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According to the Singapore Economic Development Board (EDB), from March 15, Singapore will tighten regulations on granting permanent residency (PR) cards to foreign investors to support domestic startups, create more jobs for people and improve the quality of investors coming to Singapore.
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| Singapore to tighten rules on granting permanent residency (PR) to foreign investors |
Accordingly, the Global Investor Program (GIP), implemented since 2004, which allows granting PR status to foreign individuals who invest, will be reformed.
From March 15, those applying for PR status through investment in a new or existing business in Singapore will have to increase their investment to SGD 10 million (USD 7.4 million); those applying for PR through a GIP fund will need to have SGD 25 million (USD 18.53 million); and those applying for family office status will still have to maintain SGD 200 million (USD 148.2 million) in assets under management.
Thus, investors who wish to obtain Singapore permanent residency through the GIP program will have to pay four times more than the current policy. In addition, investors must also meet the requirements for recruiting new workers.
According to the Ministry of Trade and Industry of Singapore, Singapore's GIP program has attracted a total of SGD 5.46 billion (US$ 4 billion) in direct investment into the country during 2011-2022, creating more than 24,000 jobs. In the three years from 2020-2022, Singapore has granted PR status to about 200 foreign investors. The Singapore government hopes that the new updates to the GIP program will continue to put Singapore at the forefront of attracting high-quality global investors who want to take advantage of Singapore's stable economic and political environment and growth opportunities in the Southeast Asian region.
Experts say that, in addition to the ability to bring in more investment capital, the presence of high-quality investors and their teams will add to the vibrancy of Singapore’s venture capital scene. The enhanced criteria in the GIP program may deter some investors who are seeking residency in Singapore through the “golden visa” route that other countries have. But that is exactly what the Singapore government wants, as it wants to focus its attention on those with the potential to make a clear economic contribution to Singapore.
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