Singapore Global Investor Programme Guide to Achieve Permanent Residency

Singapore, a vibrant city-state known for its robust economy, consistently ranks high on various global indices, such as the World Bank’s Ease of Doing Business report, strategic location, and pro-business policies, has long been a magnet for global investors. Its well-developed infrastructure, political stability, and highly skilled workforce create an ideal environment for businesses to thrive.

Contributing Advisor

David Stepat

Country Director

With initiatives like the Smart Nation program, Singapore is at the forefront of adopting cutting-edge technologies to drive economic growth.

Introduction to the Global Investor Programme (GIP) as a pathway to Singapore Permanent Residency (PR) and potential fast-track to citizenship

The Global Investor Programme (GIP) stands out as a premier route for high-net-worth individuals seeking permanent residency in Singapore.

Launched by the Economic Development Board (EDB), the GIP offers a streamlined process for investors who wish to contribute to Singapore’s economic landscape through substantial business investments.

Successful applicants and their immediate family members are granted permanent residency, with the potential to apply for Singapore citizenship after a stipulated period. This not only provides a stable and secure living environment but also offers access to world-class healthcare, education, and a high standard of living.

The GIP thus serves as an attractive proposition for global investors aiming to leverage Singapore’s dynamic economic landscape while securing a prestigious residency status.

The strategic significance of the GIP

The Global Investor Programme strengthens Singapore’s economy by attracting substantial foreign investment. This influx of capital is instrumental in driving economic growth, fostering job creation, and promoting economic diversification.

By encouraging high-net-worth individuals to invest in local businesses or designated funds, the GIP injects much-needed capital into the economy. This not only supports the growth of existing enterprises but also stimulates the establishment of new businesses, thereby broadening the economic base.

Investments made through the GIP directly contribute to job creation across various sectors. Whether it is through the expansion of a business or the launch of new ventures, these investments lead to the creation of numerous employment opportunities, enhancing the overall job market and contributing to economic stability.

The GIP encourages investments across a wide range of industries, fostering a more diversified and resilient economy. By reducing dependency on any single sector, Singapore is better equipped to withstand global economic fluctuations and maintain sustainable growth.

Competitive advantages for investors

Investors opting for the GIP are presented with a suite of competitive advantages that make Singapore an attractive destination for their investments.

Economic stability

Singapore’s robust economic framework is characterized by consistent growth, low inflation, and a strong currency. This stability provides a secure environment for investors to grow their wealth and protect their assets.

Favorable tax policies

The country’s pro-business tax regime includes attractive incentives such as no capital gains tax and relatively low corporate tax rates. These policies enhance the return on investment, making Singapore a highly attractive location for global investors.

Strategic geographic location

Situated at the crossroads of major global trade routes, Singapore provides investors with unparalleled access to regional markets and facilitates the seamless expansion of their business operations.

GIP eligibility criteria

The Global Investor Programme (GIP) offers a structured pathway for high-net-worth individuals to obtain a Singapore Permanent Residency (PR).

To qualify, applicants must meet specific eligibility criteria tailored to different investor profiles, including established business owners, next-generation business owners, founders of fast-growth companies, and family office principals.

Investment options and criteria

The table below briefly explains the difference between the three investment options for the GIP:

Approved industries

The companies must be engaged in one or more of the approved industries, which typically include:

• Aerospace Engineering;
• Alternative Energy/Clean Technology;
• Automotive;
• Chemicals;
• Consumer Business (e.g. flavors and fragrances, food ingredients, nutrition, home, and personal care);
• Electronics;
• Energy;
• Engineering Services;
• Healthcare;
• Infocom Products & Services;
• Logistics & Supply Chain Management;
• Marine & Offshore Engineering;
• Media & Entertainment;
• Medical Technology;
• Nanotechnology;
• Natural Resources (e.g. metals, mining, agri-commodities);
• Safety & Security;
• Space;
• Shipping;
• Pharmaceuticals & Biotechnology;
• Precision Engineering;
• Professional Services e.g. consulting, design;
• Arts Businesses (a) Visual arts businesses, e.g. auction houses, art logistics/storage (b) performing arts businesses;
• Sports Businesses; and,
• Family Office & Financial Services.

Application Process: A Step-by-Step Guide

Before submitting your GIP application, ensure you have prepared all required documents accurately. This step is crucial as incomplete or incorrect submissions can lead to delays or rejections.

Step-by-step guide

Step 1: Pay the application fee

Make a payment of S$10,000 (US$7,400) as the application fee to the Economic Development Board (EDB).

Step 2: Complete the necessary forms

Fill out the following forms:

• Form A: Application for Permanent Residence for Investors
• Form B: Proposed Investment Plan
• Form C: Payment Details of Application Fee
• Form 4: Application for an Entry Permit to Enter Singapore
• Statutory Declaration Form
• Undertaking on the Terms & Conditions of the GIP

Step 3: Gather the required documents

• Personal documents:
• Certified copy of passport.
• Original or certified copy of a birth certificate.
• Notarised copy of family census/household registry.
• Original or certified copy of marriage certificate (if applicable).
• Two passport-size photos.
• Business and financial documents:
• Evidence of business background.
• Audited accounts of the company for the past three years.
• Certificate of shareholders by the Registrar of Companies.
• Certified copy of a business license or incorporation documents.
• Business plan.
• Curriculum vitae.
• Copy of ACRA registration (if applicable).

Step 4: Submit application

Submit both hard and soft copies of the completed forms and documents to the EDB through the official GIP portal.

Interview overview

If your initial application is successful, you will be invited for an interview with the authorities. This interview is an opportunity to present your business vision and commitment to contributing to Singapore’s economy.

Be well-prepared to discuss your:

• Business plan;
• Investment intentions; and,
• How your contributions will benefit Singapore.

Investment and final PR approval process

• After the interview, your application will undergo a review process. Be prepared to provide additional documentation if requested.
• Upon approval, you will receive an Approval-in-Principle (AIP) status valid for six months. During this period, you must make the required investments under your chosen option (Option A, B, or C).
• Provide evidence of your investments, such as certified true copies of share certificates and bank statements. Submit an Undertaking on the Terms & Conditions of the investment.
• Once your investments are verified, the Immigration and Checkpoints Authority (ICA) will issue a final approval letter. You have 12 months from the date of this letter to formalize your PR status.
• With the final approval, you and your family members will receive Singapore PR status, marked by the issuance of the Blue ID card. This grants you diverse benefits, including tax relief, education subsidies, and medical subsidies.

Additional Visa Options and Comparison

It is essential to be aware of alternative visa options that might better suit your circumstances. In this section, we compare the GIP with other popular visa options such as the EntrePass and the Overseas Network & Expertise (ONE) Pass. Each visa type has distinct criteria and benefits, making it crucial to evaluate which option aligns best with your personal and professional goals.

Comparison of the GIP with EntrePass and ONE Pass

Criteria and benefits comparison

Permanent Residency benefits for family members

PR for spouses and children

When you secure permanent residency (PR) through the Singapore Global Investor Programme (GIP), your immediate family members can also enjoy the numerous benefits that come with PR status. This includes your spouse and unmarried children under 21 years of age.

Eligibility criteria

Spouses:

• Must be legally married to the principal GIP applicant.
• The marriage should be legally recognized under Singaporean law.

Children:

• Must be unmarried and under 21 years of age.
• Should be legally recognized as the offspring (biological or legally adopted) of the principal GIP applicant.

Application Process

• Gather all necessary documents, including certified copies of marriage certificates, birth certificates, and any other relevant legal documents.
• The PR application for family members should be submitted alongside the principal applicant’s GIP application. Ensure all forms are correctly filled and all required documents are included.
• The processing of PR applications for family members generally aligns with the timeline for the principal applicant’s GIP application, which typically takes 9-12 months.
• Once the application is approved, your spouse and children will receive their PR status. This is often accompanied by the issuance of a Blue ID card, granting them various rights and benefits similar to Singaporean citizens.

Long Term Social Visit Pass (LTSVP) for other family members

For family members who do not qualify for PR under the GIP, such as parents, siblings, or other extended relatives, the Long-Term Social Visit Pass (LTSVP) is an excellent alternative. The LTSVP allows these family members to stay in Singapore for an extended period.

Eligibility criteria

Parents:

• Must be the parents of the principal GIP applicant or the spouse of the principal applicant.
• Should demonstrate a need to stay in Singapore for extended family support.

Other family members:

• Must have a close familial relationship with the principal GIP applicant.
• Should provide valid reasons for requiring an extended stay in Singapore (e.g., caregiving responsibilities).

Application process

• Collect all necessary documentation, such as proof of relationship (e.g., birth certificates, marriage certificates), and any other supporting documents.
• Apply for the LTSVP through the Immigration & Checkpoints Authority (ICA) website. Ensure all forms are completed accurately and submitted with the required documents.
• The processing time for LTSVP applications can vary, but it generally takes a few weeks to a few months.
• Once approved, the LTSVP allows the holder to stay in Singapore for up to 2 years, with the possibility of renewal.

Benefits of PR and LTSVP

For PR holders:

• Education: PR children can access local schools and benefit from reduced school fees.
• Healthcare: PR families can enjoy subsidies at public healthcare facilities.
• Employment: PR spouses can work in Singapore without needing an additional work permit.
• Social Benefits: Access to various social services and community benefits.

For LTSVP holders:

• Extended Stay: Allows for longer stays than a standard tourist visa.
• Renewal Options: Can be renewed, offering flexibility for family members needing extended time in Singapore.
• Community Integration: LTSVP holders can integrate into the community, participate in social activities, and support the principal applicant’s family life in Singapore.