Before making any decision it’s best to make a pros and cons list to make the right decision for you. This is especially one that will affect you for the rest of your life, such as moving and settling in Singapore. Migrating to another country is a hurdle in itself, there are many factors and variables that you have to take into account before committing to a life-long decision of becoming a permanent citizen in Singapore. There are as many pros as there as cons when it comes to moving to Singapore. Having said this, it is solely up to the individual to decide if this is a good country to start a life in.
Perks of Singapore Passport
One of the major draws of holding a Singapore passport is that it provides very little travel restrictions. You will be able to travel to most countries without worrying too much about whether or not you can enter the country. Another additional perk about holding a Singapore passport is that you will be able to enjoy little visa restrictions and requirements, especially if you are travelling to countries like the USA. In fact, as ranked by the Henley Visa Restrictions Index 2018, which provides a global ranking of countries — based on travel freedom and visa-free access that their citizens get to enjoy, Singapore is positioned 2nd on the list. This is a testament to the fact that citizens in Singapore have high travel freedom to various countries in the world.
In terms of employment, PRs and Singaporeans are usually given first priority when it comes to filling positions. This is because most companies in Singapore prefer hiring people with citizenship so as to avoid extra paperwork, expenses and other formalities that they have to adhere to if they hired a foreigner instead. Having said this, it is important to note that relevant skills, talents and qualifications play a large role in being a suitable candidate for the company that you are applying for. There are also other external factors such as experience in the relevant field that you should take note of as well. If you are having some trouble securing a job in this country, it might be helpful to approach a job agency to help you get a job that is relevant to your field of study or experience.
It’s no surprise that obtaining a house or rather a place to live is one of the most important tasks you need to undertake when moving to another country. Hence, it best to understand the ins and outs of how housing works in another country before buying or renting a place for your period of stay in Singapore. Researching beforehand will save you tons of time, heartache and money. As of now, PRs are able to purchase HDB flats that are resold to the market. They can also rent a room or flat from homeowners. However, if you are looking for a bigger space, you could also consider purchasing a non-landed property such as private apartments and condos. Other types of property including landed property such as bungalows and terrace housing are subject to approval from the Ministry of Law. You will also be eligible to obtain loans from banks. This can come in handy if you’re short on cash to buy a property or rent non-landed property in Singapore. Do note that the eligibility criteria is mainly dependent on the individual’s ability to fulfil certain conditions. If you need to learn more about housing in Singapore, it would be helpful to read up more about it in the Housing & Development Board Infoweb.
Central Provident Fund (CPF)
Depending on how you look at it, this might either be a con or a pro to you. CPF is essentially a mandatory savings plan designed to protect one’s social security, and was set up by the government for all Singaporean citizens and Permanent Residents. This savings plan requires every employee to take 20% of their monthly salary and credit it into their CPF accounts. Furthermore, employers are to contribute a further 17% of the employee’s monthly pay into the CPF account. Typically, the monthly contributions to your CPF will be automatically deducted from your initial salary. Another important thing to note is that each CPF account consists of three parts: Ordinary, Special and Medisave Accounts. Savings in the ordinary account will allow you to service home down-payments and housing loans, pay for insurance, education and investment, whereas the special account is utilised for contingency purposes, old age, and investments in retirement funds. Lastly, the Medisave Account allows you to use your savings for hospitalisation expenses and approved medical insurance.
The Bottom Line
As we have discussed, becoming a Permanent Citizen in Singapore has many benefits such as holding a Singapore passport that gives you access to 189 countries and territories around the world, subsidies in healthcare, housing and employment and education. Having said that, every country has its pros and cons, hence it is best to find out more about these factors before making a decision that might either set you back or let you progress further in your life.