After years of working in the country, many foreign employees and professionals are deciding to become a permanent resident in Singapore. Such also is a case in most overseas workers in different countries.
As a foreign worker in Singapore, you may be eligible to apply as a permanent resident if you meet the following criteria:
- currently holding a work permit such as an employment pass, personalized employment pass, entrepreneur pass, and an S pass
- have worked in Singapore for at least six months already
Over half a million Singapore permanent resident holders are living in the country according to a 2018 data. They are doing so to enjoy the benefits and rights of a full citizen.
What are the Perks of Being a Permanent Resident in Singapore?
There are many benefits to becoming a permanent resident in Singapore, especially if you have been a foreign worker for a very long time. It allows you to maximize the opportunities available for the regular citizens in Singapore. Here they are:
- You can go in and out of the country without needing to apply for another Singapore visa, either for work or travel. You will get a Blue Card for identification purposes.
- You may include your spouse and unmarried children under the age of 21 when you apply as a permanent resident in Singapore. If your children are school-aged, they will be given high priority.
- You may also apply for long-stay visas for your parents.
- As a permanent holder, you can change jobs without having to apply for a Singapore work permit anymore. If you are just holding a work permit and change jobs, there is a delay involved because you have to apply for a new one.
- You can benefit from the financial and tax benefits outlined under Singapore’s Central Provident Fund scheme. Under this measure, you can build up your pension fund, which can be allocated to your healthcare needs, real estate spending, asset growth, and even financial protection for your own family.
- A permanent resident in Singapore can get a higher priority for loan approvals, such as housing loans. Singapore permanent resident holders are also allowed to purchase second-hand units of government flats.
- After years of being a permanent resident, you will be eligible to apply for a full citizenship.
Applying to become a permanent resident in Singapore may take around six to 12 months.
How to Apply for Permanent Residency in Singapore?
As mentioned, there are many opportunities being opened for foreign workers and professionals once they become a permanent resident in Singapore. The most used scheme to apply for a permanent residency is the Professionals/Technical Personnel and Skilled Worker Scheme or PTS. To apply for under this scheme, here are the criteria:
- You must be an employment pass holder.
- You should be under 50 years old. However, there are exceptions depending on the situation.
Now, let us discuss the procedures for acquiring a permanent residency under the PTS scheme.
- You have to decide first when you are going to apply to become a permanent resident in Singapore. You must take into consideration the qualifications when outlining your plan. You also need to put in mind if you are going to petition your spouse and children to live with you.
- Weigh the chances of getting approval on your request. Singapore is also looking into your education background, employment experience, job stability, credentials of your employer, and salary, among others.
- After planning, download the needed documents, and review the filing requirements.
- You should then prepare the supporting documents.
- Accomplish the forms needed for the permanent residency application.
If you need help in acquiring Singapore PR, contact 3E Accounting today.