Why Become a Singapore Permanent Resident (PR)?

Why Become a Singapore Permanent Resident (PR)?

Why Become a Singapore Permanent Resident (PR)?

Singapore permanent resident (PR) means a foreign national who is granted permanent residence status and is, therefore, able to live permanently in Singapore, referred to as PR. The Singapore blue Identity Card will provide to PRs 15 years old and older (IC).

But why become a Singapore permanent resident (PR)? So, Singapore has continuously ranked among the best nations in the world regarding living standards and is also a desirable location for professionals from around the world to live and work. This article will look at the benefits of PR and why you should become a PR.

Types of Singapore Permanent Resident (PR) Schemes

Professionals, Technical Personnel & Skilled Workers Scheme

There are many alternatives for international professionals looking to live and work in Singapore and among all, The Professional, Technical Personnel, and Skilled Worker plan is the most popular way to obtain permanent residency in Singapore (PTS Scheme). With the help of this program, foreign workers in Singapore with an Employment Pass (EP), Entrepreneur Pass (EntrePass), Skilled Worker Pass, or S Pass can apply for permanent residency.

Under the PTS program, an applicant's spouse and minor children are also eligible to apply for Singapore permanent residence (PR). When requesting Singapore permanent resident (PR), applicants should take the following into account:

  • Age, preferably under 50 years of age
  • Current occupation and previous employment
  • The credentials of the present employer
  • Education backgrounds and certifications
  • Pay and financial history
  • Family ties in Singapore
  • Personal pursuits and interests

Foreign Artistic Talent Scheme (For Arts)

The Foreign Artistic Talent Scheme (For Arts) was created in 1991 to allow great foreign artists to become Singapore permanent residents (PR) in honor of their relevance and contributions to the world's cultures. The scheme aims to empower devoted and talented individuals to play a significant role in improving Singapore's arts and cultural landscape through increased involvement with local communities and contributions to the diversity of expertise.

You must fulfill all of the following requirements to be eligible for the For Arts Scheme such as:

  • Possess the necessary education and training in your field of practice
  • Possess remarkable accomplishments and relevant professional experience in performing, visual, literary, design, and/or media.
  • Have made essential contributions to Singapore's arts and culture sector, with a proven track record of involvement at the senior level in local initiatives.
  • Have definite plans to participate in Singapore's arts and culture scene in the future

To be favourably appraised for funding under this scheme, prospective applicants must also demonstrate high moral character and the ability to serve as role models for their peers, in addition to having the capability to significantly improve regional arts and culture and the dedication to do so.

Global Investor Programme

Three investment programs are available to help international investors immigrate to Singapore. Through the Global Investor Program or Financial Investor Scheme, prospective investors, business owners, their spouses, and unmarried children under the age of 21 may be able to apply for Singapore permanent residence (PR).

This scheme offers three options (updated on 20 May 2022):

  • A new business entity or expand an existing business operation with an investment of S$2.5 million
  • Singapore-based companies with an investment of S$2.5 million in the GIP fund.
  • Invest S$2.5 million in a new or existing Singapore-based single-family office having Assets-Under-Management (AUM) of at least S$200 million.

You must submit PR application materials demonstrating that particular requirements are met, such as a strong business track record, considerable entrepreneurial background, an investment plan, a business proposal, and the minimum investment amount.

Foreigner Students

If you are a student studying in Singapore, you can also apply for Singapore permanent resident (PR). You can apply to the ICA, The Immigration and Checkpoints Authority. They must be in the integrated program, have completed at least one national test, and have lived in the country for at least two years at the time of application. Directly submit all Singapore permanent resident (PR) applications to the immigration checks authority (ICA).

What's the Benefit of Being a Singapore Permanent Resident (PR)?

Individuals with a work pass holder like an EntrePass can easily apply for PR in Singapore, having run their businesses for at least six months. A PR allows foreign investors to stay in Singapore much longer because of a five-year valid Singapore permanent resident visa. Some other benefits and rights accrue to being a Singapore permanent resident. Such as:

  • You can live, work, and travel to and from Singapore without a visa restriction if you have PR status.
  • Your employer will give you CPF (Central Provident Fund) contributions.
  • In Singapore, PRs allow purchasing of resold public HDB housing.
  • You can become a citizen of Singapore using a PR. You must have been a PR at that time, and you had already lived here for a while before you could apply to become a citizen.
  • The PR application allows you to apply for your unmarried children under the age of 21 and your spouse. If your kids attend school, you may receive more benefits because the PR offers them the highest priority of attending public schools you get to choose.
  • If you wish to incorporate a company in Singapore, you will be eligible to receive government grants and incentives.
  • PR will give you the right to apply for long-stay visas for your beloved parents. They will not need to undergo lengthy immigration procedures when visiting you.

Why Becoming a Singapore PR Can Be Important to Incorporate a Company?

Becoming a Singapore permanent resident (PR) is important when you want to incorporate a company in Singapore. The shareholders of a company are responsible for appointing the company directors. Both local residents and foreigners (holding an Employment Pass (EP) or Dependent's Pass Letter of Consent (DP LOC) are allowed to be directors, provided that they meet the requirements.

While foreigners can incorporate company in Singapore and act as company directors, every company requires at least one director who is a citizen, permanent resident of Singapore, or local resident. However, a foreign national can "nominate" a resident to act as a director on their behalf to satisfy the Companies Act requirements. Such directors are known as nominee directors.

Am I qualified to be a Singapore Permanent Resident (PR)?

Applying to Singapore permanent resident (PR) may not be as difficult as you think, provided you meet the eligibility requirements if you are:

  • Bearer of an S Pass or Employment Pass. You need to earn at least $3000 monthly for an S pass and at least $5000 for an employment pass. Both requirements increase progressively with age.
  • Child of a PR or citizen of Singapore
  • Spouse of a PR or citizen of Singapore
  • A student who is conducting their studies in Singapore
  • Parent of a Singapore citizen

Documents Required

Having all the documents in order is crucial when applying for a PR and will ensure that the whole process will progress smoothly. It also provides that you don't get disqualified for any reason. The following are the documents you will need for your application for a PR:

  • Legal Travel Documents: You must hold an entry permit issued by the government. This document is necessary to enter Singapore legally.
  • Employment Paperwork: To ensure you are eligible for an S pass or Employment Pass, you must present a copy of your work contract.
  • Higher Education Certificates: You must also submit your academic qualifications to apply for a PR.
  • Your Profile and Identification: To apply for a PR, you must also present identification that includes your passport, birth certificate, or driver's license. You will also need to provide photocopies of these documents.
  • Passport-sized photograph: This must be digital and colored, with the photo taken against a white background.
  • Depending on what conditions you were applying for PR, these might slightly differ from person to person. You can find more information regarding the document list on the Immigration & Checkpoints Authority (ICA).

Process

You must submit your PR applications through the e-Service. Applicants have an option to key in their details online, or they can download the forms and fill them out manually before online submissions.

Those eligible to apply online using a Singpass account are:

  • Singaporeans applying for their spouses or unmarried children below the age of 21
  • Singapore citizens applying a PR for their aged parents.
  • A holder of an S Pass or employment pass applying for themselves, their spouses, or children below 21 years and unmarried.
  • Students are required to use their Foreign Identification Number (FIN) to apply online. On the other hand, foreign investors can apply through the Economic Development Board.

Fees

In Singapore, you will need S$100 to process your PR application. And, this fee is non-refundable, and you can make your payments through the following:

  • Internet Banking (DBS/POSB, OCBC, UOB, and Standard Chartered Bank Internet Banking accounts in Singapore)
  • Credit Cards (AMEX, Visa, or Mastercard)
  • Paynow

The payment method you choose will depend on your preferences.

Approval

After processing your application and paying the requisite fee, you can expect your Singapore permanent resident (PR) approval and fill out the formalities later. So, for each applicant, the following fees apply:

  • Entry Permit costs S$20;
  • A 5-year permit costs S$50.
  • Identity Card S$50 for Re-Entry Permit
  • S$30 for Entry Visa (foreigners visa).

Time Taken to Process Singapore Permanent Resident (PR) Approval

The Immigration & Checkpoints Authority (ICA) will process your approval after you pay the requisite fees. The average period of processing is six months in Singapore. However, this can vary depending on your eligibility, circumstances, and other factors. Some individuals even take longer than usual to process their PR applications. And, ICA will send the results to you through email or postal mail. You may also check the status of your Singapore permanent resident (PR) application through MyICA or the e-Service. Contacting ICA is not necessary while the application is under process.

Sprout With Us

Were you thinking of making a move to Singapore? You'll need to apply for a work pass to become a Singapore permanent resident (PR). Sprout Asia can help you with the application process and ensure everything is in order. Get in touch with us for more information!