, you can apply for Singapore citizenship to settle permanently here.
CPF Plan – Once you become a PR in Singapore, you become eligible for CPF (Central Provident Fund). It is a retirement fund plan that offers reasonable interest rates.