Overview of Singapore PR Schemes
Every year, tens of thousands of individuals apply to become permanent residents of Singapore, but not everyone follows the same procedure. The applicant himself, along with the applicant’s spouse and unmarried children under the age of 21, may submit a single Permanent Residence (PR) application on behalf of the entire family. Numerous schemes offering the opportunity to get permanent residency in Singapore have attracted thousands of immigrants from different backgrounds to settle on the island nation, one of Asia’s most prosperous and stable nations and a significant centre of finance.
There were an estimated 526,600 PRs in Singapore as of June 2017, out of a total population of around 5.6 million, and the number is growing. Though multiple channels can get you a Singapore PR status, most foreigners apply for PR after working in Singapore for a few years.
This article gives you an overview of the several PR schemes offered in Singapore, so you may choose the one that best matches your requirements and situation. You would have access to most of Singapore’s privileges and advantages as a permanent resident. The spectrum of advantages includes the ability to reside in the nation without being subject to visa limits, preferential enrollment for your children in public schools, increased freedom to purchase real estate, participation in the retirement fund programme, etc. You must also fulfil several obligations, such as presenting your son(s) to a two-year military service duty after they are 18 years old.
Singapore PR Scheme for Individuals Working in Singapore
For foreign professionals employed in Singapore when applying for permanent residency, there is a programme called the Professionals/Technical Personnel & Skilled Worker scheme (PTS scheme). The quickest and most secure way to obtain PR in Singapore is through the PTS system. Your employment in Singapore at the time of application is a necessary factor. This implies that you must first move to Singapore while holding a work visa of the Employment Pass, Entrepreneur Pass, Personalized Employment Pass, or S Pass. The Global Investor Programme, popularly known as the “GIP plan,” is an investment programme through which you may apply for permanent residency in Singapore.
Singapore Investors’ PR Scheme
Under this programme, you can apply for permanent residency (PR) for you and your immediate family by creating a firm with a minimum investment of SGD 2.5 million or by making a comparable investment in an existing company in Singapore.
Currently, there are two investment possibilities available to you under the GIP scheme:
- Option A: Invest a minimum of S$2.5 million in the launch of a new firm or the growth of an existing enterprise.
- Option B: Make an investment in a GIP-approved fund of at least S$2.5 million.
You must also fulfil several additional requirements, such as having a successful track record in business, an entrepreneurial history, and a business proposal or investment strategy, in addition to the minimum amount you invest.
Singapore PR Scheme for Foreign Artistic Talent
In recent years, Singapore’s arts community has expanded quickly, keeping with the nation’s goal of becoming the next art hub in Asia. You can apply for permanent residency under the Foreign Artistic Talent scheme if your talent is in any visual or performing arts, including photography, dance, music, theatre, literature, or cinema. You must be a well-known artist in your own country, preferably with a worldwide reputation, and have the necessary training in your field of activity to be eligible for this scheme. Additionally, you must have made a significant contribution to Singapore’s arts and culture scene, have a history of leadership involvement locally, and have specific ambitions to stay immersed in the country’s cultural industry.
Obtaining Singapore Citizenship
A person can seek to become a Singapore citizen if they are at least 21 years old and have been Singapore Permanent Residents (SPR) for at least 2 to 6 years prior to the date of application.
To sum up
Professionals and other foreigners who can contribute positively to the country’s growth and economy are welcomed by the government of Singapore. Some permanent residency schemes are in place to assist you in obtaining Singapore permanent residency using the most suitable strategy for your situation.