Wealthy people seeking permanent-resident status through Singapore's Global Investor Programme will have to invest at least S$10m in a business or S$25m in an approved fund, the Singapore Economic Development Board (EDB) said in a statement today (2 March).
New family offices will be required to have assets under management of at least S$200m.
The changes take effect on 15 March for new applicants, but the current rules will continue to apply for existing GIP PRs and applications received before this date.
The EDB said the changes are meant to "selectively attract individuals with the ability to make more economic impact for Singapore, and the affinity to be more rooted to Singapore", the Singapore Straits Times reported.
Under the first option, new investors will have to invest at least S$10m, inclusive of existing paid-up capital, in a new business entity or existing business operation in Singapore.
This is up from the previous S$2.5m required. Applicants must also hire at least 30 employees, with at least half of them Singapore citizens and ten of whom must be new employees, to be eligible for Re-entry Permit Renewal after the initial five-year period.
Under the second option, applicants will be required to invest S$25m in a GIP-selected fund. These funds will be shortlisted by EDB based on their track record, investment mandate in Singapore and the type of industries or markets they focus on.
Previously, applicants had to allocate only S$2.5m in a GIP fund that invests at least 50% in Singapore-based companies upon in-principle approval.
Under the third investment option, applicants will be required to establish a Singapore-based single family office with assets under management of at least S$200m, of which at least $50m must be deployed and maintained in certain investment categories, such as companies listed on the Singapore Exchange's mainboard and secondary Catalist board.
