Singapore is often considered one of the best cities in Asia to live in. It is safe, environmentally friendly and has an extremely diverse culture. Singapore is also ranked as one of the best countries to live in, with a very high standard of quality of life.
As with most things in life, no one choice is perfect and every decision made is a double-edged sword with its pros and cons. Becoming a Singaporean citizen will have its own set of advantages and disadvantages. Owning a Singapore Passport allows one to be able to travel visa-free to over 160 countries and have easy access to Visa on Arrival or eVisas for most other countries. Besides the ease of travelling around the world, becoming a Singapore Citizen also allows one to enjoy subsidised education, healthcare, housing and employment benefits in Singapore. However, we cannot deny that there are some disadvantages to owning a Singapore Passport. An important point to note is that holding a Singapore Passport requires one to renounce all other citizenships, as Singapore strictly prohibits dual citizenship.
If you are enchanted by this bustling city and ready to give up your previous citizenship, then this will be a good time for you to consider applying for Singapore Citizenship. To further convince you, these are the top 5 reasons why you should do so.
- More travel freedom with a Singapore Passport
Singapore Passport holders are able to travel freely around the world with very few travel restrictions. Singaporeans have access to most countries around the world without the need to apply for a visa; and even when a visa is required, it often is in the form of an eVisa or Visa on Arrival. For instance, Singaporeans simply need to fill in the US ESTA form online to visit the US without the need to apply for any other visa (for travel duration of less than 90 days).
- Employment Opportunities and benefits
Another benefit of becoming a Singaporean are the employment benefits here. Most companies in Singapore are required to (and generally prefer to) hire citizens or Permanent Residents (PRs), as compared to foreigners. In addition, citizens and PRs are also more likely receive a promotion compared to foreigners. Furthermore, citizens will also be eligible for leave benefits such as maternity leave, enhanced childcare leave, new infant care leave and parenthood incentives.
- Buying properties
If you are planning to purchase a public property in Singapore, you need to be a Singapore citizen or a PR, and over 21 years of age. However, PRs will only be eligible to buy resale HDBs while citizens can purchase new HDBs or Build-to-order (BTO) flats in Singapore. Additionally, citizens can enjoy the unique benefits of housing loans at a concessionary interest rate to fund their housing. For first time buyers, Singaporeans can also enjoy housing subsidies such as the housing grant, of up to SGD 40,000.
- Access to CPF
The Central Provident Fund (CPF) is a mandatory social security savings plan for all working Singaporeans and PR. It provides citizens with a platform to save money for retirement or to purchase a property, while providing excellent interest rates. Citizens are able to use their accounts to finance their homes under the CPF housing schemes; and getting the Dependants’ Protection Scheme (DPS) will provide protection for one’s family in times of need. The advantages of CPF are clear. In fact, topping up extra monies to CPF can also act as an outlet for saving payable tax. The medical benefits and retirement benefits CPF provides are essential to many and can play a key part in ensuring a happy retirement.
Singaporeans also get to enjoy healthcare subsidies for medical appointments at public hospitals. For instance, a Singaporean patient who’s in a Class C ward with a monthly income of SGD 3200 and below will get a hospitalisation subsidy of 80%, while a Singaporean PR who’s in the same class with the same income will only get a subsidy of 70%. Foreigners on the other hand are not entitled to any hospitalisation subsidy.
So, with all these benefits, are you considering to apply for Singapore Citizenship? At Xignam, we offer our services to foreigners living in (or considering to live in) Singapore, who are looking to settle down here and make Singapore their home either through attaining Permanent Residence or Citizenship. We will address your concerns and assist you through the whole application process, to eventually securing your permanent resident and citizenship status here.
If you want to understand more about how we can help you, do visit www.xignam.com, and send us your enquiry or contact us today!
– Written by: Patricia Shareleen, Cayman Management Consultants
– Edited by: Fang Wenting, Cayman Management Consultants
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