Singapore is one of richest countries in the world. Singapore also has the world’s most powerful passport (no. 1) in 2019 having the most visa free access to world countries.
Singapore also has the best golden visa schemes in Asia
The Singapore Global Investor Programme (GIP) program dubbed as Golden visa was launched in 2004, offers investors a permanent residence status (PR) against investment of SGD 2.5 million in Singapore. The Global Investor Programme (GIP) aims to attract and anchor entrepreneurs and investors of high calibre, who can bring quality investments and good jobs to Singapore.
According to a statistics released by Ministry of Trade, between 2004 and 2017 (June), a total of 1,826 Global Investor Programme (GIP) applicants have been granted permanent residency. Of these PR status holders, 67 citizenships have been granted under this scheme (ages 25 to 58 years old)
The GIP scheme received $1.8 billion in total business expenditure via direct investments, generating over 6,000 job opportunities in Singapore, One GIP investor had his PR status revoked upon review.
Under GIP, these are the following investment conditions:
- Invest at least S$2.5 million ($1.8m) in a new business entity or in the expansion of an existing business operation. (or) at least S$2.5 million ($1.8m) in a GIP fund that invests in Singapore based companies.
- Must have a minimum of three-year entrepreneurial and business track record
- Company must have a turnover of at least S$50 million in the year immediately preceding the application date and an average turnover of S$50 million per annum
GIP Applications
Successful applicants will be issued a Re-Entry Permit (REP) valid for 5 years. The REP is a permit that allows you to maintain PR status when you are out of Singapore. This can be later extended to another three or five years.
There is an application fee of S$7,000. If GIP application is approved, Approval-in-Principle (AIP) will be issued for permanent residence status by the Singapore Immigration & Checkpoints Authority (ICA), which is valid for 6 months. You will be required to make your investment within the 6-month period of your AIP PR status.
The investment of S$2.5 million must be made from your personal bank account in sole name opened in a Singapore-registered bank in Singapore.
The GIP investments or funds can be invested in the following industries or sectors in Singapore:
(a) Aerospace Engineering (b) Alternative Energy/ Clean Technology (c) Automotive (d) Chemicals (e) Consumer Business (e.g. flavours and fragrances, food ingredients, nutrition, home and personal care) (f) Electronics (g) Energy (h) Engineering Services (i) Healthcare (j) Infocomm Products & Services (k) Logistics & Supply Chain Management (l) Marine & Offshore Engineering (m)Media & Entertainment (n) Medical Technology (o) Nanotechnology (p) Natural Resources (e.g. metals, mining, agri-commodities) (q) Safety & Security (r) Space (s) Shipping (t) Pharmaceuticals & Biotechnology (u) Precision Engineering (v) Professional Services e.g. consulting, design (w) Arts Businesses – Visual arts businesses, e.g. auction houses, art logistics/storage – Performing arts businesses (x) Sports Businesses (y) Family Office & Financial Services
Due diligence
The Singapore Economic Development Board (EDB), a government agency under the Ministry of Trade and Industry, is responsible for strategies that enhance Singapore’s position as a global centre for business, innovation, and talent.
Singapore tightened the assessment criteria for EDB’s Global Investor Programme to ensure foreigners accepted into this scheme are not involved in criminal embezzlement.
To qualify under the GIP, applicants may invest in a business, or in a GIP fund that invests in Singapore-based companies. Both options have safeguards to prevent abuse.
- Each applicant is required to submit detailed plans and supporting documents to EDB.
- EDB assesses the applicant’s track record, business and investment plans, and potential contribution to Singapore.
- EDB also engages a risk assessment consultancy firm to undertake independent checks, and works with relevant agencies for security screening.
- GIP investors undergo a fresh round of checks before their re-entry permits are renewed.
- In addition, GIP funds are carefully assessed by an independent rating agency and a fund selection panel. All GIP fund managers must be incorporated and based in Singapore, and be regulated by MAS. Investors of GIP funds are subject to the relevant safeguards under MAS’s regulatory regime for fund management companies.
