Singapore PRs can buy HDB resale flats (not new Build-to-Order flats which are for citizens). You must wait 3 years after getting PR before buying an HDB resale flat. CPF Ordinary Account savings can be used for the purchase.
Banking in Singapore on a Permanent Resident (PR)
Singapore PR gives you access to CPF contributions, government housing schemes (HDB), and all financial products. Open a CPF account (automatically created) and a full-feature bank account immediately.
Best Banks for Permanent Resident (PR) Holders
| Bank | Type | Key Benefit | Fee |
|---|---|---|---|
| DBS | Multiplier | CPF credit unlocks 3.5%+ interest | 0 SGD |
| OCBC | 360 Account | High interest with salary credit | 0 SGD |
| Standard Chartered | Bonus Saver | Best rates with salary + spend | 0 SGD |
| Tiger Brokers | Investment | Low-cost SGX and US equities | 0 SGD |
Taxes for Permanent Resident (PR) Holders in Singapore
Singapore PR holders pay personal income tax at progressive rates. You also contribute to CPF which reduces take-home pay but builds a tax-free retirement fund.
| Income Band | Tax Rate |
|---|---|
| SGD 0-20,000 | 0% |
| SGD 20,001-30,000 | 2% |
| SGD 30,001-40,000 | 3.5% |
| SGD 40,001-80,000 | 7-11.5% |
| SGD 80,001-320,000 | 15-22% |
Sending Money Home from Singapore
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Singapore PRs with financial ties overseas benefit from excellent transfer infrastructure. Singapore is one of the world's cheapest places to send international transfers.
| Service | Rate | Fee | Speed |
|---|---|---|---|
| Wise | Mid-market | 0.4-1.5% | 1-2 days |
| InstaReM | Near mid-market | 0.5-1% | 1-2 days |
| DBS Remit | Near mid-market | 0-5 SGD | 1-2 days |
| Bank Wire | 2-3% markup | 15-25 SGD | 3-5 days |
Cost of Living in Singapore on a Permanent Resident (PR)
Singapore PR holders can buy HDB resale flats (subsidised) which is the most significant financial advantage over Employment Pass holders:
| Expense | Central | East/West | North/North-East |
|---|---|---|---|
| HDB 4-room resale price | 500-700k SGD | 420-580k SGD | 380-520k SGD |
| Private condo 2-bed rent | 4,000-6,000 SGD/mo | 3,000-4,500 SGD/mo | 2,800-3,800 SGD/mo |
| CPF contribution (employer+employee) | 37% of salary | 37% of salary | 37% of salary |
| Monthly living (excl. housing) | 2,500-4,000 SGD | 2,500-4,000 SGD | 2,200-3,500 SGD |
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Download FreeFrequently Asked Questions
Can Singapore PRs buy HDB flats?
Singapore PRs can buy HDB resale flats (not new Build-to-Order flats which are for citizens). You must wait 3 years after getting PR before buying an HDB resale flat. CPF Ordinary Account savings can be used for the purchase.
How much CPF do Singapore PRs contribute?
For those under 55, employees contribute 20% of salary and employers contribute 17%, totalling 37%. CPF is split between Ordinary Account (2.5% interest, for housing), Special Account (4%, for retirement), and Medisave (4%, for healthcare).
Do Singapore PRs pay tax on overseas income?
No. Singapore taxes income on a territorial basis. Income earned outside Singapore is generally not taxable in Singapore, making it attractive for PRs with overseas business interests.
How long can a Singapore PR stay outside Singapore?
Singapore PR holders must renew their Re-Entry Permit every 5 years. If you spend extended periods outside Singapore, your PR renewal may be at risk. Maintaining genuine residential and economic ties is important.