Why Foreigners are Taking up Permanent Residence in Singapore

According to 2005 Singapore population statistics, out of a total population of 4,351,400, non-resident population was around 797,900. It is estimated that out of 10 persons working in Singapore, six were Singapore citizens, one was permanent resident and the remaining three were foreigners. In 2005, there were nearly 9.7% permanent resident in this country. Moreover, the Singapore Economic Development Board (EDB) continues to draw the attention of foreigners through its beneficial features. It encourages the foreigners to contribute to Singapore’s economy growth and entitled them to most of the rights and duties of citizens like eligibility for government-sponsored housing, home loans, National services for adult males and more. Nowadays, a large number of foreigners are taking up permanent residence in Singapore due to many economical reasons. Besides, this country’s economic growth not just offers benefits to its citizens but to permanent residents and foreigners as well. Some important benefits that attract a large number of foreigners towards this country are listed below: Easy way of availing Singapore home loans: There are some rules for foreigners or permanent residents who are looking for a home loan but it’s not difficult to get approval. A foreigner can get up to 70 – 80% of leverage from major banks, while in some other countries it’s quite high. For example, you can get leverage around 60 – 70% in Australia and if you need leverage up to 80% then you need to out Lenders Mortgage Insurance (LMI), while in other countries it’s quite difficult to get leverage for home loan due to their complicated home loan policies. Besides, you can get more than 80% for home loan in Singapore if you are quite aware of the country’s policies or if you are supported by an expert mortgage consultant. Flexible policies for purchasing resident properties: This country offers flexible policies for purchasing resident properties. You can even purchase restricted resident properties by getting approval from Singapore Land Authority. Moreover, getting approval is easy; all you have to do is submit an application along with the necessary documents. If you are along with a professional mortgage consultant then you can smoothly wind up the process in time. Simplified home loan policies: You might not face complicated problems while applying for Singapore home loans, because approval process, document submission, application submission and other related works are simple. If you unsure about the country’s home loan policies, then it’s better to look for home loans along with a professional mortgage consultant. All these important benefits stimulate foreigners to take up permanent residence in Singapore. However, make sure to get the best leverage as possible by making use of an expert mortgage consultant who might be aware of the different banks and their leverage percentages.