Singapore is known throughout the world as one of the Four Asian Tigers, boasting an economy that’s highly stable and accommodating of forward-looking opportunities. But one thing that global investors should know is that Singapore gamely welcomes fresh entrepreneurial talent from elsewhere in the world. Through initiatives like the Singapore Economic Development Board’s (EDP) Global Investor Programme (GIP), non-Singaporean nationals can earn residency and citizenship status in the country. Being able to live in Singapore will allow them to participate directly in one of the world’s most favourable and dynamic economies.
If you want to earn either permanent residency status or citizenship in Singapore by investing in the country, what should you know? Here are the particulars for promising investors who have their eyes on Singapore.
The Global Investor Programme is Your Best Shot at Gaining Permanent Residency Status in Singapore
The most straightforward way to obtain Singapore citizenship by investment is through the GIP. You can qualify for permanent resident status in the country if you meet the EDB’s requirements for a solid business or investment track record, and if you have interests in GIP-eligible industries.
Under the investment options offered by the EDB, you will need to invest the amount of SGD 2.5 million into any of the following:
- A brand-new business entity or a new branch of an existing operation that you will set up in Singapore,
- A GIP fund for existing Singapore-based companies, or;
- A new or existing single family-based office in Singapore with at least SGD 200 million in assets under management (AUM).
If you fulfil EDB’s assessment criteria, Singapore’s Immigration and Checkpoints Authority (ICA) will grant you provisional approval that’s valid for six months. Within those six months, you should finalise your investment and provide proof of its completion to the EDB. Once your investment documents are duly verified, you’ll receive a Final Approval letter from ICA, and you’ll be able to secure permanent residency status in Singapore within twelve months of the letter’s issuance. To know more about the eligible industries and how to submit additional requirements like a business investment plan, contact the official representatives of the EDB.
You Must Open a Bank Account Under Your Sole Name with a Singapore-Registered Bank
Another important thing that you should do if you want to earn permanent residency or citizenship in Singapore is to open a new personal bank account there. Your account should be with a Singapore-registered and Singapore-based bank, and it should be under your sole name.
This account is what you must use to transfer your investment quantum to the EDB. After the investment has been finalised, you will need to submit hard copies of documentary evidence to the agency, complete with bank statements, a bank reference letter, and a signed Investment Undertaking to certify that the investment was done according to the Board’s terms and conditions. More details about settling the investment from your Singapore bank account can be found on the EDB’s official website.
Successful GIP Investors Will Receive a 5-Year Re-Entry Permit
Upon successfully securing permanent residency status, GIP investors will also receive a Re-Entry Permit (REP) from the ICA. This permit will allow the holder to retain their permanent residency status even when they are outside of Singapore.
The initial REP is valid for five years. It can be renewed for an additional three years or an additional five years if the holder has met the ICA’s REP renewal conditions by their fifth year of permanent residency.
GIP Permanent Residents Can Earn Singaporean Citizenship after 2 Years
After spending two years as permanent residents, GIP investors will earn the right to Singaporean citizenship. In return for significant contributions to Singapore’s economy, investors will be rewarded with all the rights and privileges that come with being a Singapore citizen.
GIP permanent residents must be over the age of 18, have more than three years’ worth of successful business experience, an investment plan to show to the EDB, and a minimum annual turnover of SGD 50 million for their company. As per the laws of Singapore, they must also renounce the citizenship of their country of origin as soon as they receive Singaporean citizenship. Take this into consideration if it is your eventual goal to become a citizen of Singapore.
Singaporean Citizenship Offers Several Attractive Benefits to Global Investors
Attaining full Singaporean citizenship by investment will entitle the holder to several advantages for doing business. For one, Singapore offers excellent tax optimisation that allows investors to stay lithe and competitive. For another, Singapore’s banks promise full security and confidentiality over a GIP investor’s assets.
If you go the route of earning citizenship by investment, you’ll be able to enjoy several personal benefits as well. Your citizenship will extend to every member of your nuclear family who is under 21 years of age, you’ll be eligible to purchase real estate in Singapore, and you’ll have full access to Singapore’s world-class systems for public transport, education, and medical care. Ultimately, you will earn more than a chance to be even more prosperous in your business endeavours—you will also experience a better quality of life for you and your family.
Are you eligible to become a permanent resident or citizen of Singapore through your investment efforts? Successfully applying to the EDB’s Global Investor Programme will make you a full-fledged participant in Singapore’s vibrant economy. Explore your options and consider investing in Singapore.