The Economic Development Board (EDB) of Singapore has recently announced a new set of changes to the Global Investor Programme (GIP), which aims to attract high-calibre business owners and investors interested in making a significant economic impact in Singapore while remaining rooted in the country.
The revised Global Investor Programme (GIP) modifications will apply to all three investment visa options under the present Global Investment Programme scheme as of 15 March 2023. Continue reading to learn more.
Revisions to the New Global Investor Programme
Applicants are currently expected to invest only 2.5 million SGD in one of the three investment possibilities accessible under options A, B, or C. Depending on the selected investment option, the minimum investment amount will increase from $2.5 million to a significantly larger sum in the future. The new global investor programme (gip) investment possibilities are as follows::
Option A: To qualify for the Re-entry Permit Renewal (REP) needed for PR renewal after the initial five-year period, applicants must invest at least S$10 million (including existing paid-up capital) in a new or existing business entity in Singapore and hire at least 30 employees, with at least 50% of the employees being Singapore citizens.
Option B: Requires applicants to invest S$25 million in a GIP-select fund shortlisted by the Economic Development Board (EDB) based on its investment mandate in Singapore, track record, and sectoral focus.
Option C: Applicants must establish a Singapore-based Single-Family Office (SFO) with at least S$200 million in Assets-Under-Management (AUM), of which S$50 million must be deployed and maintained in one of the following four investment categories:
a. businesses listed on regulated exchanges authorised by the Singapore Monetary Authority (MAS), such as SGX Mainboard and Catalist;
b. Specific debt instruments listed on the MAS Qualified Debt Securities Inquiry System, including bonds, notes, commercial papers, and certificates of deposit;
c. Investment funds managed by Singapore-licensed managers and listed in the Financial Institutions Directory of the MAS; and
d. Private equity investments in unlisted Singaporean firms.
Check out our comprehensive Global Investor Program (GIP) guide here.
Enhanced Global Investor Program Criteria Seek to Promote Job Creation and Business Expansion
These modifications to the Global Investor Programme (GIP) are intended to attract qualified investors to deposit more capital in Singapore’s financial system and to provide additional employment opportunities for Singaporeans, including positions in finance, tax, legal, and fund management. The Economic Development Board (EDB) thinks that these modifications would allow the GIP to continue to attract only top-tier business owners and investors who are committed to driving the expansion of their firms and investments in Singapore.
Overall, the modifications to the GIP are part of the EDB’s ongoing examination of the programme to ensure its success in luring the best business owners and investors to Singapore in order to stimulate economic growth and generate jobs.
Next Steps for Global Investors Considering to Move to Singapore
Once the bar is raised for the Global Investor Programme, overseas investors who are interested in relocating to Singapore will face greater difficulty. They should be aware that the Global Investor Programme is not the only investment visa that allows them to travel to Singapore and gain permanent residency. Foreign investors can also consider the Entrepass or the ONE Pass, both of which demand a much smaller investment and can lead to permanent residency in Singapore.
If you are unsure of your eligibility for the Global investor programme under the new changes on the 15th of March 2023, you can arrange for a one-to-one hassle-free Consultation with our visa specialist at firstname.lastname@example.org.
Let our immigration agency assist you in navigating the complex process of obtaining a visa or permanent residency. Contact us today to learn more about our services and how we can help you make the move to Singapore.