Singapore is one of the best countries in the world with excellent quality of life, powerful passport, and attractive tax regime and a preferred destination for the HNW investors.
Singapore has one of 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.
- Singapore is one of richest countries in the world.
- Singapore also has the world’s most powerful passport (no. 1) in 2019 having the most visa free access to world countries.
- Singapore is the best country in Asia – and third in the world – to work in, and the best country in Asia in terms of quality of life.
- Singapore’s has strong economy, high level of human development and peacefulness.
- Singapore’s strategic location is one of the key factors that makes it an ideal destination for conducting business.
- Singapore’s proximity to mainland china, makes it easy for rich chinese investors to travel back and forth for business.
- Singapore has visa free access to 189 countries in the world including United States, Canada, China, Europe, United Kingdom etc.
Singapore Global Investor Program (SGIP)
The Singapore Global Investor Program (GIP) is a 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$2.5 million (US$ 1.8m) in Singapore-registered companies or GIP funds that in-turn invest in Singapore companies.
Under GIP, these are the following investment conditions:
- Invest at least S$2.5 million ($1.8m) in a new business entity or in the expansion of an existing business operation. (or) at least S$2.5 million ($1.8m) in a GIP fund that invests in Singapore based companies.
- Must have a minimum of three-year entrepreneurial and business track record
- Company must have a turnover of at least S$50 million in the year immediately preceding the application date and an average turnover of S$50 million per annum
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.
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.
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
(e) Consumer Business (e.g. flavours and fragrances, food ingredients, nutrition, home and personal care)
(h) Engineering Services
|(j) Infocomm Products & Services|
(k) Logistics & Supply Chain Management
l) Marine & Offshore Engineering
(m)Media & Entertainment
(n) Medical Technology
(p) Natural Resources (e.g. metals, mining, agri-commodities)
(q) Safety & Security
(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
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.
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.
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.