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Singapore is widely recognized as a global business hub because of its business-friendly legislation, attractive tax regime, and political stability. In addition to its favorable immigration policies, Singapore attracts foreign professionals from all over the world and its numerous programs grant permanent residency to foreign talent and their families. Singapore offers a Global Investor Programme for foreign investors.
An investor or entrepreneur who meets the minimum requirements may apply for the Global Investor Program (GIP), sometimes known as the Singapore Investment Visa. This is a scheme that awards permanent residency status to the qualifying applicants based on their investment plan and work background in the entrepreneurial or investment sector.
Global Investor Program is the only program in Singapore's immigration landscape that allows a foreigner who has never worked or lived in Singapore to apply and get permanent residency status.
Contact Singapore, a Singapore Economic Development Board division, administers the GIP, which was introduced in 2004 to attract, work, and live in Singapore for international investors.
Government authorities updated the Global Investor Programme eligibility in 2019. This was done to accommodate the emerging industries and the startup scene.
The GIP program now has two aspects ;
Qualifying Criteria – A person must satisfy in order to be eligible for applying to the GIP.
Commitment Criteria – A person must invest (2.5 Million SGD) in specific types of companies, funds or schemes to get PR status.
As you can see, Singapore Global Investor Program is not an investment visa scheme really, as it has stringent qualifying conditions. At best, it can be called an entrepreneur Investor scheme of obtaining permanent residency.
In order to be eligible to apply for the GIP visa, a person must satisfy the requirements specified under one of the categories below.
Next-generation business owners refer to those people whose parents or grandparents started a business and grew it to a sizable level. So this scheme attracts such next-generation scions of family businesses. To qualify under this category, they must ;
Applicants who meet the criteria of one of the four categories described above then must choose from three investment options in Singapore to obtain the PR.
In order to qualify for the GIP, the qualifying business must be in one of the following industries:
Foreign investors must comply with the following steps to obtain GIP approval and PR status as soon as they determine whether they fall into one of the four groups of investors.
In order to submit application forms, a non-refundable fee of S$10,000 is required. Any transaction fees must be paid by the applicant. Typical documents those need to be submitted are ;
Additionally, the following documents are required to prove the qualification for applying to the GIP program
EDB will interview you after you submit your application.
Upon passing the interview and meeting the assessment criteria, the Immigration and Checkpoints Authority (ICA) will issue you an Approval-in-Principle (AIP) status. This is an indication that you have qualified for the GIP Program, and now you can proceed to make the required investment.
Within six months of receiving the AIP letter, you must make the necessary investment under the selected investment option from your personal bank account in your sole name, opened in a Singapore-registered bank.
You should provide evidence of the investment (e.g. a certified true copy of the share certificate, bank statement, and other relevant documents) to the EDB upon making the investment.
After the EDB has verified the investment documents, ICA will issue a letter of final approval of your PR status. You should formalize your PR status as soon as possible. Permanent Residence status within 12 months from the date of the final approval letter.
In most cases, the application process takes between six and eight months to complete. As soon as you make the investment, complete all the formalities, and receive your PR identity card, you will be able to enjoy most of the benefits available to Singaporeans. The benefits include visa-free residence in the country, tax relief, reduced stamp duty on real estate purchases, reduced medical expenses, priority access to government-supported infant care facilities, and government-run primary and secondary schools for your children, as well as many other benefits.
You will receive a Re-Entry Permit (REP) after the formalisation of your PR. It is possible to keep your PR status even when you are outside of Singapore with the REP. In order to renew the Re-Entry Permit and your PR status, you must meet the Re-Entry Permit Renewal Conditions by the fifth year of your PR status.
A successful application under any of the above options will entitle the applicant and his or her family members to Permanent Residency in Singapore.
Thus, your spouse and unmarried children aged younger than 21 years old can apply for PR under your GIP application. Note that male children who obtain PR by virtue of being your dependant will be liable for national service. Please visit the Central Manpower Base website for more information on national service in Singapore.
However, your parents and unmarried children 21 or older are not permitted to apply for PR under your GIP application. Instead, they can apply for a 5-year Long Term Visit Pass (LTVP), which is tied to the validity of your REP. Please refer to Singapore Immigration and Checkpoints Authority website for more details on LTVP.
The Global Investor Programme may be of interest to you if you are a high-net-worth investor who wishes to start or relocate a business in Singapore. High net-worth individuals and business owners who meet certain criteria can apply for Permanent Resident status under the GIP. Demonstrate a plan for bringing capital into the Singapore economy as well as creating employment opportunities for Singaporeans while driving your business growth here.
As you can see, the paperwork involved in the application for Global Investor Programme Singapore is quite detailed and extensive. So you should always use a competent agency to manage this process for you.
To qualify, you must invest 2.5 million SGD. However, the investment alone is not enough. You must also meet the qualifying criteria.
A list of EDB-approved funds can be found on the EDB website if you are planning to invest in such funds.
An "Preferred Provider" rating is awarded to funds that meet the rating benchmark. After the GIP Fund application exercise concluded in August 2019, two funds have been rated as "Preferred Providers" and are eligible to participate in the program.
For approved GIP funds to remain in compliance with EDB's requirements during their fund raising period, Mercer must conduct on-going surveillance.
It is not possible to obtain citizenship by investment in Singapore. Singapore PR can be obtained through the GIP scheme, and you must wait for 2 years before applying for citizenship. Generally, it will take 4-6 years to become a Singaporean.
Yes. The 2nd generation male child is not exempt from NS even if he receives PR status under the Global Investor Program.
validity period is 5 years
Before you are able to renew your PR for another five years, you need to be able to meet certain business milestones. The approval is given only on completion of those milestones.
No. The investment must be in the approved funds on companies.