Although the physical size of Singapore is small, its economic presence is a giant. Over a century, Singapore has been a bustling business hub in Southeast Asia where opportunities are endless for all.
As a city-state, where is the home of 5.7M people nowadays, the Singapore government has been working hard to attract foreign talents for the progress and developments of the country.
There has assuredly never a lack of benefits for foreigners sinking their roots and make a living in this country. Here are five reasons why many people want to relocate to the nation by making their move to apply for becoming a Permanent Resident (PR) of Singapore.
High Living Quality
Singapore is an extremely clean and safe metropolis. Tourists can feel them on the verge of a city in a garden because there is not only free of the garbage but also almost free of violent crimes. Serious crimes are rare because people are having a high standard of living, hefty fines and severe punishments for violations of laws are in place, and massive deployment of surveillance cameras throughout every street to prevent crime.
Although Singapore is tiny, owning a property to call it home is not a stressful task for the local working people. Singapore government provides affordable and quality public housing for its residents (both citizen and PR). Over 80% of Singapore’s resident population is living in the flats of public housing, of which nearly 90% own their homes. As a Permanent Resident in Singapore, you are entitled to buy an affordable second-hand residential flat supposing your income does not exceed a certain amount after becoming the PR for three years. Moreover, the lower stamp duty fee is a privilege to the PR, which is only half of that comparing to a foreigner.
Good Career Outlook
Singapore is a unique brand of high-quality workforces. You can always meet bilingual workers in the workplace. They can fluently write and speak English at work and have a good command of other languages as their mother tongue, which is Malay, Mandarin, different Chinese dialects, and Tamil, depending on their ethical groups. Diversity of talents in foreign languages attracts international corporations, and they find it the best place to set up their regional headquarters in Southeast Asia. In the labor market of 2018, over 80% of labor are working in the service industry. If you are eyeing career prospect, having work experience in a multinational corporation on your CV can outstand yourself in the job market.
Access to Financial Services
Singapore is complying with the highest international standards of the financial regulatory regime, and the global taskforces deem Singapore as a white-listed jurisdiction in international taxation fairness and counter-terrorist financing. So, being a Singapore PR allows you to apply and get a higher priority to borrow various loans from the local and international financial institutions. To further utilize the branding power of Singapore, you can act as the resident director of a Singapore private company to carry on your business and access to corporate financing.
Door to Singapore Citizenship
The PR status opens the gateway to Singapore Citizenship. Being a citizen, you are entitled to more significant benefits, notably improved tax rates, voting rights, and the ability to purchase new public housing at a further-subsidized price. A Singapore passport is also your hassle-free visa and ticket to the world, thanks to strong diplomatic ties of the government with other nations. A Singaporean passport means that you will have the ability to travel anywhere in the world.