Effective 1 March 2020, more qualified investors can look to fast-tracking their permanent resident status (PR) under the new rules governing the Global Investor Programme (GIP). The GIP, an initiative administered by Singapore’s Economic Development Board (EDB), was first introduced in 2004 and grants Singapore Permanent Resident status to eligible global investors who intend to drive their businesses and investment growth from Singapore.
To qualify, applicants need to showcase substantial business track record and possess a solid, successful entrepreneurial background.
So what are the new changes being implemented?
Under the updated scheme, next-generation business owners and founders of fast-growing companies from certain industries, as well as family offices, will qualify to apply for PR status through the GIP.
Currently, only established business owners and entrepreneurs are eligible.
Mr Matthew Lee, director of Contact Singapore, a division of the Economic Development Board which oversees the GIP, said that the updates to the scheme were made to better reflect rapid shifts in the global economy over the past few years which have resulted in new business opportunities and new breeds of entrepreneurs and business owners. Expanding the scheme to attract business owners who want to start a single family office in Singapore will “strengthen our banking and finance sector”, he added.
An overview of the expanded criteria can be viewed below: