What are the pros and cons of having PR status?
There are many benefits to being a PR, one of which is the affordable housing due to the lower stamp duty. A PR pays half the stamp duty compared to that of a foreigner, while a Citizen pays less than half of what a PR pays. Naturally, a PR would be able to buy a HDB flat after three years, supposing the income does not exceed a certain amount.
Another great perk is job stability. Employers generally prefer hiring a local (PR or Citizen) as it saves them the trouble of getting work passes. In addition, having more locals in the team means having a higher quota for hiring foreigners.
You also get access to medical services and public education for you and your children as a PR.
Lastly, there is the Central Provident Fund (CPF). The CPF acts like a retirement plan so that you can feel secure as you get older. You can use the CPF to pay for medical expenses, housing, and even investments. The companies that you become affiliated with are required to contribute to your CPF based on a percentage of your salary. This can seem negative to some people, as a portion of their income is automatically withheld and saved for future use. You will not have access to your CPF until the age of 52. Should you wish to leave and renounce your PR, you will be able to withdraw the full sum of your CPF.
One con of being a PR is that your sons will have to be part of the National Service (NS).
If you are currently on an expat package, another disadvantage would be that your company could adjust your salary package into local terms, which means you will no longer have added benefits such as housing and/or car allowance.
In general, we believe that there are still more advantages to being a PR than there are disadvantages. Ultimately, the choice is yours. We only wish to guide you in the best way that we can, using our years of expertise in the industry.