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With a permanent settlement permit, you are allowed to live and work in Germany indefinitely.
The following pre-requisites, among others, must be fulfilled:
5 years of employment in Germany
60 months of contributions to the German pension scheme or a comparable pension scheme
sufficient German skills (B1)
no criminal record
Other rules apply for: recognised asylum seekers and refugees, foreign graduates of German institutions of higher education, family members of Germans, individuals with an EU blue card, children (from 16 years old) and self-employed persons.