Due to the current atmosphere of financial instability, high net worth individuals are moving globally. Singapore is one of the top recipients of millionaires coming into the country by the end 2022.
Being one of the top financial centres in the world, recently beating Hong Kong at number 3, and the leading financial hub in Asia, Singapore offers HNWIs opportunities to not only manage and preserve their wealth but to tap into the emerging markets in Asia. With strong financial and legal infrastructure as well as high quality of life, SIngapore acts as the perfect gateway to the vast opportunities in Asia.
Depending on the goal of the HNWI, they can move to Singapore, either physically or financially or both, via one of these routes below:
- Opening a family office in Singapore
- Incorporate a business in Singapore
- Invest in Singapore via the Global Investor Programme
For the purpose of this article, we are going to discuss the last option – the Global Investor Programme (GIP).
What is the Global Investor Programme?
The Global Investor Programme is an initiative by the Singapore government, administered by the Economic Development Board of Singapore (EDB), to attract qualified global investors who intend to drive their businesses and investment growth from Singapore. Candidates will need to have a substantial business track record and successful entrepreneurial background to qualify, with a minimum investment fund of $2.5 million to be eventually effected, once approval is granted.
The purpose of this initiative is to fuel the business commerce and drive startup growth in Singapore.
What are the benefits of the Global Investor Programme?
Recognising the contributions to Singapore’s economy, successful candidates are accorded the highly coveted Singapore Permanent Residency immediately and all that goes along with it, including future eligibility for Singapore Citizenship application. The Singapore Permanent Residency is also applicable for immediate family members of candidates. However, this has to be declared at the beginning of the application process where details of family members’ are to be submitted together.
Who can qualify for this programme?
There are 4 candidate profiles that may apply for this programme:
- Established business owners
- Next gen business owners
- Founders of fast-growth companies
- Family office principals
Each of these profiles has differing eligibility ranging from business and/or investment experience, track record, company turnover, company’s holding, and sector.
What are the investing options in this programme?
Depending on the candidate’s profile, they maybe be eligible for different options for investment such as
Option A: investing at least $2.5 million in new business entity or in the expansion of an existing business operation
Option B: investing at least $2.5 million in a GIP fund that invests in Singapore-based companies
Option C: investing at least $2.5 million in new or existing Singapore-based single family office having Assets-Under-Management (AUM*) of at least S$200 million
The first 3 candidate profiles are eligible to invest in either one of the investment options listed above, however, the last profile, which is the family office principals, are only able to invest in Option C.
How to apply for the Global Investment Programme?
Candidates may contact [email protected] (IASG) for advice and they will start the application process. Apart from the Global Investor Programme advisory, IASG can provide immigration application services for candidates and their families.
IASG is a leading Singapore-based immigration consultancy firm with a combined experience of more than 50 years, headed by Masood Mustafa, a former government official with the Ministry of Home Affairs (MHA) who spearheaded various policy groups to implement new immigration, security and operation protocols to support national immigration requirements, enhance border security, and improve overall efficiency at the checkpoints.