Will Having A Singapore PR Benefit Me and My Family?
Singapore is fast becoming the destination of choice for people who want to live and work in a healthy environment. Citizens and Singapore PRs enjoy many benefits as opposed to non-citizens and those who are only working there on a permit. The best time to apply for a PR would be now as the Singapore government looks set to place more emphasis on stringent controls on the current immigration system. If you are still not convinced, the following points will show you why Singapore PR is beneficial to both you and your family members.
Ability To Work – Singaporean PR gives you the freedom to work wherever you want to in Singapore. Unlike those with mere work permits, you can change jobs whenever you want to and would not be bound to any one company. This means that you would be in control of your career growth as a Singapore PR.
Priority For Public Education – One of the main perks of being a Singapore PR is the fact that your children will be given priority to enter government schools. You would also be given the freedom to choose the school which you would want to send your children to. Only Singapore citizens rank higher on the priority list.
Central Provident Fund Scheme – Much like pension schemes in other countries, Singapore PRs who work are liable to contribute to the Central Provident Fund Scheme. Your employer would also contribute a certain sum every month. This works out to be great financial help. An added bonus is that you would not be taxed for the contribution that you make out to the CPF so it can be considered as tax relief.
Foreigner Seeking Relocation to Singapore
The common mistake for first time foreigner who relocate to Singapore is not applying the best working visa available such as Entrepass or Employment Pass Visa and place oneself in one of the thousands “foreign worker” category. It has a serious impact on their PR application subsequently. To differentiate, one has to try to move out of the “foreign worker” box and instead become a “foreign talent”. How to do that ?
One can consider being your own boss, Singapore pro business incentive will fund 60% of your start up cost if foreigner business owner or entrepreneur relocate their business to Singapore, Click to see our PIC tax incentive scheme that will help you in your business relocation. For further information to set up Singapore business, good business opportunities in Singapore, please refer to the following useful links:
1) Type of Singapore Business Incorporation
2) Singapore Company Tax
3) Singapore Business Guide for licenses, yearly singapore company compliance and relevant business information
Further, you also need to consider of moving your assets to Singapore to demonstrate your commitment however it can be complicated as its involve cross border tax issue. You might be unaware of your tax residence status, how to avoid double taxation and yearly tax reporting requirements. Let our experienced tax consultant assists you in your international tax planning to lower down your overall tax position. For further information on relocation tax planning, please refer to the following useful links:
1) Singapore Personal Tax
2) Singapore Double Tax Treaty assists you business relocation to Singapore
Singapore is definitely the place to be – with the benefits awarded to Singapore PRs, there has never been a better time to start on your application! There are many places you can go to in order to find more information on starting your skilled visa application process.
Contact Raffles Immigration for a FREE consultation on the different visas available to foreigners.
By Shaun Lee Bryant, Managing Partner of Cayman Group Holdings and its subsidiaries.