Permanent residency in Singapore is one of the many privileges that a passport holder in the country may enjoy. It is also among the many ways in which an individual can assure the protection of his family, friends, and himself from potential dangers that may be faced in other countries.
This is because permanent residency in Singapore is also among the many benefits of having a permanent passport. This is also because the country has a well-planned social system, excellent healthcare, and education systems, and a stable and fair tax regime.
Furthermore, it is also very easy to acquire permanent residency in Singapore. The first benefit of Singapore becoming a permanent residence for foreigners is that they do not have to worry about the process of naturalization as long as they qualify. There are different plans for foreigners coming to Singapore.
The first scheme is the Singapore permanent residence program, a plan that has been implemented in 1965. With this plan, foreigners coming to work or study in the country are given the option of having permanent residency in Singapore.
As long as the foreigner earns at least half a year of income from a job in Singapore or holds an Australian passport or a New Zealand passport, he will be eligible to receive this scheme.
The second scheme, the Single Parent Residence (SPR) scheme is also an effective one for foreigners coming to work in Singapore. In this scheme, the family of the applicant is recognized as the dependent class for the purpose of processing visa applications.
The spouses and minor children of the applicant are regarded as dependents for the purposes of processing his visa. If the applicant is married and has two or more unmarried children, then he will not be eligible to apply for the Single Parent Residence.
However, if the applicant is single and has not married and has no children, he will be eligible for the Single Parent Residence. The third scheme is the National Service (NS) scheme. For those eligible to receive a permanent residency through the National Service, they have to undergo recruitment by the Singapore government in their field of talent.
The applicants can be either graduates or job seekers who have been out of the national service for at least 21 years. When the applicant reaches the age of 21, he or she will get a permanent residency card. This card is also good for two additional years upon expiry.
The fourth scheme is the millionaire’s pension scheme (MSPs). This scheme is open to persons who are over the age of 65 years and plan to retire or move to Singapore after having a job in any other country. Those who are professionals with at least five years of relevant experience are eligible for the scheme.
These professionals may include academicians, businessmen, and consultants. There is no check on the job security of these people, thus an investor will not need to fear about losing their job when they come to retire. Apply for a PR in Singapore when you head to this client-centered service today.
The last scheme is the Business Exchange (BEC) scheme, which is open to investors who have investments of over one million dollars. Those who reach the age of sixty-five years and who has been a resident of Singapore for at least five years are eligible to apply for this scheme.
BEC allows investors to convert their monies into Singapore currency. In addition to investing, those who become a member of the BEC scheme may visit Singapore on a yearly basis for a stay of not less than six months.
Permanent residents who are interested in immigrating to Singapore should consult the Immigration Department for information regarding the various options available. This department is a division of the Ministry of Home Affairs.
While choosing an investment destination, investors need to be aware of the requirements of the country’s immigration law as well as the country’s financial and social conditions. Besides the three basic schemes, there are several other investment options available in Singapore. One such option is the Special Economic Zone (SEZ).
It is a thirty-kilometer area that includes six cities – New York, Singapore, Brisbane, Tokyo, Kuala Lumpur, and Canberra. Homebuyers and foreigners can take advantage of the opportunity to buy or rent a property within the SEZ and create a valuable Singapore residential unit.
Permanent residents who are interested in immigrating to Singapore should also consider the various options available to them – permanent residence in Singapore, for a business, or investment, or a mix of both.