PR approval 2021 chances

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malcontent
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Re: PR approval 2021 chances

Post by malcontent » Tue, 07 Sep 2021 10:50 am

It is primarily because it is a leveraged investment. You don’t have to come out with the full capital but you enjoy the full gains. Especially true now with low interest rates.

Many like new developments where they can lock in the purchase price today but don’t have to come out with much money until years later, they can then flip it for a tidy profit if they are lucky, without even coming out much money from their pocket.

Then there is en-bloc which happens when there is a collective sale of a condo, especially the older ones. Because of the limited space in Singapore there is often strong demand for this, and developers often pay a premium if they can build higher than the existing one, because they stand to make more money when they sell the increased number of units.

Finally, I think property investments here are preferred because they have vastly outperformed the local stock market. The STI index was 2,400 when I came here in 1996 and today it’s only around 3,000. That is among the worst showings for any stock market in the world. By comparison, the S&P 500 was 800 in 1996 and today it is around 4,500.
It’s not what happens to you, but how you react to it that matters ~ Epictetus

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Re: PR approval 2021 chances

Post by singaporeflyer » Tue, 07 Sep 2021 11:07 am

PartyLike-A-Russian wrote:
Tue, 07 Sep 2021 9:12 am
malcontent wrote:
Mon, 06 Sep 2021 11:57 pm
Neither do a few lucky nationalities that are exempt (thanks to free trade agreements).
Found https://www.iras.gov.sg/irashome/Other- ... ts--FTAs-/

The USA is on the list.

Thanks for the answer, malcontent. But there is no answer to my question "Why is buying a condo perceived as an investment for your own profit?" Sms, maybe you can explain. You were the one who said it a few messages earlier.
How is buying a condo going to contribute to Singapore? Anytime, when the price goes up, you may sell the condo, take the profit and leave ?

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Re: PR approval 2021 chances

Post by malcontent » Tue, 07 Sep 2021 12:45 pm

Buying a condo doesn’t contribute economically to Singapore per se, but I can tell you that they took great interest in our owning a condo when my daughter was applying for PR under her mother. My wife spoke to the officer directly and this was one of the things they reviewed in detail.

I think one reason was because approving my daughter would effectively form a family nucleus that would make us HDB eligible.. and they seemed to be sensitive about regulating the demand on HDB flats, presumably to keep them affordable. The other reason is probably just evidence of our financial wherewithal, proof that we won’t risk becoming a burden to the state.
It’s not what happens to you, but how you react to it that matters ~ Epictetus

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Re: PR approval 2021 chances

Post by smoulder » Tue, 07 Sep 2021 12:45 pm

Just thinking about this line of thinking that buying a condo must be viewed only from the lens of personal gain.

Couldn't it potentially signal to the gahmen that the person is seriously considering putting down roots here - with the stiff absd for foreigners and the marginal increases in property prices, it's actually quite hard to make a profit from a condo purchase and subsequent sale.

Add to that, if and when the person becomes a PR and perhaps a citizen, he won't consume national resources which is essentially what happens when you purchase an hdb (correct me if I'm wrong on this point).

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Re: PR approval 2021 chances

Post by PartyLike-A-Russian » Tue, 07 Sep 2021 12:57 pm

singaporeflyer wrote:
Tue, 07 Sep 2021 11:07 am
How is buying a condo going to contribute to Singapore? Anytime, when the price goes up, you may sell the condo, take the profit and leave
If there were no buyers, why would developers build the condominiums for?
Development means jobs, I guess, for the locals. Taxes from the developer. Plus, the stamp duty itself. Maybe some more.
singaporeflyer wrote:
Tue, 07 Sep 2021 11:07 am
Anytime, when the price goes up, you may sell the condo, take the profit and leave
Sounds reasonable. For someone who waits for the moment to leave :D You can say the same about PR renunciation. Work, enjoy your benefits, take your CPF and leave (hmmm, I think many do this actually).
There are many other factors that are taken into consideration when one decides to stay or leave, right?

smoulder, yeah, I kind of also don't understand why buying a property is not perceived as sinking roots.

Sms, what do you think?
Last edited by PartyLike-A-Russian on Tue, 07 Sep 2021 1:06 pm, edited 1 time in total.

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Re: PR approval 2021 chances

Post by malcontent » Tue, 07 Sep 2021 1:04 pm

I do not believe HDB units are really subsidized except for Singaporeans who purchase them new (e.g. BTO) and get grants - and even they can only do this twice in their lifetime — they have to live in the flat for a minimum of 5 years each time. It is best for them to do this while they are still young and earning less, as the grants usually come with an income test. The indirect message is, hurry up and get married!

As for the resale market which applies to everyone else who is HDB eligible, I think these are no more of a national resource than anything else here. However, providing affordable basic housing is a national objective, and that is why regulating the demand for the limited supply becomes very important.
It’s not what happens to you, but how you react to it that matters ~ Epictetus

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Re: PR approval 2021 chances

Post by singaporeflyer » Tue, 07 Sep 2021 1:21 pm

PartyLike-A-Russian wrote:
Tue, 07 Sep 2021 12:57 pm

Sounds reasonable. For someone who waits for the moment to leave :D You can say the same about PR renunciation. Work, enjoy your benefits, take your CPF and leave (hmmm, I think many do this actually).
There are many other factors that are taken into consideration when one decides to stay or leave, right?
That is why Gov is very conscious to find out who are serious in staying here and then give PR.

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Re: PR approval 2021 chances

Post by PartyLike-A-Russian » Tue, 07 Sep 2021 1:39 pm

singaporeflyer wrote:
Tue, 07 Sep 2021 1:21 pm
That is why Gov is very conscious to find out who are serious in staying here and then give PR.
Good cop bad cop situation. What if I am already serious after less than 3 years and don't want to wait for X years before reapplying.

Bad cop: this guy is just begging for a stable pass to stay. Rejected.
Good cop: what a committed guy! Ok, get in.

:D

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Re: PR approval 2021 chances

Post by malcontent » Tue, 07 Sep 2021 1:53 pm

I have always believed that there is a missing visa class between PR and EP, a visa that is semi-permanent. Something that could replace both LTVP+ and PEP, maybe call it LTR. For an LTR they could get some breaks, like qualifying for ASEAN fees in local schools as an example, and can switch jobs without reapplying. But, they would still be subject to renewal like an EP, say every 5 years.
It’s not what happens to you, but how you react to it that matters ~ Epictetus

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Re: PR approval 2021 chances

Post by Ahmed Ali » Wed, 22 Sep 2021 9:51 pm

Hello All,
Can you please help me understand my chances of getting PR approved.
Thank you so much in advance for your valuable input and kind help.

Myself:

Nationality: Pakistan
Age: 29
Education: Bachelors & ACCA (UK)
Profession: Business Controlling Manager (Budgeting, Forecasting, Financial Statements Preparation etc)
Current Employer: Large European MNC in Oil & Gas (18,000 headcount globally)
Salary: 130k (110k Fixed & 20k Variable)
Global Experience: 12 Years (Pakistan, UAE, Saudi Arabia & Singapore)
Years in Singapore: 2 Years
Tax Return submissions: 2

Wife:

Nationality: Pakistan
Age: 29
Education: Bachelors & Masters (Pakistan)
Profession: Application Support Engineer (Level 3 support for Fintech company)
Current Employer: Singaporean Company (less than 50 Headcount)
Salary: 70k (70k Fixed)
Global Experience: 4 Years (Pakistan & Singapore)
Experience in Singapore
Years in Singapore: 2 Years
Tax Return submissions: 1


Marriage duration: 4 years
Kids: 0

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Re: PR approval 2021 chances

Post by singaporeflyer » Thu, 23 Sep 2021 9:42 am

Ahmed Ali wrote:
Wed, 22 Sep 2021 9:51 pm
Hello All,
Can you please help me understand my chances of getting PR approved.
Thank you so much in advance for your valuable input and kind help.

Myself:

Nationality: Pakistan
Age: 29
Education: Bachelors & ACCA (UK)
Profession: Business Controlling Manager (Budgeting, Forecasting, Financial Statements Preparation etc)
Current Employer: Large European MNC in Oil & Gas (18,000 headcount globally)
Salary: 130k (110k Fixed & 20k Variable)
Global Experience: 12 Years (Pakistan, UAE, Saudi Arabia & Singapore)
Years in Singapore: 2 Years
Tax Return submissions: 2

Wife:

Nationality: Pakistan
Age: 29
Education: Bachelors & Masters (Pakistan)
Profession: Application Support Engineer (Level 3 support for Fintech company)
Current Employer: Singaporean Company (less than 50 Headcount)
Salary: 70k (70k Fixed)
Global Experience: 4 Years (Pakistan & Singapore)
Experience in Singapore
Years in Singapore: 2 Years
Tax Return submissions: 1


Marriage duration: 4 years
Kids: 0
Low chance for now.

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Re: PR approval 2021 chances

Post by Vj050491 » Thu, 23 Sep 2021 11:12 pm

Hello Everyone,

I have been following this forum for a couple of months already. I would like to assess our chances of getting a PR, applied in July 2021. Last reject april 2019 after applying in oct 2018

My Spouse (primary applicant )
Age: 30
Ethnicity: Indian (Tamil)
Length of stay in Singapore: 6+ years
Education : Masters from SMU ( Data analytics)
Work experience: 8 +years (top 100 MNC )
Salary: 150k+
Visa: EP
Tax assessment: 4 years submitted

Spouse (me )
Age: 30
Ethnicity: Indian ( Tamil )
Education : NUS masters with MOE tuition grant
Prior 5 years of work experience in India in the IT domain
Employer : Public company (into big Data)
Salary: 78k+
Visa: EP
Tax assessment: submitting two years

His only sibling here (with family ) with PR status for 3+ yrs.
We have been married for three years and no kids now.

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Re: PR approval 2021 chances

Post by singaporeflyer » Fri, 24 Sep 2021 9:16 am

Vj050491 wrote:
Thu, 23 Sep 2021 11:12 pm
Hello Everyone,

I have been following this forum for a couple of months already. I would like to assess our chances of getting a PR, applied in July 2021. Last reject april 2019 after applying in oct 2018

My Spouse (primary applicant )
Age: 30
Ethnicity: Indian (Tamil)
Length of stay in Singapore: 6+ years
Education : Masters from SMU ( Data analytics)
Work experience: 8 +years (top 100 MNC )
Salary: 150k+
Visa: EP
Tax assessment: 4 years submitted

Spouse (me )
Age: 30
Ethnicity: Indian ( Tamil )
Education : NUS masters with MOE tuition grant
Prior 5 years of work experience in India in the IT domain
Employer : Public company (into big Data)
Salary: 78k+
Visa: EP
Tax assessment: submitting two years

His only sibling here (with family ) with PR status for 3+ yrs.
We have been married for three years and no kids now.
Apply and you have a decent chance. You may get it this time or after 1-2 more years.

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Re: PR approval 2021 chances

Post by Lisafuller » Sat, 25 Sep 2021 2:35 am

malcontent wrote:
Tue, 07 Sep 2021 12:45 pm
Buying a condo doesn’t contribute economically to Singapore per se, but I can tell you that they took great interest in our owning a condo when my daughter was applying for PR under her mother. My wife spoke to the officer directly and this was one of the things they reviewed in detail.

I think one reason was because approving my daughter would effectively form a family nucleus that would make us HDB eligible.. and they seemed to be sensitive about regulating the demand on HDB flats, presumably to keep them affordable. The other reason is probably just evidence of our financial wherewithal, proof that we won’t risk becoming a burden to the state.
Think it was probably more of the latter, seems like the government is primarily concerned with making sure that residents are in good shape financially, everything else comes secondary.

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Re: PR approval 2021 chances

Post by Lisafuller » Sat, 25 Sep 2021 2:36 am

Vj050491 wrote:
Thu, 23 Sep 2021 11:12 pm
Hello Everyone,

I have been following this forum for a couple of months already. I would like to assess our chances of getting a PR, applied in July 2021. Last reject april 2019 after applying in oct 2018

My Spouse (primary applicant )
Age: 30
Ethnicity: Indian (Tamil)
Length of stay in Singapore: 6+ years
Education : Masters from SMU ( Data analytics)
Work experience: 8 +years (top 100 MNC )
Salary: 150k+
Visa: EP
Tax assessment: 4 years submitted

Spouse (me )
Age: 30
Ethnicity: Indian ( Tamil )
Education : NUS masters with MOE tuition grant
Prior 5 years of work experience in India in the IT domain
Employer : Public company (into big Data)
Salary: 78k+
Visa: EP
Tax assessment: submitting two years

His only sibling here (with family ) with PR status for 3+ yrs.
We have been married for three years and no kids now.
Seems like you have a fair chance, salary is okay, you are both dictated and relatively young. Chances may improve if you have a child.

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