Singapore has significantly raised the threshold for ultra-wealthy individuals seeking permanent residency in the city-state either as business owners or investors.
In an effort to support local startups and create more jobs for its citizens, the Singapore Economic Development Board (EDB) announced a significantly higher threshold for its Global Investor Programme (GIP) which was first introduced in 2004.
Previously, GIP required a S$2.5 million ($1.9 million) investment in a business entity, fund or Singapore-based single family office as part of a path to permanent residency.
Business Entity
For those seeking residency by opening a business, they will now need to demonstrate an investment of at least S$10 million.
To be eligible for the «Re-entry Permit Renewal» after the initial five-year period, the business must hire at least 30 employees, including 15 Singaporean citizens and 10 new employees.
GIP Fund
For those seeking residency via investments, they are now required to invest S$25 million in a GIP-select fund and maintain the investment.
Family Office
For those pursuing the family office option, they will continue to need assets under management of at least S$200 million. Originally, at least S$50 million must be held in Singapore but under the new rules, the same amount must be deployed in four categories: companies listed on exchanges licensed by the local regulator, qualifying debt securities, Singapore-licensed funds and private equity in non-listed Singapore-based businesses.
«Many jurisdictions around the world are competing to attract high-caliber business owners and owners of capital. EDB is making these changes to selectively attract individuals with the ability to make more economic impact for Singapore, and the affinity to be more rooted to Singapore,» the EDB said.
The changes take effect from March 15.
