Permanent Residency Scheme for Investors
Foreign entrepreneurs and investors who are interested in starting or investing in a business in Singapore and looking to settle here permanently can make use of the Global Investor Programme (GIP) to acquire a Permanent Residency (PR).
The GIP is aimed at attracting high net worth individuals with entrepreneurial experience into the country to boost the economy and encourage innovative ideas. This article will give a brief overview of the eligibility and minimum investment requirements required for foreign entrepreneurs under this scheme to get a PR.
To be eligible to apply for the Singapore PR status through the GIP, you need to fall under either of the following categories:
- Established Business Owners – Such applicants are required to have minimum 3 years of entrepreneurial experience with an annual turnover of at least $200 million in the year immediately preceding his/her application.
- Next Generation Business Owner – Such applicants are required to have minimum 30% of shareholding under the immediate family with an annual turnover of at least $500 million in the year immediately preceding his/her application.
- Founders of Fast Growth Companies – Such applicants must be a founder and one of the largest individual shareholders of the companies with a valuation pf at least $500 million.
- Family Office Principals – Such applicants must have a minimum of 5 years’ entrepreneurial experience and net investible assets of at least $200 million.
The Global Investment Programme has set the following investment options for applicants when applying for a PR:
- Invest a minimum of $2.5 million in a new business entity or in the expansion of an existing business operation.
- Applicants must submit a 5-year business plan to assess the feasibility, growth, and job creation potential of the company.
- Invest a minimum of $2.5 million in a GIP-approved fund that invests in Singapore-based companies.
Applicants will be assessed based on their future business or investment plans in Singapore.
Applicants looking to apply for PR under GIP can invest in the following industries (as of April 2020):
- Aerospace Engineering
- Alternative Energy/ Clean Technology
- Consumer Business (e.g. flavours and fragrances, food ingredients, nutrition, home and personal care)
- Engineering Services
- Infocomm Products & Services
- Logistics & Supply Chain Management
- Marine & Offshore Engineering
- Media & Entertainment
- Medical Technology
- Natural Resources (e.g. metals, mining, agri-commodities)
- Safety & Security
- Pharmaceuticals & Biotechnology
- Precision Engineering
- Professional Services e.g. consulting, design
- Arts Businesses
- Visual arts businesses, e.g. auction houses, art logistics/storage
- Performing arts businesses
- Sports Businesses
- Family Office & Financial Services
Foreign investors may also apply for a PR for their family members under the GIP, in line with the following criteria:
- Spouse and children (below the age of 21 years) can apply for PR under the GIP, along with the main applicant.
- Parents and unmarried children above the age of 21 years are eligible for the Long-Term Visit Pass alone. This is valid for a period of up to 2 years.
Re-Entry Permits (REP) are issued to successful PR holders under the GIP. This allows the applicant who travel out of the country frequently to retain their PR status. The REP can be renewed for a period of 3-5 years depending on requirements outlined here.
For a detailed guide of the Global Investor Programme click HERE
The Global Investor Programme has paved the way for numerous investors looking for a way to permanently settle in Singapore. With a successful business track record as well as a clear business plan for investment, the GIP can help you and your family members attain that well-deserved Permanent Residency.
All materials have been prepared for general information purposes only. The information presented in this document is not legal advice, is not to be acted on as such, may not be current and is subject to change without notice. Professional advisory should be sought before taking or refraining from any action as a result of the contents of this document.