3 Reasons Showing How Foreigners Pay More In Singapore
Being a foreign Professional working in Singapore, you have to be completely aware of the fact that everything is going to cost you significantly more. Government grants and subsidies are only given to citizens of the country, and unless you're covered by your comany's group insurance, a visit to the hospital is likely to cost you a bomb.
Let's take a look at how much you can save by converting to a Permanent Resident of Singapore:
1) Hospitalisation and Medical Taxes
We all know that if you are in a foreign country, you do not qualify for government subsidies and benefits. Hospilisation contributes to one of the biggest expenditures of foreigners in Singapore, and if you are not sufficiently covered by insurance, the bill for a simple medical procedure itself can cost a-lot of money.
Take a look:
Foreigners are not at all eligible for any Medical Benefits and will have to pay the full amount should they or their family members become hospitalised. As a PR, you may not enjoy the full benefits of being a citizen, but the subsidies granted to you can make a very big difference especially if you are residing in Singapore for the long term.
2) Property and Stamp Duties
Foreigners looking to reside in Singapore for the long term will eventually come across a time where they are looking to purchase a house, or convert from rental to ownership.
Singapore's real estate market remains one of the hottest in the world, and owning a property in Singapore would advantage you not only by providing a roof over your head, but you have an asset that will almost definitely appreciate in value over time.
But before you go out looking for a property to buy, bear in mind the following tax benefits of a foreigner in Singapore.
3) Childrens' Education
Singapore's education system remains one of the best in the world. From primary school levels to graduate studies, Singapore's education system produces Top Talent, and also hosts some of the best professors in the world.
A foreigner looking to send their child to a local school will not be entitled to any subsidies.
If a child who is not a Singaporean or a Singapore PR, were to study and complete his/her full education in Singapore, the total amount spent on education will be well over 300% more than a PR, and over 400% more than citizens.
There are an indefinite amount of other "hidden costs" involved with being a foreign professional in Singapore. If you and your family are serious about residing permanently in a First-World country, and experience the economic and social stability of Singapore indefinitely, choosing to apply for Permanent Residency in Singapore can save you, well, over S$200,000 and more in the long run.
For further questions on applying for PR, please contact us through our contact form or speak with an immigration professional through our website's Live Chat.