Here are the greatest benefits that people get when they become a permanent resident in Singapore. In fact, let me have you in on a little secret – Singapore’s permanent residency is even more popular than its citizenship by a mile. Here are the reasons why!
Significantly lower Singapore property taxes for permanent residents
One of the biggest reasons people change from a mere long term visit pass or something similar and apply to become a Singapore permanent resident is to buy more types of property and real estate in Singapore, and at significantly lower tax rates – you can learn more about this here.
Since many foreigners like living in Singapore due to the geographical and political stability in our country, those who intend to settle down for the long term in Singapore want to purchase a property here in Singapore. While generally foreigners can buy certain properties in Singapore, most of these real estate are unavailable for foreigners and even then at a hefty property tax. However, just being a permanent resident, without even being a full Singaporean citizenship will get rid of most of these taxes for you, as well as allow you to be eligible to purchase most types of real estate in Singapore.
It offers similar benefits, but with more more flexibility than a Singaporean citizenship
When you acquire a Singapore permanent residence, you are still a citizen of whichever country you are still from. You get to benefit from 99% of the benefits that full Singaporean citizens get, but with the flexibility to give your PR status up if you ever wish to do so easily. On the other hand, if you decided to change your mind perhaps a decade or two in the future, you will not be able to renounce a Singaporean citizenship easily.
Singapore is a financial and political haven for many people
Many Chinese from places like Taiwan or especially Hong Kong love to get a permanent residence in Singapore. Due to many political rifts between Taiwan and China, as well as Hong Kong and China which has been ongoing for decades, and escalating in recent years, Singapore is a safe and neutral respite from all that. As a result of that, many people like to move their financial assets to Singapore, as well as live here. By being a permanent resident in Singapore, they can do so into perpetuity, and protect not only their lives, but their finances.
If you are tempted by what Singapore has to offer, then make sure to engage a Singapore PR application agency today to help you process your application!