singaporeAs an economic powerhouse, the island nation of Singapore has a long history of attracting foreign investment from individuals who wish to diversify and increase their investment portfolio or who wish to live in an exceptionally business-friendly country. Singapore offers numerous financial and economic advantages which include an easy process for establishing a business as well as open and competitive trade policies. Singapore has created multiple investment-based immigration options which are described below.
Global Investor Program (GIP)
In order to continue Singapore’s economic success and growth, the country’s Economic Development Board and Ministry of Manpower created the GIP to allow foreign nationals to invest in or create a new business in Singapore.
The first option under the GIP requires the foreign national to invest a minimum of $2.5 million SGD into a new business or into a project to expand an existing business in an approved industry sector. Approved sectors include aerospace engineering, education, alternative energy, electronics, healthcare, media and entertainment, nanotechnology, natural resources, space, and several others.
To be eligible, the individual must have at least three years of entrepreneurial and business experience and must provide the Singapore government with audited financial statements of the investor’s company from the past three years. The investor must also provide the Singapore government with a detailed five-year business or investment plan that includes projections for hiring workers and financial returns and profits. After the government reviews and approves these documents, the investor and family will receive their permanent resident status and permanent resident cards.
Importantly, the investor must meet the projections established in the business plan within five years of the date of the investment.
The GIP’s second option requires the foreign national to invest a minimum of $2.5 millionSGD into a GIP approved fund that will then invest the money into Singapore-based companies. (Applicants pursuing the second option are exempt from the additional eligibility requirements outlined above and must only meet the minimum investment amount requirement.)
Regardless of which option the investor chooses, the permanent resident status received will be valid for an initial period of five years.
Renewing Permanent Residence
After the initial period expires, the investor may renew the permanent resident for three years or five years. To renew for three years, the investor must have met the investment requirements for the first or second GIP option and either the investor or a dependent family member must have resided in the Singapore for more than half of the preceding five-year period. In place of the residency requirement, the investor must have created a Singaporean business that employs at least five Singaporean workers and incurred a minimum of $1 million SGD in annual business spending.
To renew for five years, the investor must have met the investment requirements for the first or second GIP option and must meet both the business creation and residency requirements previously described.
Since the GIP application requires significant documentation and materials, it is recommended that interested parties contact a knowledgeable attorney to assist them with this process. This assistance will prove invaluable to ensuring that the investor’s application is approved as quickly and easily as possible.