Singapore - The PR scheme looks totally redundant. In the past, the privilege was given to high flying professionals from other countries that are running a business or own a company where international mobility was
an issue due to the nature of their work. Furthermore the PR scheme works better in other countries due to their abundant space, natural resources ect.
an issue due to the nature of their work. Furthermore the PR scheme works better in other countries due to their abundant space, natural resources ect.
We have all seen the harmful effects of it the last few years, where foreigners accquire PR only to offroot to other countries. Anyone can see the harmful effects of the PR scheme in a small country like Singapore where citizens pay market prices for everything.
The following reasons support the idea
1) foreigners accquire assets like HDB all of a sudden, and sell it off at profit leaving the country with a truckload of cash.
2) accquire the red passport which allow them to travel to other countries to look for better opportunities
3) lack of any real taxation to support the economy , as Singapore does not have the western style taxation.
4) CPF can be withdrawn by PR making a mockery of the system while locals get annuity payouts upoun retirement age
5) drive down wages and drive up HDB prices in a free market making it hard for locals who have a 30 year old mortgage loan. The locals do not gain anything out of this but burdened with high cost of living.
6) PR residents easily leave after their children reach NS serving age thus not contributing to national security.
As u can see here, the alternative is to offer direct citizenship so that they will pay the market prices that locals pay. Its also a true test of singapore’s attractiveness to genuine foreign immigrants and a sure way that they will give back what they gained from Singapore Right now, there us a serious market failure in Singapore because of the liberal immigration policies which results in exploitation.Afterall our very own forefathers came to Singapore to settle down without any PR or Citizen scheme offered to them . - temasekreview
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