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:
• GIP - Assessment Criteria
• GIP - Investment Options
Eligible applicants can choose either one of the following investment options through the GIP:
• 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:
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.
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.
Financial Investor Scheme (FIS)
*With effect from 30 April 2012, the Financial Investor Scheme has been terminated by the Monetary Authority of Singapore.
Highlights on Corporate Secretarial...