There are many advantages of being a Singapore Permanent Resident (Singapore PR) :
-Affordable housing due to the lower stamp duty. Singapore Permanent Resident (Singapore PR) pays half the stamp duty compared to a foreigne. Singapore Citizen pays less than half of what a Singapore Permanent Residence (Singapore PR) pays. By being a Singapore Permanent Resident (Singapore PR), you would be eligible to purchase a Housing and Development Board (HDB) flat after three years if your income does not exceed the eligible amount.
-Job stability. Employers prefer hiring a local (either a Singapore Permanent Resident (Singapore PR) or Singapore Citizen) as it saves them the hassle of applying for work passes. Moreover, with more locals in the their company means the employer will have a higher quota for hiring foreigners.
-Affordable medical services with the ability of utilising your Medisave.
-Government schooling options for you and your children.
-Central Provident Fund (CPF). The CPF acts like a retirement plan so that you can feel secure as you get older. You can use the CPF to pay for medical expenses, housing, and even investments. The company that you are working for is required to contribute Employer’s CPF into your CPF account based on a percentage of your salary. A portion of your income known as Employee’s CPF is also automatically withheld and saved into your CPF account. You will not have access to your CPF until the age of 55. You will be able to withdraw the full sum of your CPF if you leave and renounce your Singapore Permanent Residence (Singapore PR).
One disadvantage of having Singapore Permanent Residence (Singapore PR) status is that your son will need to partake and enlist in National Service (NS) under Singapore law.
Another disadvantage is your company may adjust your salary package into local terms, which means you will no longer be entitled to benefits such as housing and car allowance as compared to your expat salary package previously.
Singapore Immigration Specialist believes that there are more advantages than disadvantages to being a Singapore Permanent Resident (Singapore PR). We will only be able to help and guide you to get your application approved using our years of expertise in the industry. The choice of your path in life still lies with you.