Many businessmen around the world like to process a PR application in Singapore, and become a permanent resident in the sovereign island city-state.
The following are the reasons why that is the case.
First of all, businessmen and investors are always on the look out for jurisdictions which will offer them tax benefits, corporate incentives and stability. Those are three key things which will enable them to keep more cash flow for themselves, and without worry and concern about the future. That is why many wealthy business people like to incorporate their companies in Singapore. Additionally, when they apply for permanent residence, they are able to enjoy even lower taxes as long as their home country has a relevant double taxation treaty with Singapore. Singapore is well known for several things for its residents – no capital gains tax and very low personal and corporate income taxes. That is why Singapore permanent residence is in hot demand by many foreigners who want to legally reduce their tax bills.
Second of all, there is no unnecessary drama that they will experience as a resident in Singapore. For instance, there is another country which is highly similar to Singapore – Hong Kong. However, with the recent political events in Hong Kong over the past several years, many investors and businessmen are instead plucking up their roots and migrating to Singapore or applying for a Singapore PR as they can enjoy virtually the same benefits but without instability.
Third of all, many millionaires and billionaires from around the world like to become a permanent resident and get properties in Singapore to live in because of the high levels of safety in the country. Due to high levels of law and order, many rich people feel comfortable living in most parts of Singapore without additional security.
Next of all, a permanent residence, unlike a citizenship change, allows the holder much more flexibility. One of the biggest concerns by people when it comes to switching to a new citizenship is that it is a decision that is far harder to reverse, and that also provides an additional mental hurdle. However, a Singapore PR status is far more flexible, yet allows both you and your immediate family members to reside in Singapore indefinitely and also purchase properties at very low tax rates highly similar to that of full Singaporean citizens. You basically get the best of both worlds when it comes to a PR status.
Last but not least, Singapore is one of the rare few countries in the entire Asia which is English speaking. Therefore, businessmen and investors from Western countries whom are looking to expand their business presence into Asia always like using Singapore as their headquarters both for their companies as well as for their personal residence. There will be no communication problems for their personal lives after migrating to SG. Additionally, when it comes to their work, they will also be able to easily employ locals as everyone in the country of working age can speak English too!