Immigration through Investment to Singapore

The Republic of Singapore is an island country 137 km north of the equator. Singapore is the world’s fourth leading financial centre and a cosmopolitan world city, playing a key role in international trade and finance. The port of Singapore is one of the five busiest ports in the world. Singapore has a long history of immigration. It has a diverse population of close to 5 million people made up of Chinese, Malays, Indians, Asians of various descents, and Caucasians. 42% of the population in Singapore are foreigners who work and study there. Foreign workers make up 50% of the service sector. The country is the second most densely populated in the world after Monaco. A.T. Kearney named Singapore the most globalised country in the world in 2006 in its Globalization Index. Before independence in 1965, Singapore was a vibrant trading port with a GDP per capita of USD 511, the third highest in East Asia then. After independence, foreign direct investment and a state-led drive for industrialization created a modern economy. The Economist Intelligence Unit in its “Quality-Of-Life Index” ranks Singapore as having the best quality of life in Asia and eleventh overall in the world. Singapore possesses the world’s ninth largest foreign reserves. The country also maintains armed forces that are technologically advanced and well-equipped. After a contraction of -6.8% in the 4th quarter of 2009, Singapore claimed the title of fastest-growing economy in the world, with GDP growth of 17.9% in the first half of 2010.

Immigration to Singapore, Permanent Residence in Singapore

There are a number of schemes to obtain Permanent Resident status available for non-Singaporeans:

1. Professionals/Technical Personnel & Skilled Worker Scheme, administered by the Immigration and Checkpoints Authority;
2. The Global Investor Program, administered by the Contact Singapore, an alliance of the Singapore Economic Development Board and the Ministry of Manpower. Applications for Permanent Residency under both the Financial Investor Program and the Global Investor Program are subject to the final assessment and approval of the Immigration and Checkpoints Authority.
3. The Financial Investor Program, administered by the Monetary Authority of Singapore (“MAS”).

Elma Global does not work with professional category of immigration to Singapore. That is why this article will concentrate on two “immigration through investment routes”.

Global Investor Program – Who Can Apply?

To qualify for Global Investor Program the applicant must:

1. have a substantial entrepreneurial and business track record of at least three years, to be evidenced by audited accounts of the applicant’s company for the last three years: the turnover of the applicant’s company must be at least SGD 10,000,000 per annum in the most recent year, and at least SGD 10,000,000 per annum on average for the last three years; and where the chosen investment is in a new business startup or expansion of an existing operation, the applicant will need to submit the audited financial statements of the relevant company at the end of the second and fourth year of his investment.
2. senior corporate managers without any entrepreneurial and business track record shall only qualify if they satisfy the following criteria: at least ten years of corporate management experience; is currently undertaking a senior management role in the company such as Chairman, Chief Executive Officer, Chief Financial Officer; the annual turnover of the company in which the applicant is employed must be at least SGD 100,000,000; and have a business proposal or investment plan with regard to his activities in Singapore.
3. In addition, the applicant must: invest at least SGD 1,000,000 under Option A; SGD 1,500,000 under Option B; or SGD 2,000,000 under Option C.
4. The investments above have to be maintained for five years and the business plans must be approved by Contact Singapore.

Immigration to Singapore of Family Members

The applicant for the Permanent Residency in Singapore may include their immediate family members (spouse and unmarried children below 21 years of age) in the same application. The applicant’s parents and parents-in-law are eligible for Permanent Residency at an additional investment of SGD 300,000 per person under your application. Interestingly enough, Singapore is the only country in the world that allows simultaneous immigration of investor and his parents under the same application. In many other countries (UK, USA, Canada, Australia, etc, despite their democratic slogans) immigration of parents is a big problem even for investors.

Financial Investor Program – Who Can Apply?

This program is for very wealthy individuals and their families who may wish to relocate to Singapore. To qualify under the Program, the applicant must have minimum net personal assets worth at least SGD 20,000,000 (certified by a declaration made by a financial institution in the prescribed format). In addition, the applicant must either:

Option A: maintain a minimum of SGD 5,000,000 (“Minimum Sum”) in financial assets in a designated account that will be booked and managed by a financial institution regulated by the MAS for a continuous period of five years; or

Option B: maintain financial assets of not less than SGD 3,000,000 and property of not more than SGD 2,000,000 in a designated account that will be booked and managed by a financial institution regulated by the MAS for a continuous period of five years. Any property purchased shall be subject to foreign ownership restrictions under the Residential Properties Act.

Immigration to Singapore of Family Members

The applicant for the Permanent Residency under the Program may include their immediate family members (spouse and unmarried children below 21 years of age) in the same application. The applicant’s parents and parents-in-law may also be included in the same application if the applicant maintains an additional SGD 2,500,000 in financial assets for each parent or parent-in-law.

Citizenship and Passport of Singapore

Persons holding Permanent Residency may apply for Singapore citizenship after residing in Singapore for two years. At the same time it should be kept in mind that Singapore is a strict single citizenship country. Legislation of Singapore does not recognize and directly prohibits dual citizenship. So, in case you wish to become a citizen of Singapore you will be expected to renounce your previous citizenship.

Elma Global in cooperation with immigration lawyers based in Singapore can assist you in relocation to Singapore under any investment option available. If you have any questions or wish to use our legal assistance contact us today