What are the various options available for Permanent residence?

1) You are married to a Singapore citizen (SC) or Singapore Permanent Resident (SPR);
2) You are working in Singapore and can apply for Professionals/Technical Personnel & Skilled Worker scheme after 6 months of employment in Singapore (must be a P,Q, or S wok pass holder).
3) You are investing in Singapore Company or a fund. Under this scheme, you may apply for PR for yourself and immediate family. This scheme is commonly known Global Investor Programme.

What are the benefits of being a Singapore permanent resident?

Obtaining Singapore permanent residence lets you enjoy many of the benefits and rights given to Singapore citizens. There is range of benefits of being a Singapore PR:

Obtaining Singapore permanent residence lets you enjoy many of the benefits and rights given to Singapore citizens. There is range of benefits of being a Singapore PR:

  1. The right to live in the country without visa restrictions.
  2. Can leave and enter the country as you wish.
  3. You and your family are free to live and work anywhere in Singapore.
  4. You can send your children to public schools (child must also be a SPR)
  5. You can enjoy lower subsidised charges at government outpatient clinics and public hospitals. SPRs also automatically participate in the country’s national medical savings and insurance schemes.
  6. You can buy landed property (conditions apply)
  7. You are eligible to purchase from the resale market public housing flats developed by the Housing and Development Board (HDB).
  8. You are considered a local residence for tax purposes.
  9. Change jobs without having to worry about re-applying for a work permit. No more work pass renewals.You do not require tax clearance when changing jobs in Singapore.
  10. Mandatory participation in the Central Provident Fund will be implemented. You will be entitled to withdraw CPF moneis if you decide to leave Singapore and tive up your SPR status.
  11. You can voluntarily participate in the Supplementary Retirement Scheme which allows individuals to save for retirement with certain tax benefits.
  12. You are entitled to go for training to upgrade yourself under WDA and SDL which can be fully/partially claimed.
  13. Main applicants who are granted SPR status under the Professionals/Technical Personnel and Skilled Workers (PTS) Scheme or the Investor Scheme are exempted from National service.

Best of all, you are eligible to apply for Singapore citizen ship after two years of having your PR subject to ICA approval. Singapore Passport holders have very few visa travel requirements around the world and can enjoy visa free travel to destinations like the USA, UK and Europe.

What are the disadvantages of applying for Singapore permanent residence?

  1. Male SPRs who are granted SPR status under the first generation Professional/Technical Personnel and Skilled Workers Scheme (PTS) are exempt from NS. However, male children who are granted SPR status under their parents’ sponsorship are liable for National service under the Enlistment Act.Male children under the age of 18 must serve 2 years in the National Service upon turning 18. They are required to register for NS upon reaching 16½ years old and will be scheduled for enlistment at the earliest opportunity after turning 18 years old. If they are pursuing full-time studies, deferment from full-timeNS may be granted if they meet the deferment conditions stipulated by the Ministry of Defence. They are also required to serve 40 days of Operationally Ready National Service (i.e. reservist duty) every year until the age of 50 years (for officers) or 40 years (for non-officers). Children of non-SPR or non-citizen individuals are not required to register for NS.
  2. Some foreigners feel the mandatory CPF contributions is a disadvantage.
  3. If you wish to withdraw all your CPF savings, the only option is to denounce your permanent residence status.

What is the Singapore PR Scheme available for Global capital Investors?

As an investor who is interested to start up a business or invest in Singapore, you may apply for the Singapore Permanent Residence (PR) status through the Global Investor Programme (GIP).

You are eligible to apply for PR under the GIP if you have substantial business track record and a successful entrepreneurial background.

At present, under the Investor Scheme, you can choose either of the following investment options:

Option A: Invest at least S$2.5 million in a new business start-up or expansion of an existing business operation.

Option B: Invest at least S$2.5 million in a GIP-approved fund.

 

ASSESSMENT CRITERIA FOR GIP APPLICATION

1) You must possess at least 3 years of entrepreneurial and business track record and must produce auditedfinancial statements of your company for the last 3 years.

2) If your company is in the real estate or construction-related industry, your company’s turnover must be at least S$200 million in the most recent year, and at least S$200 million per annum on average for the last 3 years;

3) If your company is in other sectors, your company’s turnover must be at least S$50 million in the most recent year, and at least S$50 million per annum on average for the last 3 years. You should submit the financial statements of your company with the highest turnover. You may also consolidate your businesses to meet the minimum turnover criteria.

4) If your company is privately-owned, you should have at least 30% shareholding in the company. Your role in the company, as well as the growth and profitability of your company would be taken into consideration.