As Singapore moves into Phase 2 and towards a ‘New Normal’, we understand that you are facing more uncertainties in these unprecedented times. It’s challenging and definitely nerve-wracking not knowing what is going to happen next. There have been numerous cases of work passes not being renewed or employees being laid off with little notice as businesses attempt to cut costs in order to ride out of this crisis.
While I was reading the news one day, I learned about this couple who had to pull their kids out of school here because the father was posted back to the US (where they originally came from), due to the pandemic. Now the mother is also forced to homeschool her kids when they are back in the states. When situations like this arise, there will be many considerations and new shifts to make. However, if you have always dreamt of staying in Singapore for a longer term, applying for a Permanent Residency may be the best low-risk high return investment you will ever make.
Here are my thoughts on what a Singapore PR can do for you and why you might be a good fit:
No more worrying about work pass renewals
Despite all the uncertainties, there is a solution that can potentially secure your stay in the country and that is, applying for a Permanent Residency. When you have a Permanent Residency status, you can easily switch jobs without jeopardising your employment pass status. You will also be a more attractive hire for locally-based companies as you will be part of the local workforce, which goes in line with Singapore’s current emphasis—focusing on hiring/developing and retaining local talents. With a PR status, the hassle of an increasingly complex work pass process will be one less thing the hiring company has to worry about.
Growing demand for talent acquisition
If you have been following up with the televised speeches made by our PM Lee, you would have come to a realisation that Singapore, now more than ever, requires all the diverse talents that it needs to recover the country’s economy. With many corporations suddenly being forced to restructure and reorganise to shift with what is viable today, talent acquisition and diversity also becomes more important at this stage to help them with the shift and gain a competitive edge. Therefore, if you have a skill set that can enable this shift, you will be considered a valuable asset for Singapore's vision to restructure its economy and to bring back more investments to the country to increase its reserve.
Get the support you need
In an article I’ve recently read, it’s reported that many globe-hopping workers from around the world are packing their bags and heading home, mainly for fear of their safety. Given a circumstance where medical support is limited, governments would likely prioritise their people first. The same goes for financial support. Nevertheless, as a PR in Singapore, you are slightly more cushioned from the impact as you become eligible for various support schemes on a personal level. Find out more about the different schemes here!
Additionally, when you own a company, it is no longer considered as foreign-owned. This also means that you become eligible for loans (where there is a basic requirement of the company to be at least 30% owned locally) and grants that can help your business survive in these unprecedented times.
Enjoy the lower property tax rates
Planning to purchase a home here? When you become a PR, not only will you pay lesser property taxes and stamp duty but you can also opt for subsidised housing. In other words, it becomes more affordable to purchase a home here. I mean who doesn’t want to have their own home, especially in a country that they are normally residing in where rent payments can be allocated to mortgage payments for their own asset instead? It makes sense to buy one.
Be eligible to apply for full Singapore citizenship
Last but not least, after a number of years having a Singapore PR status, you’ll also be qualified to apply for a full Singapore citizenship. With this citizenship, you’ll be able to enjoy the same rights as locally-born citizens. Above all, you get to obtain a Singapore Passport which is considered a ticket to the world. This “golden ticket” will entitle you to higher chances of getting foreign visas approved.
Working and living in Singapore will not be the same when you become a PR here. Most importantly, the anxiety you may have on keeping an ongoing work visa to maintain your stay here will be gone and you can indulge yourself in some long term planning.
If you need further assistance in applying or would like to find out more about your immigration options, simply get in touch with us now!