Application for Permanent Residence

Foreigners who would like to obtain their Singapore Permanent Residency through investment can look at the Global Investor Programme (GIP).

Global Investor Programme (GIP)

Permanent residency applications under the Global Investor Programme will be jointly assessed by the Economic Development Board (EDB) and Contact Singapore.

*With effect from 15 April 2012, the following changes have taken place in the eligibility and assessment criteria for GIP application.

• GIP - Eligibility

One can be considered eligible to apply for PR under the GIP, if they have:

1. A substantial business track record; and
2. A successful entrepreneurial background

• GIP - Assessment Criteria

1. Individuals must possess at least 3 years of entrepreneurial experience and business track record and must produce audited financial statements of their Company for the last 3 years.
2. If their Company is in the real estate or construction-related industry, the Company’s turnover must be at least S$200 million in the most recent year, and at least S$200 million per annum on average for the last 3 years;
   
   If their Company is in other sectors, their Company’s turnover must be at least S$50 million in the most recent year, and at least S$50 million per annum on average for the last 3 years.
3. If their Company is privately owned, then they should have at least 30% shareholding in the Company. Their role in the Company, as well as the growth and profitability of their Company would be taken into consideration.

• GIP - Investment Options

Eligible applicants can choose either one of the following investment options through the GIP:

• Option A: Invest at least S$2.5 million in a new business entity or expansion of an existing business operation.
• Option B: Invest at least S$2.5 million in a GIP-approved fund that invests in Singapore-based companies.

• GIP - Additional Assessment Criteria for Option A Applicants

The applicant must submit a detailed 3-year business or investment plan with projected employment and annual financial projections.

The applicant will be required to fulfill the milestones outlined in their business or investment plan 3 years from the date of investment, which will form a basis for their PR re-entry permit renewal.

Please also note that investments made prior to the GIP Permanent Residency application will NOT be considered as part of the Investment Options (as above). Foreign applicants are advised to start investing only after their interview with Contact Singapore and upon issuance of the Approval-In-Principle (AIP) status by Immigration and Checkpoint Authority (ICA).

• GIP - Spouse/Family member of PR/Singaporean

Foreigners applying for Singapore Permanent Residency under the Global Investor Programme can include their immediate family in the application. Immediate family refers to:

• Spouse (one only);
• Unmarried children 21 years of age and below.

Parents and Parents-in-law

Parents and parents-in-law are not eligible to be included in the main applicant’s GIP application for PR status. Instead, they can apply for a 5-year Long Term Visit Pass (LTVP), which is renewable and tied to the validity of the main applicant’s re-entry permit.

• GIP - Processing Time

For applications through the GIP, the processing time for the Permanent Residence application varies depending on ICA issue of Approval’in-Principle letter (AIP), and applicant’s readiness to invest. As an indication, the processing time for AIP is around three to six months after an interview with Contact Singapore, and then PR is granted within six months to a year upon investment. Immediate family of the GIP Permanent Residency applicant will also be granted Permanent Residency status upon approval of the application.

You may check this link for more details on the application procedure, fee and re-entry permit renewal requirements for the Singapore Permanent Residency.

If you would like to ‘outsource’ the administrative process of the GIP and let us assist you in completing the application, arranging for interview with Contact Singapore and collating of required supporting documents then we would be happy to meet up with you to discuss and assess your eligibility to apply under the GIP scheme for a small consultation fee. Please drop us an email.

*With effect from 30 April 2012, the Financial Investor Scheme has been terminated by the Monetary Authority of Singapore.