4U 1556-60 as a very faint neutron star X-ray binary at 700 pc with an undetected radio jet
4U 1556-60 is a low-mass X-ray binary that was discovered more than 50 years ago as a persistent X-ray source; however, very little was known about it. Recently, Gaia obtained a parallax for the optical counterpart that places 4U 1556-60 at a distance of only about 700 pc, making it one of the closest X-ray binaries known to date. This close distance drastically alters what was previously assumed about the source. We revisit 4U 1556-60 in light of the newly determined distance of 700 pc, reinterpreting its literature and presenting new X-ray and radio observations to better understand various characteristics of the system. We conclude that a scenario in which 4U 1556-60 is a candidate ultracompact neutron star X-ray binary at a distance of ~700 pc is able to explain the observed properties of the source. It resides at a persistent X-ray luminosity of ~2x10^34 erg/s, an unusual value for a typical X-ray binary, but similar to several ultracompact systems. The ratio of the X-ray to optical luminosity is very high, also suggesting a physically small accretion disk. The radio jet is undetected with a very deep upper limit of 3x10^25 erg/s, which is about 10^3 times fainter than the expected black hole jet correlation, strongly indicating a neutron star accretor. The X-ray spectrum is dominated by a power law, and the X-ray timing properties are also consistent with observations of other very low accretion rate X-ray binaries. No spin or orbital periodicity are found in the X-ray data. Future observations, especially to determine its orbital period, will further aid in understanding 4U 1556-60.