by Melissa Kok
FOREIGN investors applying for Singapore's permanent residency
under the Government's Global Investor Programme (GIP) will find it
tougher to qualify from Oct 1.
They are now required to invest more money and have a higher
annual company turnover under changes to the eligibility
requirements in the scheme offered by Contact Singapore, which aims
to attract global talent to invest, work and live in Singapore.
The changes, announced on Aug 31 on the Contact Singapore
website, follow a tightening of the PR and citizenship framework to
better manage the pace and overall numbers of foreigners.
The eligibility criteria for PR and citizenship, for example,
has been made more stringent by setting a higher income bar and
residential requirements, to attract foreigners who not only
contribute to Singapore economically but also integrate well into
society.
From Oct 1, GIP applicants with an entrepreneurial background
and experience in running a business must have a minimum company
turnover of $30 million per annum in the most recent year, and at
least $30 million per annum on average for the last three
years.
Also, from next January, applicants will have to pump in at
least $2.5 million into a new business entity, a GIP-approved fund
or expansion of an existing business operation.
