Singapore Permanent Resident

June 12, 2023 at 06:34 AM EDT

Photo from Tip

Originally Posted On : https://www.tip.com.sg/singapore-permanent-resident.html

Singapore Permanent Residence (PR) Application

Our highly customised case management and profile angling to put your best Singapore PR application forward

Your journey to be a part of Singapore begins here with our highly customised case management and profile angling to put your best Singapore PR application forward.

Being a Permanent Resident in Singapore not only opens the doorway to countless career upgrading opportunities but also the lower Additional Buyer’s Stamp Duty (ABSD) liability in proportion to the residency status of the applicant as at the date of purchase of the private property.

With The Immigration People, you will learn how to submit a better PR application online. In addition, we will multiply your chances of PR eligibility in Singapore by guiding you through entire process of the application on how to apply for PR in Singapore, understand the importance of Singapore’s PR requirements and what are the various factors and necessary documents for the application procedures, that may hinder your success rate and eligibility for Singapore permanent residence.

Fun fact:

Are you able to contribute CPF at higher rates in the first two years after you obtained your Singapore Permanent Resident status?

Yes you can!

Both you and your employer shall come to a consensus and mail the completed Form JAP/94 to the CPF Board.

The employer and employee can choose either:

Full contribution rate for both employer and employee, or
Full contribution rate for employer and graduated (or partial) rate for employee

Benefits Of A Singapore Permanent Resident

Eligibility For Singapore Permanent Resident

Benefits Of A Singapore Permanent Resident Status

Obtaining Singapore PR status allows one to enjoy the many benefits and rights of a Singapore citizen.

As a permanent resident of Singapore, one is free to live, work, study, purchase government and private properties in the country and be a part of Singapore’s society. Being a PR will allow an individual a range of perks such as the freedom to travel in and out of the country without visas, priority entry to Singapore’s public education system for PR children who are still schooling, freedom to switch employers without having to apply for a new work pass, career progression, better monthly salary and many more.

The benefits of permanent residency status are,

Singapore Citizenship

Being a PR is the only path to obtain a Singapore passport (apart from being born to a Singapore Citizen parent). One will be eligible to apply for Citizenship upon being a PR for at least 2 years. Similar to the Singapore PR application, there are schemes available for a PR to apply for Citizenship to the ICA.

Flexibility of Singapore Visa

PRs get to enjoy the right to live in Singapore for the next 5 years and is allowed to leave and enter the country freely, without having to apply for separate Singapore visas or provide multiple travel documents to travel or to work.

Health Care

Singapore PRs are entitled to Government subsidies for Public Hospitals, Polyclinics and National Centres. Medisave, Singapore’s national medical savings scheme which helps individuals (only available to Singaporeans and PRs) to set aside a part of their income to subsidize for medical treatment/hospitalization bills, is only available to Singapore citizens and PR.

Education

A student PR child will be high on the priority list, just after the citizens in the entry for government schools (Pre-school / Primary / Secondary / Junior Colleges / Polytechnics).

On the other hand,foreigners find themselves having a difficult time balloting for a slot in government schools

Career

Being a Singapore PR also entails an individual better career opportunities. It enables one to change jobs freely without having to worry about re-applying for a work permit. Personalized Employment Pass (PEP) / Employment Pass (EP) / S Pass holders must apply for a new work pass with the MOM if they wish to change jobs, which involves risks such as having the new work pass application rejected or delayed, making one lose the job opportunity or worse, having to leave Singapore if a new work pass is not approved in time.

Being a PR removes these risks and hassles. At the same time, more job openings will be available to Singapore PRs based on the current government’s policies to ensure the locals are being first and to be given priority in the job opportunity.

Sponsorship of Long-Term Passes for Family members

A PR is entitled to sponsor his/her direct family members – spouse, unmarried children under the age of 21, born within a legal marriage or legally adopted and aged parents to obtain a long-term staying visa, whereas a work pass holder has to meet certain salary requirements to be eligible for sponsorship of passes for family members (S$6,000 in base salary to sponsor spouse and children and S$12,000 in base salary to sponsor parents).

Government Pension

(i) Central Provident Fund (CPF)

In the Central Provident Fund (CPF) scheme, a Singaporean or PR employee and their employer must contribute a monthly minimum amount to the employee’s pension fund. The CPF scheme helps the individual financially regarding home ownership, health care, children’s education, family protection and asset growth through investments and higher interest rates. CPF contributions can also be a form of tax relief, hence, resulting in a lower taxable income per year.

(ii) Withdrawal of CPF

Should permanent residents decide to renounce their residency or let it expire, they can entirely withdraw their accumulated CPF funds. That is only recommended if they never plan to work in Singapore in the future. However, if your Singapore PR status was reinstated, you must return all the withdrawn CPF monies to your CPF account.

Property Ownership

(i) Public Housings

Singapore PRs are entitled to purchase public housings (HDB) owned and managed by the Government while foreigners can only purchase private properties which are at least double to triple the price of an HDB.

(ii) Taxes for Residential Properties

As a PR, it is a lot easier to borrow various loans such as a housing loan should they want to buy property as compared to foreigners. At the same time, PRs get to enjoy lower property tax rates as well. On the purchase of their first property in Singapore, PRs are required to pay 5% of the buyer’s stamp duty fee (BSD) and 15% for subsequent properties while foreigners need to pay at least 20% for any of their residential properties in Singapore

GRAB YOUR FREE PR APPLICATION CHECKLIST

Read to apply for Singapore PR? Take out the guesswork. Don’t miss our free checklist to help you stay on track

Eligibility Requirements For Singapore Permanent Resident

Almost 100,000 foreigners want to become Singapore permanent residents every year, and only an average of 30,000 gets their PR application in Singapore approved by the Immigration & Checkpoints Authority (ICA). ICA also takes into account multiple factors such as your family ties, family profile, economic & social contributions, etc.. This keeps Singapore’s PR population size stable at approximately 530,000, and provides a pool of candidates who may be suitable for citizenship in the future.

So with that many candidates that have applied for Singapore PR, you might be wondering how you can increase your chances of getting a PR in Singapore or what might be the eligibility criteria for applying for a PR status in Singapore.

Great news! There are several paths on how to get PR in Singapore, that you can take to obtain a Singapore PR status, let’s take a look at how you can decide on the scheme that best suits your current circumstance, profile and how it contributes to your PR eligibility in Singapore:

1. Professional, Technical Personnel and Skilled Workers (PTS) Scheme

Any foreign individual, who is working in Singapore on a work pass (excluding Work Permit), may submit an application for permanent residence (PR) to the ICA for consideration. The applicant may include in the application, his/her spouse and any unmarried child(ren) below 21 years of age who were born to him/her within the context of a legal marriage, or has been legally adopted by him/her.

Eligibility

Holds an S Pass / Employment Pass / Personalised Employment Pass / Entrepreneur Pass
Provide at least six (6) months of latest payslips/relevant document issued by the local Employer

2. Sponsored Scheme (For foreign spouse and child(ren) of a Singapore Citizen or PR)

A Singapore Citizen / PR is allowed to sponsor his/her spouse and any unmarried child(ren) below 21 years of age (born within the context of a legal marriage or legally adopted) by applying for permanent residence (PR) to the ICA for consideration.

Eligibility

Provide an official marriage certificate
Provide complete documents for the birth certificate(s) of child(ren) showing both parents’ names and child’s name (including adoption papers) from the current marriage
If divorced, provide the divorce certificate and custody papers for the child(ren) in respect of the previous marriage

3. Foreign Students Scheme (FSS)

Foreign students who are studying in Singapore may apply for permanent residence (PR) to the ICA for consideration.

Eligibility

Must have resided in Singapore for more than 2 years
– Passed at least one national exam (i.e., PSLE or GCE ‘N’/’O’/’A’ levels) or are in the Integrated Programme (IP)

4. Foreign Artistic Talent (ForArts) Scheme

Outstanding international arts professionals (well-recognised artists in your own country or with an international reputation) with a strong track record of local engagements may apply for permanent residence (PR) to the National Arts Council (NAC) and subsequently, the ICA for consideration upon approval by the NAC.

Eligibility

Received relevant training /education and professional experience in the field of practice
Had outstanding achievements, in the area of performing arts, visual arts, literary arts, design and/or media
Had made significant contributions to Singapore’s arts and cultural scheme
Have concrete plans to advance in Singapore’s arts and cultural sector

5. Global Investor Programme(GIP)

Eligible global entrepreneurs, business owners and investors who are interested in starting up a business, providing economic contribution or investing in Singapore may apply for permanent residence (PR) to Contact Singapore, a division of the Singapore Economic Development Board (EDB) and subsequently, the ICA for consideration on approval by EDB.

Established Business Owners Next-Generation Business Owners Founders of Fast-Growth Companies Family Office Principals

You must possess at least 3 years of entrepreneurial and a good business track record;
You should currently be running a company 1 with an annual turnover of at least S$200 million in the year immediately preceding your application, and at least S$200 million per annum on average for the three years immediately preceding your application;
If your company is privately held2, you should have at least 30% shareholding in the company; AND
Your company must be engaged in one or more of the industries listed in Annex B

Your immediate family should have at least 30% shareholding or is the largest shareholder in the company you use to qualify;
This company’s annual turnover must be at least S$500 million in the year immediately preceding your application, and at least S$500 million per annum on average for the three years immediately preceding your application;
You must be part of the management team of the company (e.g. C-suite / Board of Directors); AND
Your company must be engaged in one or more of the industries listed in Annex B.
Option A or B or C

You must be a founder and one of the largest individual shareholders of a company with a valuation of at least S$500 million;
Your company must be invested into by reputable Venture Capital /Private Equity firms; AND
Your company must be engaged in one or more of the industries listed in Annex B.

You must possess at least 5 years of entrepreneurial, investment or management track record; AND
You must have net investible assets of at least S$200 million.
(NB: Net Investible Assets include all financial assets, such as bank deposits, capital market products, collective investment schemes, premiums paid in respect of life insurance policies and other investment products, excluding real estate.)
Option C

#Investment Options

Option A: Invest minimally S$10 million in a new business entity or in the expansion of an existing business operation in Singapore.

Option B: Invest S$25 million in a GIP fund3 that invests in Singapore-based companies.

Option C: Invest minimally S$50 million in a new or existing Singapore-based single-family office having Assets-Under-Management (AUM*) of at least S$200 million.

1 You may also consolidate up to 2 of your businesses, all of which must only be engaged in one or more of the industries listed in Annex B, to meet the minimum turnover criteria
2 If your company is publicly listed, you must be one of the largest individual shareholders.
3 Please download the updated list of GIP funds from EDB’s website at www.edb.gov.sg/gip
* Offshore assets can be qualified as part of the AUM requirement, provided at least S$50 million investible AUM has been transferred into and held in Singapore

If you have more burning questions on how to apply PR in Singapore or if you wish to immediately apply PR in Singapore, book a free consultation with us today & our team of experts will get back to you as soon as possible.

Why Choose
The Immigration People
For Your Singapore PR Application

With over 25 years of collective experience in Singapore Citizenship and Permanent Residency, we believe in sharing and educating people to give a better understanding of the process, and how to increase their chances of success, instead of holding back the information.
This is unique to TIP. Most agencies hide the main points of how to apply Singapore PR, worrying that people will use this knowledge and apply themselves which will make them lose business by not engaging their services, but we believe in unscrambling the mystery to educate and empower all.
Even as an agency with multiple years of experience in how to get PR in Singapore. We are always frank and transparent with our prospects even if they ultimately do not come on board and plan to apply themselves. We aim to forge long-lasting relationships and strive to make our clients our friends even if they do not plan to come on board with us.
However, should you choose us for your PR application online, you will be able to achieve a better outcome with our unique and customized approach to suit each specific client profile. We can better help you out with the application and requirements for Singapore PR.

Get started today on your permanent residence application, reach out to us to know more about our services and we will definitely get back to you!

Frequently Asked Questions About The Immigration People

How To Apply For PR In Singapore Successfully?

While different factors may affect your chances of success and PR eligibility in Singapore, you can rest assured that we are fully committed to guiding you through the application requirements and procedure.

There are many other additional documents that may aid in a better approval rate for your permanent residency applications. These can be past or present economic or social contributions you have made, recommendation letters from your employers, existing business networks in Singapore and more.

For more information on the required document and what to include in your application form, check out our article written on the checklist of additional documents to include on how to apply for Singapore PR.

Alternatively, you may contact us today for a complimentary consultation, so that we can better advise you on how to increase your chances of approval for Singapore permanent residency, based on your specific needs.

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