Is it a good time to apply for the Singapore Permanent Residency (PR) application?
In 2023, Singapore’s population is estimated to be around 5.7 million. Growth has been slow, and the population has yet to return to pre-pandemic levels, having decreased by a quarter of a million people between 2019 and 2021 due to the economic impact on migration. Singapore’s population is ageing, with the number of people aged 65 and older growing each year. The median age of Singaporeans has risen sharply, from 34.1 years in 2000 to an estimated 42.4 years in 2020, and is projected to reach around 55 years by mid-century.
Currently, most Singaporeans are between 25 and 60 years old. However, improvements in healthcare and one of the world’s highest life expectancies are expected to shift this majority towards the elderly population. Additionally, with one of the lowest fertility rates globally, well below the replacement level, Singapore’s population is not only ageing but also experiencing a negative rate of natural increase (population growth excluding migration). This trend may have economic implications, such as slower GDP growth and a higher old-age dependency ratio.
To keep Singapore’s citizen population from shrinking, Singapore will need 15,000 to 25,000 new citizens each year assuming the current total fertility rate (TFR) of 1.2.
About 30,000 new Permanent Residents (PR) is needed to keep the PR population stable at 500,000 to 600,000.
Hence, it’s actually one of the best time to apply with the current low birth rate and ageing population. There’s never a perfect time to apply, but it’s best to apply as soon as possible.
