Even though Singapore is a small country spread over approximately 728.6 square kilometres, it has a huge economic presence. As one of the busiest business centres in Southeast Asia for over a century, Singapore has always had opportunities for everyone. Currently, Singapore is home to more than 5.7 million people and is actively seeking foreign talent to contribute to its growth and development. There is no shortage of benefits for foreigners who settle and work in this country. Hence, many people who know the perks of settling down permanently in Singapore won’t miss an opportunity to become permanent residents.
Here are a few reasons people move to this great country by applying to become a Permanent Resident (PR) of Singapore.
The World at Your Fingertips
Citizenship in Singapore is possible when you have a PR status. Citizenship entitles you to numerous advantages, most notably lower tax rates, the right to vote, and the possibility of purchasing a new home at a reduced price while you are a citizen.
With strong diplomatic ties between Singapore and other nations, Singapore passports provide hassle-free visas and travel documents. If you have a Singaporean passport, you can easily travel anywhere.
If you are a foreigner seeking permanent residency in Singapore, you must find out if you qualify. You must be well-versed in Singapore’s PR Application Requirements to ensure that things go smoothly during visa processing.
Enjoy the highest quality of living in Asia
It is a safe and clean metropolitan city-state. According to Mercer’s Quality of Living Survey, Singapore has consistently ranked among the world’s most secure and safe cities. Moreover, it has maintained a healthy political environment and economic stability for years.
Tourists feel like they are in a garden on the edge of a city, free of garbage and hardly any crimes. In this country, violent crimes are rare since the standard of living is high, hefty fines are imposed for breaking laws, and surveillance cameras are deployed on every street.
Affordable Housing
Singapore is always listed as one of the most expensive cities, but that holds true only for people who want to live like royalty. Apartments in the city’s core are priced slightly higher, similar to other large cities worldwide. It is mostly because these units come loaded with amenities like pools, playgrounds, and gyms. However, you can save significant money on rent if you live farther from the main city in a condo or house.
Despite Singapore’s small size, owning a home is not a stressful task for locals. Residents of Singapore have access to affordable and quality public housing. Many of Singapore’s population resides in public housing flats, from which nearly 90% of the residents own homes, with over 80% living in flats within public housing.
If you are a Permanent Resident in Singapore, you have the right to purchase a reasonably priced second-hand apartment within the first three years, as long as your annual income is below a set amount. Moreover, PRs are entitled to a reduced stamp duty fee, half the rate of a foreigner.
The approval of housing and investment loans is more likely to be granted to PRs than holders of S-Passes or Employment Passes. PRs are also eligible to purchase second-hand HDB flats in the same way as Singapore citizens.
Financial services accessibility
Regarding international taxation fairness and counter-terrorism financing, global taskforces consider Singapore a white-listed jurisdiction.
Singapore’s PR status makes it easier for you to apply for and get a higher priority for loans from both local and international financial institutions. It is also possible for you to operate your business and gain access to corporate financing as a shareholder and board member of a Singapore corporation.
A promising career outlook
Singapore has a reputation for having high-quality workers. Approximately 90% of Singaporeans are highly educated, and the number of highly educated professionals is steadily increasing. Employers worldwide recognize Singapore as one of the Asian capitals of global talent.
The workplaces here are always full of bilingual workers. Based on their ethical groups, they can speak and write English fluently at work and in their native languages. It is the best place in Southeast Asia to set up a regional headquarter for international corporations because of the diversity of talent in foreign languages.
While the Singapore work visa regulations are tightening and are set to tighten further shortly, there is still an unstoppable need for highly qualified professionals in the region. According to the 2018 labour market, more than 80% of workers work in the service industry. A multinational corporation can be an asset to your resume if you search for a career in Singapore.
Politically stable and an effective legal system
The political environment in Singapore is among the most stable in the region. Singapore’s clean and corruption-free image and its efficient and transparent bureaucracy generally attract foreign investors to Singapore as a location to do business.
It has been recognized that Singapore’s judicial system is one of the most advanced in Asia. As a result of strong anti-corruption laws, investors can operate freely without worrying about bureaucratic interference. Moreover, Singapore enjoys a low crime rate and a high level of personal safety due to its strict and impartial enforcement of laws.
Attractive Tax Structure
There is no doubt that Singapore’s tax regime is one of the most attractive in the world. Among other ideal tax incentives, the state’s low tax rates, tax relief policies, and no capital gains tax policies (DTAs) consistently draw investors and entrepreneurs.
The Central Provident Fund (CPF) financial benefits
The Central Provident Fund (CPF) provides financial and tax benefits to Singapore PRs. The scheme stipulates that you and your employer must contribute a certain amount of money to their pension fund every month per the rules. Aside from retirement, contributions to these funds can also be used for other necessities, such as insurance, home ownership, health care, and investments.
Conclusion
There are many reasons to live, work, and do business in Singapore. The area is also ideal for playing sports. According to ECA International’s Location Ratings, a balanced lifestyle of work and play makes Singapore the top Asian city for ex-pats. This vibrant and dynamic city-state offers various leisure and recreation options and career and business opportunities.
