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Singapore GIP, get permanent residence in one step, the first choice for high-net-worth individuals

Singapore, known as one of the world’s most open economies, has attracted a significant number of ultra-high net worth clients in recent years for investment migration, making it one of the top destinations for elite individuals seeking immigration. While there are limited options for obtaining Singapore Permanent Residency (PR) quickly, with most programs requiring initial applications for work or student visas, followed by a subsequent PR conversion with uncertain outcomes, the Global Investor Programme (GIP) stands out as a rare opportunity that offers both a fast-track to PR and the option to invest after acquiring residency, making it an ideal channel for families looking to relocate to Singapore promptly.

New Policies for Singapore GIP

The Global Investor Programme (GIP) is an investment migration initiative launched by the Singapore Economic Development Board in 2005. In March of this year, Singapore introduced a brand-new set of policies for the GIP:

1. Three Investment Schemes under GIP

The GIP program grants eligible global investors who are interested in promoting business and investment growth in Singapore with Permanent Residency (PR) status and offers three investment schemes.

The following regulations have been officially implemented as of March 15, 2023:

Options

Existing provision

New provision

Investment Option A

Invest $2.5 million in a new business entity or in an existing business operation in Singapore

Demonstrate an investment of minimally SGD 10 million in a new business entity or in the expansion of an existing business operation in Singapore.

Renewal criteria

You must employ minimally 10 employees (at least half of whom must be Singapore Citizens)

You must employ minimally 30 employees (at least half of whom must be Singapore Citizens), out of which there must be at least 10 incremental employees

Investment Option B

Invest SGD 25 million in a GIP fund* that invests in Singapore-based companies.

Invest SGD 25 million in a GIP-select fund* that invests in Singapore-based companies.

Renewal criteria

You must employ minimally 10 employees (at least half of whom must be Singapore Citizens)

Maintain the SGD 25 million investment in a GIP-select fund

Investment Option C

Setup a Singapore-based Single-Family Office with at least SGD 200 million in Assets-Under-Management (AUM*), of which a minimum of SGD 50 million must be placed in Singapore.

Establish a Singapore-based Single-Family Office with Assets-Under-Management(AUM) of at least SGD 200 million, where minimally SGD 50 million must be transferred into Singapore and deployed in any of the 4 investment categories listed below:

Equities, REITS or Business Trusts listed on Singapore-approved exchanges;

Qualifying debt securities listed on MAS’ enquiry system;

Funds distributed by Singapore-licensed/registered managers or financial institutions; and

Private equity investments in non-listed, Singapore-based operating companies.

Renewal criteria

You must employ at least 10 employees, five of whom must be Singapore citizens (with at least 3 investment professionals)

The Single-Family Office in Singapore that you establish must employ at least 5 incremental Family Office professionals (with at least 3 Singapore Citizens) and

Maintain the SGD 50 million AUM across any of the 4 investment categories.

Based on the provided chart, the new GIP schemes are as follows:

Options 1: The investment amount has been increased from SGD 2.5 million to SGD 10 million.

Options 2: The GIP fund investment has been increased from SGD 2.5 million to SGD 25 million.

Options 3: Establishing a single-family office in Singapore with assets under management of at least SGD 200 million, with a minimum investment of SGD 50 million in specified areas.

From these data, it is evident that the new GIP schemes have raised the application thresholds significantly. If investors have such requirements, they are encouraged to contact Go Global Gem immediately, as we provide professional solutions tailored to your needs.


2. What employment opportunities do GIP investors create?

The recent policy changes in the GIP program are designed to ensure its effectiveness in attracting top-notch entrepreneurs and investors who are committed to driving business and investment growth in Singapore.

Between 2020 and 2022, an average of 60 investors per year have obtained Singaporean PR status through the GIP program. From 2011 to 2022, GIP investors created a total of 24,699 job opportunities across various sectors, including software engineering, research, public relations, and many more.

Since its inception, GIP has successfully attracted a cohort of high-caliber entrepreneurs and investors who recognize Singapore’s stability, favorable business environment, skilled workforce, and global connectivity. By capitalizing on these advantages, coupled with Singapore’s strategic location and its ongoing growth as a key player in Southeast Asia, investors can gain access to a wide range of business opportunities and expand their global footprint.

Note: The data comes from Lianhe Zaobao.

Picture from pixabay.com

Ms. W And Her Company’s Overseas Venturing Story

Industry experts believe that the Chinese economy has entered a new era of high-quality development. Based on the needs of economic transformation and upgrading, Chinese companies going global have evolved from being a choice for individual enterprises to becoming an inevitable trend of the times.

In recent years, the wave of Chinese companies venturing abroad has surged, especially with the influence of global economic globalization, and the trend of Chinese companies expanding into Southeast Asia has grown stronger. The investment scope has become broader, the investment industrial chain has become more concentrated, and a powerful Chinese influence has been established.

Ms. W, a graduate from a prestigious “985” university in China with a master’s degree, is currently the General Manager of Company H. Company H primarily engages in financial investment, venture capital, and corporate financing. After years of development, Company H has grown into a leading enterprise in the domestic investment and financing industry.

After extensive discussions with the executive team of Company H, Ms. W ultimately decided to expand into Singapore. They were particularly attracted to the advantages of Singapore, such as:

  1. Political stability, corruption-free government, and adherence to regulations.
  2. Global financial center with a secure financial environment and sound institutional framework.
  3. Currency stability and competitiveness.
  4. Safe living environment and advanced and comprehensive healthcare system.
  5. Bilingual education, educational diversity, and internationally recognized qualifications.

Upon understanding Ms. W’s requirements, Go Global Gem provided them with a GIP solution. Currently, Ms. W has successfully established her company in Singapore and obtained an Employment Pass (EP). The application for permanent residency (PR) is expected to be a seamless process. Congratulations to them as they embark on a new chapter in their lives.

Picture: H Company’s application for GIP has received a reply from EDB. Stolen pictures will be investigated!

How to Choose the Right GIP Option?

The Singapore Global Investor Programme (GIP) offers three different options, but how do you determine which one is most suitable for you? Let’s delve into each option to help you make an informed decision based on your specific requirements for yourself and your company.

1. Option A:

Applicants must demonstrate an investment of minimally SGD 10 million in a new business entity or in the expansion of an existing business operation in Singapore.

Renewal Requirement: After the initial five-year period of permanent residency, if you wish to renew the re-entry permit, your company must employ at least 30 individuals, with at least half of them being Singaporean citizens, and you need to hire 10 new employees.

Previously, the renewal requirement was 10 new employees, with half being Singaporean citizens, and a Total Business Expenditure (TBE) of SGD 2 million.

2. Option B:

Applicants must maintain the SGD 25 million investment in a GIP-select fund, which is ten times the current requirement.

3. Option C:

For applicants interested in establishing a single-family office, you must set up a family office in Singapore with assets under management of at least SGD 200 million.

Under the new regulations, your family office must invest at least SGD 50 million in four specific categories within 12 months from the date of the approval letter:

  1. Equities, REITS or Business Trusts listed on Singapore-approved exchanges, such as those listed on the Singapore Exchange Mainboard and Catalist.
  2. Qualifying debt securities listed on MAS’ enquiry system, including bonds, notes, commercial papers, and certificates of deposits, among others.
  3. Funds distributed by Singapore-licensed/registered managers or financial institutions; and
  4. Private equity investments in non-listed, Singapore-based operating companies.

By carefully considering your specific requirements and examining the details of each GIP option, you can select the one that best aligns with your goals and aspirations.

Picture from pixabay.com

Advantages of the GIP Program

The Singapore Global Investor Programme (GIP) offers several advantages to high-net-worth individuals, addressing career opportunities, healthcare for elderly parents, education for children, and ensuring the security and diversity of wealth inheritance. Here are three key advantages that are highly valued:

1. Family Immigration with a Single Application

Unlike other immigration programs, the Singapore GIP has no specific requirements for education, age, or language proficiency, apart from the successful entrepreneurial background. The application process for investment immigration takes less than a year, making it one of the fastest and most direct ways to apply for immigration to Singapore, and one of the fastest among investment immigration programs worldwide.

2. Immediate Permanent Residency

Under the current Singapore GIP program, eligible spouses and children can apply for permanent residency through the Global Investor Programme simultaneously. Additionally, parents of the applicant can apply for long-term visit passes. This allows the whole family to obtain permanent residency in Singapore in a single application.

3. Invest After Obtaining Residency

Once the applicant and eligible family members are approved, they can obtain permanent residency in Singapore and enjoy the benefits of Singapore’s excellent education and social welfare systems.

Unlike the common practice in many other countries where citizenship is essentially “bought” through investment, the Singapore GIP program requires applicants to obtain pre-approval before implementing the committed investment within the 6-month validity period of the approval letter. This ensures that the investment is made after the applicant has secured their residency.

The Singapore GIP program offers a streamlined pathway to residency and provides comprehensive benefits for individuals and their families, making it an attractive option for high-net-worth individuals seeking investment immigration opportunities.

Picture from pixabay.com

Industry List

The Singapore Global Investor Programme (GIP) has many advantages, but it also has higher requirements. For example, the Economic Development Board (EDB) of Singapore has specific guidelines on the industries that are eligible to apply for the program. The following industries must be met:

(a) Aviation Industry

(b) Clean and Renewable Energy Industry

(c) Automotive Engineering Industry

(d) Chemical Industry

(e) Consumer Products Industry (such as fragrance and flavor, food and beverage, fast-moving consumer goods)

(f) Electronics Industry

(g) Energy Industry

(h) Engineering Services Industry

(i) Healthcare Industry

(j) Information and Communications Products and Services

(k) Logistics and Supply Chain Management Industry

(l) Maritime and Offshore Engineering Industry

(m) Media Industry

(n) Medical Technology Industry

(o) Nanotechnology Industry

(p) Natural Resources Industry (such as metals, mining, agricultural commodities)

(q) Security Industry

(r) Aerospace Industry

(s) Shipping Industry

(t) Pharmaceutical and Biomedical Sciences Industry

(u) Precision Engineering Industry

(v) Professional Services Industry (such as consulting services, design industry)

(w) Art Business (entities engaged in the trade of art, auction houses, art storage) / Performing Arts Business

(x) Sports Goods Industry

(y) Family Office and Financial Services

These industries are the specific sectors that applicants must be involved in to qualify for the Singapore GIP program. Meeting these industry requirements ensures that applicants contribute to the targeted sectors of Singapore’s economy while benefiting from the program’s advantages.

Note: Information and data come from the Singapore EDB official website.

Picture from pixabay.com

If your company meets the requirements mentioned above or if you are currently planning to expand internationally, please contact Go Global Gem immediately. We are here to provide professional solutions for personal and corporate international expansion. Our team will assist you with comprehensive services tailored to your specific needs and help you navigate the process of going global effectively and efficiently.

If you have any questions, please feel free to contact:Ho Kah Chuan
Email: kahchuanho@goglobalgem.com