Once you gain an employment pass and are working in Singapore, you might consider becoming a permanent resident (PR). Being a Singapore PR comes with several benefits, such as easier access to certain loans for housing and investment purposes. Permanent residents can use the Central Provident Fund (CPF) for retirement, and it’s the first path towards citizenship if you wish to have it one day.
Universal healthcare, top-notch infrastructure, a stable economy and government are a few reasons why Singapore has been consistently ranked as one of the best countries to live in. It’s also one of the best places to open a business and has successfully attracted a diverse workforce for years.
There are three ways to be a permanent resident of Singapore:
1. Professional, Technical Personnel and Skilled Workers scheme (PTS) Scheme
This scheme is the most popular and easiest among foreign workers in Singapore. The main requirement to apply for this visa is to move to Singapore and be an employment pass holder for a certain time, preferably at least a year. This is because your salary and employment history will play a part in whether you’re approved or rejected. The longer you’re a pass holder, the more likely your application will be granted.
Being younger (below 50) can also increase your chances along with having familial ties in the country, such as a spouse who’s a citizen or a permanent resident. Keep in mind that credentials from a reputable university and your employer’s track record also play a role along with your contributions to the community. Essentially, it’s a background check on your life.
However, it’s important to note that once you’re a permanent resident, your sons (second generation) must join a mandatory National Service.
2. Global Investor Programme (GIP) Scheme
Under this scheme, you may apply to become a permanent resident by investing S$2.5 million in Singapore’s economy. Such investments can be achieved by either starting a new business or expanding an existing business to Singapore, or investing in a GIP-approved fund that invests in Singaporean companies.
If you decide to start your own or expand your business in Singapore, you must submit a five-year business plan with projected employment and annual financial projections. Milestones outlined in the business plan must be fulfilled within the aforementioned period. Meanwhile, those who choose the investing route must submit their business and entrepreneurial track record and their financials within the last three years preceding your application.
3. Foreign Artistic Talent Scheme (ForArts) Scheme
This scheme is for those who possess talent in arts, photography, dance, music, theatre, literature, or film. The requirement to qualify is that you must be a well-known artist in your own country, preferably with international recognition.
You must also have relevant training in your area of expertise and be committed to making significant contributions to Singapore’s arts and cultural scene. Plus you must show a proven track record of local engagements at the leadership level along with concrete plans to be involved in the Singapore arts and culture landscape.
While it’s true that obtaining a work visa is the most common way towards becoming a Singapore PR, it’s not the only way, as outlined above. We hope that this article can guide you in choosing which path is right for you.
Still not sure which path to take on becoming a Singapore PR? We at Lanturn have professional immigration services that can help you make your dream into a reality.