As part of its strategic goals, the Singaporean government actively seeks to attract talented individuals to reside and work in the country, ultimately encouraging them to become permanent residents. The Singapore Global Investor Program (SGIP) is specifically crafted for affluent and experienced foreign entrepreneurs, business proprietors, and managers looking to establish businesses or invest in Singapore with the aim of making the country their permanent home. Successful applicants can obtain Singaporean permanent residence status within a period ranging from nine to twelve months.
Advantages of Singaporean Residency through Investment
– Political, social, and economic stability
– High standard of living with a focus on safety
– World-class education, healthcare, and transportation infrastructure
– Recognized as a leading international financial center
– State-of-the-art business facilities and telecommunications
– Multicultural environment
– Favorable tax laws
Singapore stands out as a premier destination with a diverse and harmonious community of 6 million people, primarily communicating in English and Mandarin. Residing in Singapore offers the benefits of political stability, economic prosperity, and access to a reputable education system and reliable healthcare services.
The country’s friendly tax regime, continually favorable to foreign investors, operates on a territorial basis.
Requirements of the Singapore Global Investor Program
The SGIP is open to established business owners, next-generation business owners, founders of fast-growing tech companies, and family office principals possessing substantial entrepreneurial, business, and management experience. Applicants may choose from the following investment options to secure Singaporean permanent residence:
Option A:
Invest SGD 10 million (including paid-up capital) into a new or existing business in Singapore and employ a minimum of 30 individuals. For re-entry permit renewal after the initial five-year period, at least half of the employees must be Singaporean citizens, with 10 as new hires if the business existed previously.
Option B:
Invest SGD 25 million in a fund approved by the Singapore Economic Development Board that supports Singapore-based companies.
Option C:
Establish a Singapore-based single family office with assets under management of at least SGD 200 million. Maintain at least SGD 50 million throughout the five-year residence period in specific investment categories, such as companies listed on Singapore-licensed exchanges, qualifying debt securities, funds distributed by Singapore-licensed or -registered managers, and private equity injections into non-listed Singapore-based businesses. To qualify for re-entry permit renewal under Option C, hire at least five incremental family office professionals by the end of the five-year period, with at least three being Singaporean citizens.
Procedures and Time Frame for Singaporean Residency through Investment
The process of obtaining permanent residence under the SGIP spans nine to twelve months. Applicants must submit a personal profile and a proposed investment plan through an e-application form, along with supporting documentation in hard copy. An interview is mandatory after the application submission. Upon meeting all criteria, the Immigration and Checkpoints Authority of Singapore issues an approval in principle, valid for six months. During this period, successful applicants must make the necessary investment under the chosen option and formalize their permanent residence status within a year of receiving the final approval letter.
The investor’s spouse and children under 21 years old can apply for permanent residence under the investor’s application, while male dependents are subject to national service. Parents and unmarried children above 21 years old may apply for a five-year long-term visit pass but are not eligible for permanent residence status.
Re-entry Permit Validity
Upon formalizing their permanent residence status, investors receive a re-entry permit (REP) valid for five years, necessary for travel in and out of Singapore. It allows the investor to retain permanent residence status while outside the country. REP renewal requirements at the end of the fifth year vary based on business milestones, physical time spent in Singapore, or a combination of both.
Attaining Singaporean Citizenship
Singaporean citizenship can be applied for after two years of permanent residence. Singaporean passport holders enjoy the strongest travel document globally, providing visa-free or visa-on-arrival access to 193 destinations, including Europe’s Schengen Area, Canada, China, and the USA. Notably, Singapore strictly enforces the rule against dual citizenship, making it unsuitable for those seeking multiple citizenships and passports.
If you have any company-related queries, you may email us at [email protected]. When in doubt, seek legal advice or consult an experienced licensed Employment Agency with the Ministry of Manpower.
Yours Sincerely,
The editorial team at Singapore Employment Agency
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