3 Things to Consider when Applying for Permanent Residence in Singapore

There is no doubt that Singapore is one of the best places to live in. The tall skyscrapers, beautiful sights and amusement parks along with the best education standards and employment facilities make Singapore the perfect place to apply for a permanent residency in. However, there are some rules that ICA has formulated for those who want to stay in Singapore permanently.

The first step to becoming a permanent resident of Singapore is to apply for an entry permit which serves as an application for becoming a permanent resident. There is good news for those who are already working in Singapore; all those who are S, P and Q pass holders can apply for permanent residence with a fee of just $100. If the application is rejected for the first time, candidates can reapply after a waiting period of one year. Approval for permanent residence can take up to 3 months or more depending on the individual’s merits and status.

Here are some things you might have to consider:

Compulsory National Service

In accordance with the law of Singapore, all male Singapore citizens as well as permanent residence have to serve full time for two years as national service. After two years of national service, Singaporean citizens and PRs have to go through 10 national service training cycles throughout the course of their lives. Those individuals who have applied for permanent residency under First Generation Professionals or Technical Personnel and Skilled Workers Scheme are exempted from national service.

The Central Provident Fund Tax and Savings

All Singaporeans regardless of whether they are native citizens or permanent residents have to contribute to the Central Provident Fund Tax when they turn 21 years of age. This tax later on works as a saving scheme that helps individuals secure their future when they reach retirement age. The deposits from the employer as well as the employee are made into the CPF account. The CPF funds can only be withdrawn after retirement or in case of an unprecedented mishap.

Residential Laws for Permanent Residents

Permanent residents in Singapore are restricted from buying residential property. There are Housing and Development Board flats for permanent residents to live in and resale. This is because the Residential Property Act of Singapore 1973 is implemented in order to maintain a balance giving native citizens priority of buying and owning residential property and bringing in foreign talent as well. Permanent residents can buy condominiums and apartments in buildings with six floors or more. However, applications can be sent to the Controller of Residential Property for permission of buying a residential property. If the permission is granted, permanent citizens are eligible to buy residential property then only.

These are some of the things that applicants need to consider before applying for permanent residence in Singapore. Singapore Immigration is an immigration company with the best lawyers and professionals specializing in migration matters. Those who are thinking of applying for permanent residency in Singapore can contact this top of the line immigration company.