Investing your way to a Singapore Permanent Residency: The Singapore Global Investor Programme 2020
Inbound investments to Singapore are a mainstay of the country’s economy. To attract such investments, Singapore is renowned for its safety, attractive tax incentives, modern infrastructure and business-friendly policies. As a result, the Singapore Permanent Residency (“PR”) is highly valued among foreigners looking to stay in Singapore for the long-term.
If you are a serious investor seeking to obtain a Singapore PR and take advantage of Singapore’s business-friendly policies for your assets and investments, the Global Investor Programme (“GIP Scheme”) is an ideal option in acquiring PR status and securing your relocation to the city-state.
We summarise the key requirements and options under the GIP Scheme below.
What are the requirements?
There are specific sets of criteria to be eligible for the GIP Scheme:
|Profile||Established Business Owners||Next Generation Business Owners||Founders of Fast Growth Companies||Family Office Principals|
|List of industries (‘Annex B industries’):|
Aerospace Engineering, Alternative Energy/Clean Technology, Automotive, Chemicals, Consumer Business (e.g. flavours and fragrances, food ingredients, nutrition, home and personal care), Electronics, Energy, Engineering Services, Healthcare, Infocomm Products & Services, Logistics & Supply Chain Management, Marine & Offshore Engineering, Media & Entertainment, Medical Technology, Nanotechnology, Natural Resources (e.g. metals, mining, agri-commodities), Safety & Security, Space, Shipping, Pharmaceuticals & Biotechnology, Precision Engineering, Professional Services e.g. consulting, design, Arts Businesses (visual arts business/performing arts business), Sports Businesses, Family Office & Financial Services.
|Investment Options||Option A or B or C||Option C|
Source: EDB Singapore
What are the investment options?
Depending on which profile criteria you fulfil, the following investment options will be available in the scheme:
- Option A: Invest SGD2.5 million in a new business entity or in the expansion of an existing business operation.
- Applicants who invest under this option must submit a detailed five-year business or investment plan with projected employment, expenditure and financial projections that will incur in the Option A company; and
- You should have at least 30% shareholding in the Option A company and must be part of the management team of the company, and
- The Option A company must be engaged in one of the of the industries in the list of Annex B industries as stipulated above.
- Option B: Invest SGD2.5 million in a GIP fund that invests in Singapore-based companies.
- Applicants who apply for Option B will be assessed based on their future business or investment plans in Singapore. Specific details of proposed business activities, creation of local jobs and amount of investment are among the factors considered in the assessment.
- Option C: Invest SGD2.5 million in a new or existing Singapore-based single family office having Assets-Under-Management of at least SGD 200 million.
- Applicants who invest under this option must submit a detailed five-year business or investment plan with projected employment, expenditure and financial projections. The functions of the single family office, your role in the office, the proposed investment sectors, types of assets and geographical focus are among the factors considered in the assessment of your business or investment plan.
Please note that for all the options, you will be required to make the investment within six months of receiving your Approval-in-Principle PR status.
If you are eligible for the scheme and willing to invest, ZICO law can provide services to assist you through the application process of the GIP Scheme and direct you on a clear path to getting your Singapore PR as quickly as possible.
If you have any questions or require any additional information, please contact Ryan Lin or the ZICO Insights Law LLC partner you usually deal with.
This alert is for general information only and is not a substitute for legal advice.