Singapore

High net-worth individuals with a proven successful entrepreneurial track record can apply for the Singapore Permanent Residence status (PR) through the Global Investor Program (GIP).

 

THE COUNTRY

Singapore, officially the Republic of Singapore, is a sovereign city-state in Southeast Asia, and the world’s only island city-state. Singapore’s territory consists of one main island along with 62 other islets. Since independence, extensive land reclamation has increased its total size by 23% (130 km2), and its greening policy has covered the densely populated island with tropical flora, parks and gardens.

Singapore is a global commerce, finance and transport hub and has been identified as the most “technology-ready” nation (WEF), top International-meetings city (UIA), city with “best investment potential” (BERI), second-most competitive country, third-largest foreign exchange market, third-largest financial center, third-largest oil refining and trading center, and the second-busiest container port and a major tax haven in Asia.

There are four official languages on the island: Malay, Mandarin, Tamil and English. English is its common language; most Singaporeans are bilingual.

The country has world-class education and healthcare facilities and ranks highly in transparency and human development reports.


RESIDENCE PROGRAM

To qualify for the Singapore permanent residence GIP program, the applicant must choose ONE of the following options:

Option A: Invest at least Singapore dollars 2.5 million (approx. US $ 2 million) permitted industry. (for list of industries – see below)

Option B: Invest at least Singapore dollars 2.5 million (approx. US $ 2 million) in a GIP (Global investor program) Fund that invests in Singapore-based companies.

ELIGIBILITY CRITERIA

Applicants are eligible to apply under the GIP if they have:

  • A substantial business track record; and
  • A successful entrepreneurial background.

Assessment Criteria for GIP application:

  • At least 3 years of entrepreneurial and business track record and must produce audited financial statements of your company for the last 3 years. The financial statements must be audited by an accredited audit firm.
  • The company must only be engaged in one or more of the permitted industries. (see list below)
  • The company’s turnover must be at least SG$50 million in the year immediately preceding your application, and at least SG$50 million per annum on average for the three years immediately preceding your application.
  • If the company is in real estate or construction, it must show a turnover of at least SG$ 200 million per annum over the last three years and SG$ 200 million in the past year
  • Applicants should submit the financial statements of your company with the highest turnover. Applicants may also consolidate their businesses, all of which must only be engaged in one or more of the industries listed below, to meet the minimum turnover criteria.
  • If the company is privately-held, the applicant should have at least 30% shareholding in the company. Applicants’ role in the company, as well as the growth and profitability of the company would be taken into consideration.

Additional assessment criteria for Option A applicants:

  • Must submit a detailed 5-year business or investment plan with projected employment and annual financial projections in prescribed format
  • Requirement to fulfill the third-year milestones outlined in your business plan and fulfil the business plan within 5 years of Singapore Permanent Residence Final Approval.
  • If the business plan involves the investment into an existing Singapore-based company, the additional third year milestones that the company would be required to achieve are: (a) the hiring of at least 5 additional employees and (b)an additional annual total business expenditure of at least S$1 million

List of permitted industries for GIP applicants:

  • Aerospace Engineering
  • Alternative Energy/ Clean Technology
  • Automotive
  • Chemicals
  • Consumer Business (e.g. flavors and fragrances, food ingredients, nutrition, home and personal care)
  • Electronics
  • Energy
  • Engineering Services
  • Healthcare
  • Info-comm Products & Services
  • Logistics & Supply Chain Management
  • Marine & Offshore Engineering
  • Media & Entertainment
  • Medical Technology
  • Nanotechnology
  • Natural Resources (e.g. metals, mining, agri-commodities)
  • Safety & Security
  • Space
  • Shipping
  • Pharmaceuticals & Biotechnology
  • Precision Engineering
  • Professional Services e.g. consulting, design
  • Arts Businesses – Visual arts businesses, e.g. auction houses, art logistics/storage – Performing arts businesses
  • Sports Businesses
  • Family Office and Financial Services

 

DEPENDENTS

Applicant’s spouse and such unmarried children as are below 21 years old as at the date of application are eligible to apply for PR under the GIP application.

Male children who obtain PR by virtue of being dependent will be liable for National Service.

Applicant’s parents and such unmarried children as are 21 years old or older as at the date of application, are not eligible to apply for PR under the GIP application. Instead, they can apply for a 5-year Long Term Visit Pass (LTVP), which is tied to the validity of your Re-Entry Permit (REP).

VALIDITY OF RE-ENTRY PERMIT

Upon the formalization of PR, applicants will be issued a Re-Entry Permit (REP) that is valid for 5 years. The REP is a permit that allows one to maintain PR status when one is out of Singapore. Subsequent to the first 5 years, the REP would be renewed if you fulfill the following conditions:

For GIP Option A applicants:

1) For a 3-year renewal:

Applicant must have fulfilled the investment conditions under Option A of the GIP; AND

EITHER

– The company invested in under GIP Option A employs in Singapore at least 5 more employees, in addition to those employed at the third-year milestone, with at least 5 Singapore citizens amongst all employees, and

– The company invested in under GIP Option A incurs in Singapore an annual total business expenditure of at least S$1 million more than the annual total business expenditure incurred at the third-year milestone;

OR

– Applicant or at least one of the dependents, who also has PR under your GIP application, must have resided in Singapore for more than half of the time.

2) For a 5-year renewal:

Applicant must have fulfilled the investment conditions under Option A of the GIP; AND

– The company that the applicant will be investing in under GIP Option A employs in Singapore at least 5 employees, in addition to those employed as at the third-year milestone, with at least 5 Singapore citizens amongst all employees, and

-The company invested in under GIP Option A incurs in Singapore an annual total business expenditure of at least S$1 million more than the annual total business expenditure incurred at the third-year milestone; AND

-Applicant and the dependents, who also have PR under the GIP application, must have resided in Singapore for more than half of the time.

For GIP Option B applicants:

1) For a 3-year renewal:

Applicant must have fulfilled the investment conditions under Option B of the GIP; AND

EITHER

-Applicant must have set up a business in Singapore which employs at least 5 Singapore citizens as employees and has incurred in Singapore at least S$1 million in annual total business expenditure (TBE).If the investment is into an existing Singapore-based company instead of setting up a new business or company in Singapore, only incremental headcount employed and incremental annual TBE incurred by the existing company from the date of investment may be taken into consideration for the purpose of determining the fulfillment of the headcount and annual TBE conditions.

OR

-Applicant or at least one of the dependents, who also has PR under the GIP application, must have resided in Singapore for more than half of the time.

2) For a 5-year renewal:

Applicant must have fulfilled the investment conditions under Option B of the GIP; AND

-Applicant must have set up a business in Singapore which employs at least 5 Singapore citizens as employees and have incurred in Singapore at least S$1 million in annual total business expenditure (TBE). If investment is into an existing Singapore-based company instead of setting up a new business or company in Singapore, only incremental headcount employed and incremental annual TBE incurred by the existing company from the date of investment may be taken into consideration for the purpose of determining the fulfillment of the headcount and annual TBE conditions. AND

-Applicant and the dependents, who also have PR under the GIP application, must have resided in Singapore for more than half of the time.

CITIZENSHIP / SINGAPORE PASSPORT

After two years of permanent residence in Singapore, it is possible to apply for Singaporean citizenship.

The Singapore passport is one of the most widely accepted in the world. It provides the holder with visa-free access to over 170 countries, including the Europe (EU), the Schengen area, the United States of America (US), Canada, China among others.

Singapore is a single passport country and this is strictly enforced. For this reason, Singapore citizenship is not the best option if you are interested in holding more than one citizenship and passport.

TAXATION

For individuals, only local income derived from within the jurisdiction is taxable. Regardless of residence status, all foreign income is exempt, even if remitted to Singapore (unless remitted through a partnership in Singapore).

Personal income tax rates are low and levies are at progressive rates of up to 20%. Capital gains taxes are only levied in very limited circumstances. There are no gift taxes and estate duty was abolished in 2008.

The standard corporate tax rate is 17%. Companies, both resident and non-resident, are taxed on income remitted to Singapore.

BECOME A world citizen

Your Enquiry
?
Please select your enquiry
Current Country of Citizenship
?
Current Country of Citizenship
Which programme/s are you interested in?
?
Which programme/s are you interested in?
Full Name
Email Address
Mobile Number
Do you have any specific question?
?
Do you have any specific question?
How did you get to know about us?
?
How did you get to know about us?
Other
?
Other