Whether you are planning to retire in Singapore or are looking for a new home, there are several steps you can take to become a Singapore permanent resident. It includes obtaining a Singapore Employment Pass, participating in the CPF scheme, and studying in local universities.
Study in local universities
Are you interested in studying at local universities in Singapore? Then you may have wondered whether studying in SG will boost your chance of getting a Singapore Permanent Resident (PR) visa. There are many benefits to becoming a Singapore PR, but you need to make sure you meet the immigration requirements first.
Singapore has six autonomous universities, and several foreign universities have set up campuses in Singapore. In addition, private education institutions are also found in Singapore.
Another thing you can do is apply for a government scholarship. Most scholarships are awarded to the best students who get the Singapore Permanent Residency. These scholarships generally come with a bond. They will require you to work for a local statutory board after graduation.
Consider applying for a study pass. The study pass is a three-year course that leads to the same qualification as an American high school diploma.
The Singapore Education Ministry has a wealth of information on the best ways to get into local universities. If you are considering studying in Singapore, the best time to start is during your final year of junior college.
Obtain a Singapore Employment Pass
Obtaining a Singapore Employment Pass is more challenging than five to ten years ago. Luckily, the Ministry of Manpower (MOM) still accommodates foreigners.
To obtain a Singapore Employment Pass, a tertiary degree from a reputable university must be obtained. In addition to your tertiary education, you must have a fixed salary of at least $4,500 per month. Your employer must also offer you a job and have an approved Employment Pass application on file.
It’s a good idea to consult a third party before making any decision, especially if you’re not a Singapore native. They can give you an overview of the Employment Pass’s merits and give you advice on whether or not you qualify.
The best part about getting a Singapore Employment Pass is that you’ll be able to work in Singapore, travel within and outside the country, and be eligible to apply for a Singapore visa. It makes Singapore a great place to launch a career.
The only downside to getting a Singapore Employment Pass is the long and complicated application process. The process can take from six months to a year. That said, you’ll have plenty of time to improve your profile and get approval.
The best part of obtaining an Employment Pass is that it’s open to all nationalities, with several types to choose from. While the process is a bit complicated, it’s still a great way to advance your career.
Participate in the CPF scheme
Getting involved in the CPF scheme to become a Singapore Permanent Resident has several benefits. It helps you to save for your retirement and to finance healthcare. It also helps you to own a home in Singapore. Moreover, it provides you with a financial buffer for your dependents.
The CPF scheme is a tax-free savings account. The money in the account is invested in Special Singapore Government Securities, which the government guarantees. These securities protect savings from fluctuations in the financial market. You can also borrow against the savings in your CPF account.
The interest rate on the Ordinary Account is computed quarterly and guaranteed at least 2.5 percent. This rate is pegged to the average yield on 10-year Singapore Government Securities plus 1 percent.
The CPF also offers two additional insurance schemes. The Medisave Contribution Draw encourages low-income workers to contribute. The CPF Board also introduces the Minimum Sum Topping-up Scheme to help members meet the CPF Minimum Sum requirement.
You may also withdraw money from your CPF account to finance education. The money withdrawn for education must be paid back to the CPF account under certain conditions.
Live, work, and retire in Singapore
Besides being one of the world’s most prosperous and safest economies, Singapore is also a wonderful place to live, work, and retire. Its high standard of living and quality healthcare system make it a desirable place for many expats. However, before retiring in Singapore, it is essential to know how to get the proper visa and retirement benefits.
If you are interested in retiring in Singapore, the first thing you need to do is apply for permanent residency. There are three main ways to get permanent residency: by becoming a Singapore citizen, marrying a Singaporean citizen, or making a significant investment in a Singaporean entity.
Retiring in Singapore requires a few more steps than retiring in another country. For instance, if you have worked in Singapore for at least two years, you may qualify for a retirement visa. You should also apply for a Re-Entry Permit (REP) to return to Singapore after retiring.
To ensure you qualify for a retirement visa, you should work with a licensed immigration agency. If your documentation is complete, your application may be accepted.