How To Get a Singapore Investor Visa

Singapore is a major financial center and strategic business hub in Southeast Asia. The city-state’s strong economy, business-friendly environment, and sophisticated infrastructure make it a desirable destination for entrepreneurs and businesses worldwide.

One of the Singaporean government’s goals is to recruit talented individuals to the country for residence and employment. Foreign nationals are encouraged by the government to become permanent residents of Singapore.

Singapore offers the best golden visa policy in Asia, formally called the Global Investor Program (GIP). The scheme was introduced in 2004 to attract investment to Singapore. GIP grants Permanent Resident status (PR) to qualified worldwide investors who aim to build their businesses and investments in Singapore.

This guide provides essential information about getting a Singapore golden visa. Continue reading if you’re interested in Singapore citizenship by investment, and the programs and passes to assist you with your company and personal relocation needs.

What is the Global Investor Program Singapore?

The Global Investor Program Singapore is intended for rich and experienced overseas entrepreneurs, business owners, and managers who want to create a business or invest in Singapore and make it their permanent home. Successful applicants are granted Singaporean permanent residency status within nine to twelve months. This scheme aims to attract qualified investors with substantial capital who can invest in specific funds and ventures to boost Singapore’s financial market. This program also seeks to create job opportunities for Singaporean citizens and residents in targeted fields. It focuses on drawing top-tier businessmen committed to long-term investments in the country.

Requirements for the Investor Visa in Singapore in 2024

Established business owners, next-generation business owners, founders of fast-growing technology businesses, and family office principals with extensive entrepreneurial, business, and management expertise can choose from one of the following investment choices to obtain Singaporean permanent residence. The program includes three primary pathways, and different laws will apply based on the investor’s route.

Option A

Invest SGD 10 million (including paid-up capital) in a new or existing business in Singapore and hire at least 30 workers to renew your re-entry permit after the first five years. If the company was already in operation, at least half of the employees must be Singaporeans, and 10% of them must be new hires.

Option B

Invest SGD 25 million in a fund approved by the Singapore Economic Development Board to invest in Singapore-based enterprises.

Option C

Create a Singapore-based single-family office with assets under control of at least SGD 200 million. At least SGD 50 million of the assets must be deployed and maintained during the five-year residence period in any of the following investment categories:

• Companies listed on exchanges regulated by the Monetary Authority of Singapore
• Qualifying debt securities include bonds, notes, commercial papers, and certificates of deposit.
• Funds delivered by Singapore-licensed or registered managers.
• Private equity investments in non-listed Singapore-based firms

To be eligible for a re-entry permit renewal under Option C, hire at least five additional family office professionals by the end of the five years. At least three of the staff must be Singapore nationals.

Option C has very substantial cash needs, and the investment must be made in particular increments.

If you meet the requirements for Option C, you must establish a Singapore-incorporated Single Family Office (SFO). When applying for the Singapore Global Investor Program – Option C, you must additionally include a five-year business plan.

The strategy must include extensive information about the company’s future financial situation and staffing. According to the criteria, the fund must have a minimum length of 8 years. The business plan should be created based on the company’s features (the industry in which it works, your role within the company, the sorts of assets possessed, etc.).

Application Steps

• Submit the completed GIP Application Forms both online and in hardcopy to the Economic Development Board (EDB).
• You will be invited for an interview with the EDB.
• If you meet the assessment criteria, the Immigration & Checkpoints Authority (ICA) will issue an Approval-in-Principle (AIP) status, valid for six months.
• You must fulfill the investment requirement under the chosen investment option within six months from the date of the AIP letter.
• After investing, you have to provide proof of the investments (e.g., certified true copies of share certificates, bank statements, and other legal documents) and submit the Investment Undertaking on the Terms and Conditions of the investment made.
• Once the EDB verifies the investment documents, the ICA will issue the Final Approval letter. (Option C applicants must show that at least $50 million has been deployed into the specified investment categories no later than 12 months from the date of the Final Approval letter.)
• Lastly, you must formalize your Permanent Residence status in Singapore within 12 months from the date of the Final Approval letter.

Important Things to Consider When Applying for an Investor Visa in Singapore

Foreigners who receive investor visas in Singapore can enjoy numerous benefits once they are issued. However, they should be aware that children over the age of 21 cannot be included in the visa application. Additionally, the parents of the investors are also not eligible to be included. Only the spouse and children under 21 years old can be added to the visa application.

If a foreign investor wants to bring children over 21 years old to Singapore, those children will need to apply for a separate visa as the main applicant. The same rule applies to the investor’s parents.

To qualify for the investor visa, specific investments in the local economy must be made according to the program’s regulations. Investors can make additional investments in Singapore after meeting the basic investment requirements.

Tax Obligations for Investors

Regarding taxation, investors will have tax obligations in Singapore since their residency will be in the country. This includes personal and corporate taxes for their local businesses. Their tax residency will shift to Singapore once they obtain permanent residency, meaning they will no longer be taxed in their home country. However, Singapore does not tax worldwide income, so income from overseas activities will be taxed in the respective countries.

The investor visa in Singapore can be issued within 6 to 8 months of application, during which time the investor should prepare for an interview with Singaporean officials. For more information and assistance with the visa application process, investors can contact a law firm in Singapore.

Re-Entry Permit

The applicant will be awarded a Re-Entry Permit upon approval and formalization of the Permanent Resident status. It permits you to move in and out of Singapore while maintaining your PR status. The permit is valid for five years.

The application fee is S$7,000. If the GIP application is approved, the Singapore Immigration & Checkpoints Authority (ICA) will issue an approval-in-principle (AIP) for permanent residence status that is valid for six months. You must make your investment within the 6-month term specified in your AIP PR status. The S$2.5 million investment must be made from a personal bank account in your single name at a Singapore-registered bank in Singapore. Applicants must demonstrate an investment of S$25 million in a GIP-select fund within six months of obtaining AIP PR status. The investment must be made from a personal bank account in your sole name at a Singapore-registered bank.

Renewal of Re-Entry Permit

3-Year Renewal

To be eligible, you must meet Option A’s or Option B’s investment standards. Additionally, you must have a Singapore-based business with a minimum annual expenditure of $1 million or at least 5 Singaporean employees. Alternatively, you or a dependent specified in your GIP application with PR status must have lived in Singapore for over half of the Re-Entry Permit period.

5-Year Renewal

To be eligible, you must meet Option A’s or Option B’s investment conditions, have a Singapore-based business with a minimum annual expenditure of $1 million, and have at least 5 Singaporean employees. You, or a dependent indicated in the GIP application and having PR status, have lived in Singapore for more than half the period of the Re-Entry Permit.

Singapore Investor Visa Cost

Beyond the minimum investment amount, factor in additional costs associated with business setup, legal fees, and relocation expenses. Develop a comprehensive financial plan to ensure you have the necessary resources to navigate the entire process.

EntrePass

Due to the increased capital requirements, business immigration to Singapore has become more stringent, limiting the number of investors who meet the criteria. However, alternative investment opportunities with lower capital requirements and fewer conditions are available.

One such alternative is the EntrePass, which allows residency for business purposes. Additionally, investors can apply for the Employment Pass. Both permits require a minimum investment below S$100,000 but have different application criteria and evaluation processes. The EntrePass application typically takes 8 to 12 weeks to process, while the Employment Pass can be processed in 3 to 10 weeks. In contrast, the Global Investor Program Singapore visa has a longer processing period of 9 to 12 months due to the numerous approvals and criteria involved.

Singapore Golden Visa Benefits

• Political, social, and financial stability
• Safe, with a high standard of living
• World-class educational, healthcare, and transportation systems.
• Leading international financial center.
• Advanced business facilities and telecoms
• Multicultural environment.
• Favorable tax legislation

Singapore has become a top-tier destination with a harmonious multiracial and multicultural community. It has a population of 6 million people, with English and Mandarin being the primary languages spoken. Living in Singapore benefits residents from the country’s political stability and economic growth. Singapore also offers a credible educational system and a dependable healthcare system.

The government has a favorable tax environment and has continued to enact tax policies that benefit foreign investors. Singapore’s tax system is territorial.