Singapore city is among the best places for wealthy people, and foreign investors, with a stable economy, political steadiness, and superior living standards. Any individuals who plan on migrating can consider taking up the Investment Visa that the Singapore government affords people a permanent residence. You will find everything you need to know about Singapore residency by investment and how to apply in 2024 here.
What is Singapore’s Investment Visa?
Singapore’s Investment Visa or the more formal term, Global Investor Program (GIP), is for any business-minded person, investor, or entrepreneur who wishes to invest in Singapore. This scheme allows potential immigrants, to become permanent residents of the country based on making a significant investment in the country’s economy.
The targets are those individuals who have already started doing business or who can bring millions of dollars into Singapore’s economy in one shot.
Eligibility Criteria for the Investment Visa
To apply for Singapore residency by investment through the GIP, you must meet specific criteria based on your business background and investment capabilities:
Established Business Owners
To qualify as a business owner:
- You are required to attest to a prior entrepreneurial or business experience of not less than 3 years.
- The company that you own should have had an average turnover of not less than 200 million SGD for the most current year and the average turnover should be 200 million SGD for the previous three years.
- If you have an interest in more than one company then you are allowed to compound your financial statements on condition that you have 30% or more shares in any of the companies you are interested in.
Next-Generation Business Owners
For next-generation business owners:
- You should be a shareholder of a business that meets the minimum turnover requirements outlined above.
- Your family’s business should be privately held, and you should hold at least 30% shareholding or be part of the management team.
Founders of Fast-Growing Companies
To qualify under this category:
- You must be the founder and majority shareholder of a company valued at least SGD 500 million.
- The company should have a proven track record of growth and innovation.
Investors
As an investor:
- You need a minimum of five years of investment experience and you need to have minimum assets of two hundred million Singapore Dollars under management. Of this, not less than 50 million Singapore dollars must be directed towards companies, whether in Singapore or internationally.
Investment Options
The second step when you qualify to participate is to determine which path to follow as an investor. The GIP offers two primary investment options:
Option A: Invest in a New or Existing Business
- You would be required to have at least SGD 2.5 million for a new business entity or to expand a business in Singapore.
- Specific businesses must be operated in one of the industries on the list of allowed ones, for instance, IT, healthcare, manufacturing, or finance industries.
Option B: Invest in a GIP-Approved Fund
- You may wish to invest SGD 2.5 million in an accredited fund that invests in Singapore’s emerging businesses. This is a good option for the ones who do not necessarily want to engage in a business but need a residency.
4. Application Process for the Investment Visa
The application process for Singapore residency by investment under the GIP involves several steps:
- Submit your application: After you have decided on your investment line of action, you will apply via the Economic Development Board (EDB).
- Interview: You may be called for an interview with EDB for you to explain your investment and business proposals.
- Approval-in-Principal PR: When your application is approved, you will be granted an Approval in Principle (AIP) PR status that is valid for up to half a year.
- Complete your investment: You have to finish your chosen investment within six months. After the investment is made you shall regain your PR status.
- Final PR formalization: Once you have made your investments, you will meet your PR formalization appointment with Singapore’s Immigration & Checkpoints Authority (ICA).
Benefits of Singapore Residency by Investment
Securing Singapore PR through investment offers numerous advantages, including:
- Residency for you and your family: You, your spouse, and dependent unmarried children under 21 years of age are included in the PR application.
- Tax benefits: Currently, Singapore has no CGT or IT and was ranked 2nd overall in our survey in terms of business tax.
- Access to healthcare and education: That means that as a PR, you and your family will be in a position to access some of the best healthcare and educational facilities in the world.
- Business opportunities: Singapore’s PR holders are allowed preference access to business chances and government rewards.
Conclusion
The Global Investor Program is a perfect route for getting Singapore residents for individuals and businesses who can invest in it. In other words, by becoming a permanent resident of Singapore by fulfilling the permitted criteria and investing a lot in the country, you will be able to access numerous opportunities to reside in the country. Singapore provides investors with access to a healthy supply of talent, resource connectivity, a stable environment within which to operate a business, and, of course, the highest quality of life in Southeast Asia.
To learn more about how to apply for the GIP and read on latest news on the GIP, it is recommended to contact Singapore EDB or a licensed immigration consultant.
