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Backstop to PEP 6 mo. Jobless Period (LTVP? Other?)

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budfox
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Backstop to PEP 6 mo. Jobless Period (LTVP? Other?)

Postby budfox » Sat, 17 Mar 2012 2:17 am

Hello, I'm new to the forum's here. I am in early 30s working in a front office corporate finance role at a major us bank.

For personal and professional reasons - wife (non PR/SC) wanting to be closer to parents who are PRs and professional reasons - we are considering moving to Singapore. So, I applied for a PEP, and am awaiting response from the government.

My concern is that the PEP only gives a 6 month window of securing a job. It may be some time before financial institutions are hiring and can absorb the capacity that has already been let go.

I read about the "financial" LTVP scheme whereby an individual qualifies by assets and a home. I could potentially meet all of the above criteria, if I were to invest in a home in Singapore, except for age! Is anyone aware of any instances where the pass was granted to someone below the age threshold, but met all others?

What other alternatives are there to backstop the 6 month interim time limit for securing a job? I would hate to have to leave after just getting the family settled down in the event nothing pans out in that amount of time.

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zzm9980
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Postby zzm9980 » Sat, 17 Mar 2012 10:00 am

Well the financial LTVP scheme is specifically targeted at retirees; so no, probably no loop hole there.

Your other options are Global Investor or Financial Investor PRs, but the cash outlays are significantly higher than those for the retiree LTVP.


Here is a link:
http://www...com/immigration-work- ... e-schemes/

I would highly suggest using the above as only the loosest of guidelines. If you think you qualify, immediately look up the details on the ICA/MOM website for more details. That link was just the first hit on Google; I have no idea if it is a snake-oil firm looking to milk you for money or not.

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Postby budfox » Tue, 10 Apr 2012 3:54 am

thanks - looks like there's some urgency to get employed!

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Postby jimmybb » Thu, 03 May 2012 11:20 am

hi, have a relevant question so posting here rather than starting a new topic...

I am a bit confused between the maximum unemployment periods impact on PEP validity.

The MOM states that the PEP is valid for 5yrs and that the maximum unempolyment period "cannot exceed 6 continuous months".

Am I correct in understanding that this means -

1) The PEP is still valid as long as you leave the country for a period and return at some later date within those 5yrs (thereby not exceeding the 6 continuous months)

2) if the above is correct, then their is no need for another visa. If not, one would need to get a visa on arrival as you enter the country.

Thanks for the clarification.

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BillyB
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Re: Backstop to PEP 6 mo. Jobless Period (LTVP? Other?)

Postby BillyB » Thu, 03 May 2012 11:30 am

budfox wrote:Hello, I'm new to the forum's here. I am in early 30s working in a front office corporate finance role at a major us bank.

For personal and professional reasons - wife (non PR/SC) wanting to be closer to parents who are PRs and professional reasons - we are considering moving to Singapore. So, I applied for a PEP, and am awaiting response from the government.

My concern is that the PEP only gives a 6 month window of securing a job. It may be some time before financial institutions are hiring and can absorb the capacity that has already been let go.

I read about the "financial" LTVP scheme whereby an individual qualifies by assets and a home. I could potentially meet all of the above criteria, if I were to invest in a home in Singapore, except for age! Is anyone aware of any instances where the pass was granted to someone below the age threshold, but met all others?

What other alternatives are there to backstop the 6 month interim time limit for securing a job? I would hate to have to leave after just getting the family settled down in the event nothing pans out in that amount of time.


Why don't you enter Singapore on a 3 month tourist visa, get a few feelers out, see if you like the place, and then apply for your PEP?

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BillyB
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Postby BillyB » Thu, 03 May 2012 11:33 am

jimmybb wrote:hi, have a relevant question so posting here rather than starting a new topic...

I am a bit confused between the maximum unemployment periods impact on PEP validity.

The MOM states that the PEP is valid for 5yrs and that the maximum unempolyment period "cannot exceed 6 continuous months".

Am I correct in understanding that this means -

1) The PEP is still valid as long as you leave the country for a period and return at some later date within those 5yrs (thereby not exceeding the 6 continuous months)

2) if the above is correct, then their is no need for another visa. If not, one would need to get a visa on arrival as you enter the country.

Thanks for the clarification.


Yes, and yes - your PEP is your entry visa.

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Postby jimmybb » Thu, 03 May 2012 11:54 am

perfect thanks.

I guess the only issue would be - if you are unemployed 6m then left the country & came back after lets say 2-3m (while still being unemployed).

Since your over the 6 continious months of unemployment, the PEP would still be valid however you would need a different visa (tourist/short term/long term) to remain in the country?

I called the hotline but the lines are always jammed and when i do reach someone they were not sure.

thanks again

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BillyB
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Postby BillyB » Thu, 03 May 2012 11:57 am

jimmybb wrote:perfect thanks.

I guess the only issue would be - if you are unemployed 6m then left the country & came back after lets say 2-3m (while still being unemployed).

Since your over the 6 continious months of unemployment, the PEP would still be valid however you would need a different visa (tourist/short term/long term) to remain in the country?

I called the hotline but the lines are always jammed and when i do reach someone they were not sure.

thanks again


No, the PEP is no longer valid in that situation. Its 6 continuous months (regardless where you live) and then its forfeited. It's not intended to be a visa of convenience - it's geared to help people move freely in Singapore across different industries and have the flexibility to not be tied to one employer.

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Postby sundaymorningstaple » Thu, 03 May 2012 12:23 pm

Once the PEP exceeds 6 months of continuous unemployment, the PEP is no longer valid. It is valid up to a maximum of 5 years. If you haven't taken up PR by that time, you will then have to qualify for an EP. The PEP is a once only Pass that expires EITHER after 5 years OR 6 months of continuous unemployment - provided which you show income of at least $34K/year.

Additionally, the longer you wait to take up a position, the more harm you do to yourself as the employers already know that you only need 34K/annum to keep the PEP. This means while you might LIKE to receive 8K/or more, the employer will know that the longer you are out of work, the less they have to offer you in order for you to not lose the PEP totally. So, in reality the PEP is a double edged sword which will cut you badly if you try to abuse it.


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