Selective investor

SGGP 12/03/2023 06:14

According to the Singapore Economic Development Board (EDB), from March 15th onwards, Singapore will tighten regulations on granting permanent residency (PR) to foreign investors in order to support domestic startups, create more jobs for citizens, and improve the quality of investors coming to Singapore.

Singapore will tighten regulations on granting permanent resident (PR) status to foreign investors.

Accordingly, the Global Investor Program (GIP), implemented since 2004, which allows for the granting of permanent residency (PR) status to foreign individuals investing in the country, will be reformed.

From March 15th, those applying for PR status through investment in a new or existing business in Singapore will have to increase their investment to S$10 million (US$7.4 million); those applying through a GIP fund will need S$25 million (US$18.53 million); and those applying through a family office will maintain the S$200 million (US$148.2 million) threshold of assets under management.

Therefore, investors wishing to obtain Singapore permanent residency through the GIP program will have to pay four times more than under the current policy. In addition, investors must also meet requirements for recruiting new employees.

According to Singapore's Ministry of Trade and Industry , Singapore's GIP program attracted a total of SGD 5.46 billion (USD 4 billion) in direct investment between 2011 and 2022, creating over 24,000 jobs. In the three years from 2020 to 2022, Singapore granted permanent residency (PR) status to approximately 200 foreign investors. The Singaporean government hopes that the new updates to the GIP program will continue to position Singapore at the forefront in attracting high-quality global investors seeking to capitalize on Singapore's stable economic and political environment and growth opportunities in Southeast Asia.

Experts believe that, in addition to attracting more investment capital, the presence of high-quality investors and their teams will further energize the venture capital landscape in Singapore. The enhanced criteria in the GIP program may deter some investors seeking residency in Singapore through the "golden visa" pathway, as in other countries. However, this is precisely what the Singaporean government aims for, focusing its attention on those with the clear potential to contribute economically to Singapore.

Source: https://www.sggp.org.vn/chon-loc-nha-dau-tu-post681693.html