Singapore to increase the amount of investment immigration
According to Singapore’s “联合早报” news, the Singapore Economic Development Board announced the latest regulations on March 2, tightening the Global Investor Program (GIP) and significantly raising the threshold for investment immigration. The new regulations will take effect on March 15.
Applicants under Option 1 must invest at least S$10 million (including capital contribution) to set up a new commercial entity or invest in an existing business. After the first five-year permanent residence period, if the applicant wants to renew the re-entry permit, the company must employ at least 30 people, of which at least half must be Singapore citizens, and 10 must be new employees. Under the existing regulations, if the applicant wants to renew the re-entry permit, the company only needs to hire at least 10 new employees, half of whom are Singapore citizens, and have a total business expenditure of S$2 million.
Applicants investing in Singapore under Option 2 must invest S$25 million in the GIP-selected funds, which is 10 times the existing regulations.
For those who are interested in setting up a family office, under the new regulations, the applicant must set up a single office with a minimum asset management scale of S$200 million in Singapore, of which at least S$50 million must be invested in four categories, and must be completed within 12 months from the date of the approval letter. In the past, investors only need to invest S$2.5 million in a single office with a minimum asset management scale of S$200 million.