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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.

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.

Immigration and 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.

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?

An applicant for permanent residence in Singapore can choose any of three possible options:

  1. Invest 10 million SGD (7.4 million US dollars) in a new business or expansion of an existing business or
  2. Invest SGD 25 million (USD 18.5 million) in a GIP approved fund.
  3. Open a family office in Singapore with assets under management of at least SGD 200 million

Points 1 and 3 require submitting a business or investment plan for a period of 5 years.

Before the application is approved, an interview is conducted with the investor. After receiving the letter of pre-approval for permanent residence, the investor must invest the money within 6 months. Investments are made only from the investor’s personal account. Investments from corporate accounts are not accepted for the purposes of the program.

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.

Citizenship and Passport

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

Last updated 07.09.2023


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