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Singapore Permanent Residence Schemes
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Singapore Permanent Residence GIP Scheme - Invest Singapore Dollars $2,500,000
Singapore permanent residence can be bought if you are willing to invest a small fortune in the country and support your funds with proven entrepreneurial skills. This particular scheme officially known as Global Investor Programme (GIP Scheme) is often referred to as Investor Scheme and requires you to invest at least Singapore 2.5 million dollars in order to qualify under the scheme. If your plan is to relocate to Singapore and you have sufficient funds to spare, the Investor Scheme is the shortest route to permanent residence in Singapore. Your investment in Singapore economy is valuable because it will generate economic spin-offs and create employment. Singapore’s business-friendly policies, relatively low taxes, modern infrastructure, safety and clean environment have always been a lure for foreign investors looking to relocate.
You can use investment funds to either launch a new enterprise or beef up an existing one in Singapore. You must also prove to authorities that you have what it takes to make a business succeed, both in terms of your experience and how you plan to go about it. The Singapore government often acts as the link in finding suitable partnerships between foreign investors and local business networks.
At present, under the Investor Scheme, you can choose either of the following investment options:
1. Option A: Invest at least S$2.5 million in a new business startup or expansion of an existing business operation.
Note however that you need more than money to earn your permanent residence status through the Investor scheme. You must prove to the authorities that you have an entrepreneurial flair by showing a good track record and furnishing a credible business proposal or investment plan.
The GIP scheme is open to individuals who are able to meet the above investment requirements and whose existing business meets the following turnover requirements:
* S$30million in the most recent year; and
You must submit audited financial statements of your company for the last three years. If you own more than one business, you must submit the financial statements of the company which has the highest turnover. You are free to consolidate your businesses in order to meet the minimum annual turnover criteria. Authorities will also take into account the following factors:
* Your percentage of shareholding in the company.
Assessment criteria for investors who are senior corporate mangers without entrepreneurial and business track record
* You must be able to meet investment requirements.
Approved business sectors for GIP Scheme
You can choose to invest in any of the following business sectors under the GIP scheme:
Permanent Residence for Family
At present, under the GIP permanent residence scheme, you can also apply for permanent residence for your family members as per the below guidelines:
* Your spouse and children 21 years and under are eligible to apply for PR under your PR application. Male dependents will be liable for National Service.
The following documents will be required for PR application under Investor Scheme:
* Form A: Application for Permanent Residence for Investors
Note that officially endorsed translated versions must be provided for any non-English documents.
It will take 3-6 months to process the application. If your application is approved (after an interview with the authorities), you will be issued an Approval-in-Principle PR which is valid for 6 months, during which you will be required to make your investment. Documentary evidence of your investment such as share certificates and title deeds will need to be submitted to and withheld by authorities for 5 years. Once these documents have been received, you will be conferred PR status.
Once you have cleared all the hurdles and have received the blue identity card given to all Singapore permanent residents, you can start contributing to the countrys economy. You will also benefit by being able to reside in the country visa-free, enjoy tax relief and education subsidies for your children and many other rights and privileges given to full citizens of Singapore.
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