Singapore’s Economic Development Board (EDB) has recently announced a new set of changes to the Global Investor Programme (GIP), which aims to attract high-calibre business owners and investors who are interested in making a significant economic impact in Singapore while remaining rooted in the country.
With the effect of 15 March 2023, the new Global Investor Programme (GIP) changes will apply to all three investment visa options under the current Global Investor Programme scheme. Read further to learn more.
The New Global Investor Programme Changes
Currently, applicants only have to invest 2.5 million SGD into one of the three investment options available under options A, B or C. Moving forward, the minimum investment amount will be raised from 2.5 million to a much higher amount depending on the investment option selected. Below are the new global investor programme (gip) investment options:
Option A: applicants must commit an investment of at least S$10 million (inclusive of existing paid-up capital) in a new or existing business entity in Singapore and hire at least 30 employees, with at least 50% of the employees being Singapore citizens, to qualify for the Re-entry Permit Renewal (REP) after the initial five-year period.
Option B: applicants must invest S$25 million into a GIP-select fund that has been shortlisted by Economic Development Board (EDB) based on its investment mandate in Singapore, track record, and sectoral focus.
Option C: applicants will be required to set up a Singapore-based Single-Family Office (SFO) with Assets-Under-Management (AUM) of at least S$200 million, where S$50 million out of the total amount must be deployed and maintained in any of the following four investment categories:
a. Listed companies on licensed exchanges authorized by the Monetary Authority of Singapore (MAS) for example SGX Mainboard and Catalist;
b. Selected debt securities, including bonds, notes, commercial papers, and certificates of deposit, listed on MAS Qualifying Debt Securities Enquiry System;
c. Investment funds administered by Singapore-licensed managers that are listed on MAS’ Financial Institutions Directory; and
d. Private equity that invests in unlisted Singaporean companies.
Check out our Global Investor Program (GIP) guide here.
Strengthened Requirements for Global Investor Program Aim to Boost Job Creation and Business Growth
These new changes in the Global Investor Programme (GIP) aim to encourage qualified investors to deploy more funds in Singapore’s financial system and generate more job opportunities for local Singaporeans, including roles in finance, tax, legal, and fund management. The Economic Development Board (EDB) believes that these changes will enable the GIP to continue attracting only top-tier business owners and investors who are committed to driving the growth of their businesses and investments in Singapore.
Overall, the changes to the GIP are part of the EDB’s ongoing review of the programme to ensure its effectiveness in attracting the best business owners and investors to drive economic growth and create jobs for Singaporeans.
Next Steps for Global Investors who are interested in Moving to Singapore
As the bar for the Global Investor Programme is set higher for foreign investors who are interested to move to Singapore. They should be aware that the Global Investor Programme is not the only available investment visa for them to move to obtain their residency in Singapore. Foreign investors can also explore entrepass or the ONE Pass which requires much lesser investment and both visa schemes can be a pathway to their Permanent residence status in Singapore.
If you are unsure of your eligibility for the Global investor programme under the new changes on the 15th of March 2023, you can arrange for a one-to-one hassle-free Consultation with our visa specialist at [email protected].
Let our immigration agency assist you in navigating the complex process of obtaining a visa or permanent residency. Contact us today to learn more about our services and how we can help you make the move to Singapore.
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