Better and More Attractive PR Schemes
Good news for Next-generation business owners and founders of fast-growing companies as they are bound to benefit from changs to a government scheme! These changes will attract and grant them the Singapore Permanent Residence (PR) status.
Changes to the Global Investor Programme (GIP), first reported by The Business Times, were made public in the new year and will take effect on March 1.
The Global Investor Programme (GIP) which was introduced in 2004 will now extend eligibility for the scheme to investors who invest $2.5 million in a new or existing Singapore-based single family office with a minimum sum of $200 million of assets under management. Family offices are investment firms that manage money for the ultra-rich.
At the moment, only established entrepreneurs can qualify to apply under the GIP. In the updated scheme, blooming entrepreneurs from certain industries as well as family office principals will be eligible to apply for PR status through the GIP programme.
The qualifying criteria now places more emphasis on high-performing firms while opening up more channels for applications. The emphasis on high performing companies can create more opportunities for Singapore’s economy and provide a source of employment.
The eligibility to renew a PR status has also been strengthened whereby only firms which incurred annual total business costs of at least $2 million will have met the requirements, compared to the current $1 million.
All in all, the new GIP complements the growth in Singapore’s status as a key Asian centre for high-growth technology companies and investment activities, quoting Mr Sunil Rai, a corporate partner at a law firm Dentons Rodyk. He further added that it would support Singapore’s efforts in remaining competitive in foreign direct investments that help to nurture existing and new industries and creating jobs.
The new and improved GIP scheme is set to benefit many more blooming entrepreneurs in the long run which would subsequently help to boost Singapore’s economy.
---
Post written by Shaun Lee Bryant, Singapore Immigration Specialist
Download a free eBook on How to Apply for Singapore Permanent Residency: www.bit.ly/2TFaicv
Join our discussions on Telegram and meet other expats in Singapore: https://t.me/joinchat/EdubEhev8kL6BtqH0fH6Ow
Follow our Facebook page for frequent giveaways, tips and recommendations on living in Singapore: http://www.facebook.com/singapore101show
Follow my instagram page for cool recommendations: http://www.instagram.com/shaunimmigration
Email me: Shaun.bryant27@gmail.com
Immigration-related questions: +65 8183 0626
