Singapore revises PR scheme to attract more foreign investors

Singapore has revised its Permanent Residency scheme which aims to benefit business owners and founders of fast-growing companies. Changes to the Global Investor Program of Singapore will be effective from 1^st March 2020.

Under the revised program, eligible business owners would be able to apply for Permanent Residence status through the GIP. Principals of family offices, which are essentially investment firms managing money for the affluent, would also be eligible to apply under the GIP.

At present, you can only apply under the GIP if you are an established entrepreneur or business owner.

Contact Singapore is a division of the Economic Development Board which administers the Global Investor Program. Director of Contact Singapore, Matthew Lee, said that the revised scheme would be better adjusted to the changes in the global economy. Several new business opportunities have sprung up in recent years which have resulted in a new breed of investors and entrepreneurs.

The revised scheme has been expanded to attract entrepreneurs who want to set up a single-family office. Such business owners will help strengthen the banking and finance sector of Singapore.

The Global Investor Program was first introduced in 2004. The scheme was opened to foreign investors investing $2.5 million in a new business or an existing single-family office in Singapore. Eligible investors were also required to have assets worth at least $200 million under the management.

The new revised Global Investor Program allows foreign investors to apply for a PR if they invest a minimum $2.5 million in a new or existing business in Singapore. Eligible investors may also invest in a GIP fund that finances or invests in companies based out of Singapore.

The revised GIP prioritizes high-performing businesses but is also opening up other pathways for applications.

Founders of fast-growing startups can also apply for a PR under the new scheme provided they are one of the largest individual shareholders of the company. The startup must also be worth at least $500 million. Principals of family offices must have a net worth of at least $200 million in bank deposits and other collective investment schemes.

To qualify under the GIP, Singapore has increased the minimum revenue requirement from $50 million to $200 million for established business owners.

Regulations for renewal of the PR Visa would also be tightened. Eligible firms must incur an annual total business cost of a minimum $2 million instead of the earlier $1 million.

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