Singapore Golden Visa

Singapore is one of the best countries in the world with great quality of life, powerful passport, and attractive tax regime and a preferred destination for the HNW investors. Singapore has the the best golden visa scheme in Asia officially known as Global Investor program (GIP). The scheme was launched in 2004 to attract investments to Singapore. GIP entitles Permanent Resident status (PR) to eligible global investors who intend to drive their businesses and investment growth from Singapore.

Why Singapore?

Richest countries in the world.
Best country in Asia – and third in the world – to work in, and the best country in Asia in terms of quality of life.
Financial capital of Asia – Strong economy, high level of human development and peacefulness.
Strategic location a major trade hub for business.
Proximity to mainland china, makes it easy for rich chinese investors to travel back and forth for business.
Top country to setup family offices.

Global Investor Program (GIP)

The Singapore Global Investor Program (GIP) is a direct permanent Residency scheme specially designed for wealthy investors who wish to relocate to Singapore. Under GIP, foreign nationals can acquire a Permanent Residency (PR) status by investing a minimum of S$10 million (US$ 7.5m) in Singapore-registered companies. Applicants are required to prove substantial business track record and successful entrepreneurial background to qualify. The GIP is administered by Contact Singapore, a division of the EDB that advises entrepreneurs and business owners who are interested in relocating to and investing in Singapore.

Eligible Investments

Under GIP, these are the following investment conditions:

Investment of minimally S$10 million in a new business entity or in the expansion of an existing business operation in Singapore.
Invest S$25 million in a GIP-select fund* that invests in Singapore-based companies.
Establish a Singapore-based Single-Family Office with Assets-Under-Management (AUM) of at least S$200 million, where minimally S$50 million must be transferred into Singapore and deployed in any of the 4 investment categories.

1.Established Business Owner

Demonstrate an investment of minimally S$10 million in a new business entity or in the expansion of an existing business operation in Singapore.

a) You must possess at least 3 years of entrepreneurial and business track record;
b) You should currently be running a company 1 with an annual turnover of at least S$200 million in the year immediately preceding your application, and at least S$200 million per annum on average for the three years immediately preceding your application;
c) If your company is privatelyheld , you should have at least 30% shareholding in the company; AND
d) Your company must be engaged in one or more of the industries listed in Annex

2.Next Generation Business owner

a) Your immediate family should have at least 30% shareholding or is the largest shareholder in the company you use to qualify;
b) This company’s annual turnover must be at least S$500 million in the year immediately preceding your application, and at least S$500 million per annum on average for the three years immediately preceding your application;
c) You must be part of the management team of the company (e.g. C-suite/Board of Directors); AND
d) Your company must be engaged in one or more of the industries listed in Annex .

3.Fastest Growing Company

a) You must be a founder and one of the largest individual shareholders of a non-publicly listed company with a valuation of at least S$500 million;
b) Your company must be invested into by reputable Venture Capital/Private Equity firms; AND
c) Your company must be engaged in one or more of the industries listed in Annex .

4.Family Offices

Entry Permits

Successful applicants will be issued a Re-Entry Permit (REP) valid for 5 years. The REP is a permit that allows you to maintain PR status when you are out of Singapore. This can be later extended to another three or five years. All applications for permanent residence are carefully considered and reviewed by ICA authority. The general processing time for each investor application is 9-12months. Some applications may take longer to process.

There is an application fee of S$7,000. If GIP application is approved, Approval-in-Principle (AIP) will be issued for permanent residence status by the Singapore Immigration & Checkpoints Authority (ICA), which is valid for 6 months. You will be required to make your investment within the 6-month period of your AIP PR status. The investment of S$2.5 million must be made from your personal bank account in sole name opened in a Singapore-registered bank in Singapore. Applicants will be required to demonstrate an investment of S$25 million in a GIP-select fund within the 6-month period of your AIP PR status. The investment must be made from your personal bank account in your sole name opened with a bank registered in Singapore.

Download

GIP Brochure – Download pdf

Application Steps

Step 1– Applicant submits completed GIP Application Forms (both online and hardcopy) to EDB
Step 2. Applicant is invited for an interview with EDB
Step 3. If Applicant meets the assessment criteria, the Immigration & Checkpoints Authority (ICA) will issue an Approval-in-Principle (AIP) status to the Applicant which is valid for 6 months.
Step 4. Applicant fulfills the investment condition under the selected investment option, within 6 months from the date of the AIP letter.
Step 5. Upon making the investment, Applicant provides evidence of the investments made (e.g. Certified true copy of share certificates, bank statements and other legal documents) and submits the Investment Undertaking on the Terms and Conditions of the investment made.
Step 6. Once investment documents are verified by EDB, ICA will issue the Final Approval letter (Option C applicants must demonstrate that minimally $50 million has been deployed into the stipulated investment categories no later than 12 months from the date of the Final Approval letter)
Step 7. Applicant must formalise his/her Permanent Residence status in Singapore within 12 months from the date of the Final Approval letter

Approved Investment Sectors

The GIP investments or funds can be invested in the following industries or sectors in Singapore:

(a) Aerospace Engineering(b) Alternative Energy/ Clean Technology(c) Automotive(d) Chemicals(e) Consumer Business (e.g. flavours and fragrances, food ingredients, nutrition, home and personal care)(f) Electronics(g) Energy(h) Engineering Services(i) Healthcare

(j) Infocomm Products & Services(k) Logistics & Supply Chain Managementl) Marine & Offshore Engineering(m)Media & Entertainment(n) Medical Technology(o) Nanotechnology(p) Natural Resources (e.g. metals, mining, agri-commodities)(q) Safety & Security(r) Space

(s) Shipping(t) Pharmaceuticals & Biotechnology(u) Precision Engineering(v) Professional Services e.g. consulting, design(w) Arts Businesses – Visual arts businesses, e.g. auction houses, art logistics/storage – Performing arts businesses(x) Sports Businesses(y) Family Office & Financial Services

GIIP Statistics

According to a statistics released by Ministry of Trade, between 2004 and 2017 (June), a total of 1,826 Global Investor Programme (GIP) applicants have been granted permanent residency. Of these PR status holders, 67 citizenships have been granted under this scheme (ages 25 to 58 years old). The GIP scheme received $1.8 billion in total business expenditure via direct investments, generating over 6,000 job opportunities in Singapore, One GIP investor had his PR status revoked upon review.

Background Checks

The Singapore Economic Development Board (EDB), a government agency under the Ministry of Trade and Industry, is responsible for strategies that enhance Singapore’s position as a global centre for business, innovation, and talent. Singapore tightened the assessment criteria for EDB’s Global Investor Programme to ensure foreigners accepted into this scheme are not involved in criminal embezzlement.

1. The assessment criteria for applicants under the Global Investor Programme was reviewed and tightened recently. Each applicant is required to submit supporting documents relating to his personal and business background that are certified by a notary public. The applicant is also required to furnish references from financial institutions and declare if he has any criminal conviction under the Immigration Act. Each applicant is required to make a statutory declaration that the information he has provided is true and accurate.

2. EDB would then verify the information provided by the applicant and forward particulars of the applicant to relevant government agencies for further screening. While every effort has been made to ensure that the assessment process is rigorous and comprehensive, it is not always possible for all dubious dealings to be detected at the point application, especially if they have not been surfaced yet. I would like to assure Members that EDB will continue to exercise due care and diligence in evaluating all applicants of the Global Investor Programme.

To qualify under the GIP, applicants may invest in a business, or in a GIP fund that invests in Singapore-based companies. Both options have safeguards to prevent abuse.

Each applicant is required to submit detailed plans and supporting documents to EDB.
EDB assesses the applicant’s track record, business and investment plans, and potential contribution to Singapore.
EDB also engages a risk assessment consultancy firm to undertake independent checks, and works with relevant agencies for security screening.
GIP investors undergo a fresh round of checks before their re-entry permits are renewed.
In addition, GIP funds are carefully assessed by an independent rating agency and a fund selection panel. All GIP fund managers must be incorporated and based in Singapore, and be regulated by MAS. Investors of GIP funds are subject to the relevant safeguards under MAS’s regulatory regime for fund management companies.

Singapore Citizenship

A Singapore PR above 21 years old with at least two years of permanent residence may wish to apply for Singapore citizenship. The Government capped the total number of citizenships granted each year at 25,000. It is important to note that Singapore prohibits dual citizenship and dual nationals must carefully consider these issues before investing and taking up citizenship in Singapore.

Note on National Military Service: Under the Enlistment Act, all male Singapore Citizens and PRs are required to register for drafting at age 16½. They have to serve two years of full-time NS at 18 years old, followed by 40 days of Operationally Ready NS every year until age 50 (for officers) or 40 (for other ranks). Not fulfilling the NS requirement would adversely impact your Singapore citizenship or PR status, as well as current or future applications to work or study in Singapore.