May 21st, 2023 at 06:03 am
Singapore Immigrant Investor Visa: Full Application Guide
Singapore is one of the best places to live in the world. It has a strong passport, a good tax system, and a high quality of life. HNW investors like to go there.
One of the best golden visa programs in Asia is in Singapore. It is called the Global Investor Program (GIP). The plan was started in 2004 as a way to get people to invest in Singapore.
Why Singapore?
- Singapore is one of the wealthiest places on Earth.
- Singapore also has the most powerful passport in the world (no. 1), which gives its citizens visa-free entry to most countries.
- Singapore is the best place to work in Asia and the third-best place in the world. It is also the best place to live in Asia.
- Singapore is a peaceful country with a strong economy and a high level of human growth.
- One of the things that makes Singapore a great place to do business is that it is in a good location.
- Rich Chinese investors find it easy to move back and forth for business because Singapore is close to China.
- Singapore can go to 189 countries without a visa, including the US, Canada, China, Europe, the UK, etc.
Singapore Global Investor Program (SGIP)
The Singapore Global Investor Program (GIP) is a way for rich investors who want to move to Singapore to get a Permanent Residency.
Foreigners can get Permanent Residency (PR) status through the GIP if they spend at least S$2.5 million (US$1.8m) in Singapore-registered companies or GIP funds that invest in Singapore companies.
Under GIP, the following are the rules for investing:
- Invest at least S$2.5 million ($1.8 million) in starting a new business or growing an established one. (or) at least S$2.5 million ($1.8 million) in a GIP fund that invests in Singapore-based businesses.
- Must have been an entrepreneur and run a business for at least three years.
- The company must have made at least S$50 million in sales in the year before the entry date and an average of S$50 million in sales each year.
Those who are approved will get a Re-Entry Permit (REP) that is good for 5 years. With the REP, you can keep your PR status even when you are not in Singapore. This can be made to last for another three or five years in the future.
There is a S$7,000 registration fee. If the GIP application is accepted, the Singapore Immigration & Checkpoints Authority (ICA) will give an Approval-in-Principle (AIP) for permanent residence status. This is good for 6 months. You will have to make your payment within the first 6 months of being an AIP PR.
The S$2.5 million investment must come from a bank account that is only in your name and that you have opened in Singapore.
GIIP Statistics
A Ministry of Trade report says that 1,826 people who applied for permanent residency through the Global Investor Programme (GIP) between 2004 and June 2017 got it. Under this program, 67 people with PR status (ages 25 to 58) have been given citizenship.
The GIP plan brought in $1.8 billion in direct investments, which led to more than 6,000 jobs in Singapore. One GIP investor had his PR status taken away after a review.
Background Checks
The Singapore Economic Development Board (EDB), which is a government body under the Ministry of Trade and Industry, is in charge of making plans that make Singapore a better place for business, innovation, and talent around the world.
Singapore changed how it evaluates applicants for the EDB’s Global Investor Program to make sure that outsiders who are accepted into this program are not involved in the theft.
1. The Global Investor Program’s evaluation criteria were tightened. To verify identity, applicants must submit notarized personal and business documents. The Immigration Act also requires financial company references and a criminal history disclosure. Each person must sign a legal document verifying his information.
2. EDB checked the applicant’s information and sent it to the proper government agencies for screening. Even while every effort has been taken to ensure the screening process is comprehensive, it is not always possible to catch all shady transactions at the point of application, especially if they haven’t been revealed yet. I assure members that EDB will carefully review all Global Investor Programme candidates.
To apply for the GIP, applicants can invest in a business or in a GIP fund that invests in Singapore-based companies.
Ways to keep people from abusing these options.
- Each applicant must send EDB a detailed plan and any other papers that support it.
- EDB looks at the applicant’s past work, business and investment goals, and how they might help Singapore.
- EDB also hires a risk assessment consulting company to do independent checks and works with security screening agencies.
- Before GIP investors can get their re-entry passes renewed, they have to go through a new set of checks.
- A separate rating agency and a fund selection group also look at GIP funds very carefully. All GIP fund managers must be incorporated and based in Singapore. They must also be controlled by MAS. Investors in GIP funds are protected by the rules that MAS has in place for companies that handle funds.
Singapore Citizenship
A Singapore PR over the age of 21 who has lived there for at least two years may want to apply for Singapore citizenship.
The government put a limit of 25,000 on how many citizenships could be given each year.
It’s important to know that Singapore doesn’t allow people to have more than one citizenship, so people with more than one nationality should think carefully about these problems before investing in Singapore or becoming a citizen there.
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