Singapore, located in Southeast Asia, is a crucial financial centre and strategic business hub with a strong economy and worldly infrastructure. Singapore’s government aims to recruit skilful individuals for residence and employment. The government encourage foreign nationals to become permanent residents of Singapore.
Singapore offers a visa policy called Global Investor Program (GIP), introduced in 2004. Its purpose is to attract investment to Singapore. GIP provides Permanent Resident status (PR) to worldwide investors who work towards building their investments in Singapore. This article will guide you through all the essential information needed to get a Singapore golden visa.
Investment Visa Singapore
You must have a considerable business track and a successful entrepreneurial background to obtain Singaporean Permanent Residence under GIP. If you have a next-generation business, a fast-growing technology business, or entrepreneurial and management expertise, you can obtain permanent residence through the following options.
Requirements For Investor Visa In Singapore 2024
The Singapore Permanent Residence program includes three primary ways with different laws applied based on the investor’s route. These options are:
Option A
The first option requires an investment of SGD 10 million in a new or existing business in Singapore. After the initial five years, you need to renew your re-entry permit by hiring at least 30 workers. If the company had been operating earlier, at least half of the employees must be Singaporeans, and 10% must be new hires.
Option B
It requires an investment of SGD 25 million in a fund approved by the Singapore Economic Development Board (EDB) to invest in Singapore-based enterprises.
Option C
Establish a single-family office in Singapore with assets under management worth at least SGD 200 million. During the five-year residence period, at least SGD 50 million of the assets must be allocated and maintained in any of the following investment categories:
- Businesses listed in markets overseen by Singapore’s Monetary Authority
- Certificates of deposit, notes, bonds, and commercial papers are examples of qualifying debt securities.
- Funds provided by registered or licensed managers in Singapore.
- Private equity investments in Singaporean companies that are not public
By the end of the five years, hire at least five more family office professionals to qualify for a re-entry permit renewal under Option C. A minimum of three employees must be citizens of Singapore.
Option C requires a significant amount of cash and requires that the investment be made in specific amounts.
To be eligible for Option C, you must set up a Single Family Office (SFO) incorporated in Singapore. A five-year business plan is also required when applying for the Singapore Global Investor Program – Option C.
The plan needs to contain a lot of information regarding the workforce and financial status of the business going forward. The fund must meet the requirements with a minimum duration of eight years.
How To Apply?
- Send the filled-out GIP Application Forms to the Economic Development Board (EDB) in physical copy and online.
- The EDB will extend an invitation to you for an interview.
- The Immigration & Checkpoints Authority (ICA) will grant you an Approval-in-Principle (AIP) status, which is good for six months if you satisfy the assessment requirements.
- Within six months of the AIP letter’s date, you must complete the investment requirement under the selected investment choice.
- Following your investment, you must provide the Investment Undertaking on the Terms and Conditions of the investment made and proof of your investments (such as certified true copies of bank statements, share certificates, and other legal documents).
- The ICA will issue the Final Approval letter when the EDB has verified the investment paperwork. (Applicants using Option C must demonstrate that, within 12 months of the date of the Final Approval letter, at least $50 million has been invested in the designated investment categories.)
- Lastly, you have a year from the date of the Final Approval letter to become a Singaporean permanent resident.
How To Get Singapore Citizenship Through Investment
To become a resident of Singapore and make investments, you can apply for the Global Investor Program. The GIP is the main path for investors seeking permanent residency in Singapore, eventually leading to citizenship.
Investment Funds
The Global Investor Programme (GIP) in Singapore requires an investment of S$2,500,000 into one of the authorised funds listed below to be eligible:
- The Enterprise Fund V Ltd
- Evia Growth Opportunities IV Ltd
- F & H Singhome Fund III Ltd
- Phillip Ventures Enterprise Fund 5 Ltd
- UVM 3 Venture Investments LP
After receiving your acceptance in principle for permanent residence, you must make this investment within six months.
Eligibility Criteria
To be eligible for permanent residency under the GIP, you must have strong entrepreneurial experience and a significant track record in business.
5-Year Re-entry Permit (REP)
Upon receiving a Permanent Residency, you will be granted a 5-year Re-entry Permit (REP). It enables you to maintain your Singaporean immigration status even when abroad.
Renewal of Re-entry Permit
For a 3-year renewal
You or a dependent must have lived in Singapore for at least half the past five years, OR you have started a business employing five or more Singaporeans and making at least S$1,000,000 a year.
For a 5-year renewal
In addition to meeting the investment requirements and having at least five Singaporean employees and an annual revenue of at least S$1,000,000, you or a dependent must have lived in Singapore for at least half of the previous five years.
Citizenship
You can be considered for citizenship under the economic system after two years of permanent residence, depending on your merits. To get the application accepted, you must demonstrate extraordinary financial merit and close family ties to a citizen. The Singaporean government alone has the last say in the matter. It is significant to remember that dual citizenship is not recognised in Singapore. You must, therefore, give up your prior nationality to become a citizen of Singapore.
Requirements
- In addition to providing audited financial statements from a recognised audit firm for the last three years, you must have at least three years of business history.
- Your business must have made at least S$50 million in sales the year before your application and S$50 million on average over the previous three years. Business consolidation is permitted if the merged companies are in the same industry.
- You must be the owner if at least 30% of your business is privately owned. Your involvement, in addition to the expansion and profitability of the business, will be assessed.
- Following your investment, turn in verified copies of the investment documentation, a bank statement proving the money originated from your Singaporean bank account, and a signed agreement acknowledging the terms and conditions of the investment.
What are the Documents Required for Singapore Citizenship?
Certified Documents
- Certified copy of passport
- Original or Certified copy of Birth Certificate (if applicable)
- Notarised copy of Family Census/Household Registry
- Original or Certified copy of Marriage Certificate (if applicable)
Business and Professional Documents
- Evidence of Business Background
- Audited accounts of the company (3 years)
- Certificate of Shareholders by the Registrar of Companies
- Certified copy of Business License or Incorporation documents
- Curriculum Vitae
- Copy of ACRA (Accounting & Corporate Regulatory Authority)
- Business Plan
Other Supporting Documents
- Family members background
- Two passport-size photos
- Receipt of payment of fees
- Undertaking the Terms and Conditions of the Program
Advantages of Singapore Citizenship
Global Mobility
Singaporean passports are among the most powerful in the world, allowing citizens to visit over 190 countries without needing a visa or with one upon arrival. Few passports can equal the worldwide mobility that this ease of travel offers, making it possible to travel for both business and leisure.
Tax Benefits
Singapore’s tax system is advantageous, particularly for wealthy people and companies. Investment growth is tax-free since there are no capital gains taxes. Furthermore, Singapore does not charge inheritance, making wealth transfers there tax-efficient.
High Quality of Life
Singapore is among the best countries in the world regarding quality of life. With a low crime rate, excellent quality of cleanliness, and well-thought-out urban design, it provides a modern, safe, and clean living environment.
Strong Business Environment
Many consider Singapore a major global finance hub and a critical entry point to Asia’s expanding markets. The government is very pro-business and provides investors and entrepreneurs with several benefits. Singapore is great for businesses wishing to grow in Asia-Pacific because of its low corporate tax rate, wide network of trade agreements, and advantageous location.
Challenges and Considerations of Singapore Citizenship
No Dual Citizenship
Dual citizenship is not permitted in Singapore. Renouncing their native citizenship is a requirement for applicants who want to become citizens of Singapore.
Stringent Selection Process
Applying through the GIP is very difficult and selective when seeking Singaporean citizenship. Candidates must exhibit a sizable financial commitment and a track record of profitable entrepreneurial ventures. Additionally, the government assesses candidates according to their potential for Singapore’s economy, which adds another layer of complexity to the process.
High Financial Requirements
Due to the high investment criteria, only those with significant financial resources can meet them. S$2.5 million is the minimum investment needed for the GIP, a substantial financial commitment.
Long Waiting Periods
Becoming a citizen takes time to complete after obtaining permanent residence. Applicants cannot apply for citizenship if they have held PR status for numerous years. Applications for citizenship may also be subject to a lengthy evaluation process that is not always assured.
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