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There are 3 options for investments under the GIP to qualify for PR status in Singapore. All approved GIP application grant the applicants and their dependents PR status for 5 years, subject to renewal.
| Option A | Option B | Option C | |
|---|---|---|---|
| Investment Conditions | Invest S$10 million in a new business entity or in the expansion of an existing business operation | Invest S$25 million in a GIP fund that invests in Singapore-based companies | Invest S$50 million in a new or existing Singapore-based single family office (SFO) having Assets-Under-Management (AUM*) of at least S$200 million. |
| Additional requirements | a) Submit a 5-year business or investment plan with projected employment, expenditure and financial of Option A Company. The business plan will be assessed based on its feasibility, your role in growing the company, its business activities and the creation of local jobs; AND
b) Owns at least 30% shareholding in the Option A Company and must be part of the management team of the company (e.g. C- suite / Board of Directors); AND c) Option A company must engage in a sector under the approved list of industry prescribed by EDB. |
a) Applicants who apply for Option B may be requested to share any other business plans for Singapore apart from the investment in a GIP-select fund.
b) Please refer to http://www.edb.gov.sg/gip for the updated list of GIP-select funds. |
a) Submit a 5-year business plan with projected employment and annual financial projections. The business plan will be assessed based on your role in your single-family office, the functions of your family office, your proposed investment sectors, asset types and geographical focus.
b) Offshore assets can qualify as part of the AUM requirement provided at least S$50 million investible AUM has been transferred into and held in Singapore. At least S$50 million must be deployed in any of the below 4 investment categories no later than 12 months from the Final Approval of your PR status, and thereafter maintained throughout the validity of the Re-Entry Permit: |
| Singapore Citizenship | Possible to apply for Singapore Citizenship after 2 years (subject to approval). | ||
*Offshore assets can be qualified as part of the AUM requirement, provided at least S$50 million investible AUM has been deployed into any of the specified 4 investment categories in Singapore.
Renewal Criteria For The Singapore Permanent Residence Status:
| For a 5-year renewal | ||
|---|---|---|
| Option A applicants | Option B applicants | Option C applicants |
| i) You must have fulfilled the investment conditions under Option A of the GIP; AND | i) You must have fulfilled the investment conditions under Option B of the GIP; AND | i) You must have fulfilled the investment conditions under Option C of the GIP; AND |
| ii) Your Option A Company1 in Singapore must employ minimally 30 employees (at least half of whom must be Singapore Citizens), out of which there must be at least 10 incremental employees AND | ii) Maintain the S$25 million investment in a GIP-select fund AND | ii) The Single-Family Office1 in Singapore that you establish must employ at least 5 incremental Family Office professionals2 (with at least 3 Singapore Citizens) and maintain the S$50 million AUM across any of the 4 investment categories3 AND |
| iii) You or all your dependants, who obtained PR under your GIP application, must have resided in Singapore for more than half of the time. | ||
| For a 3-year renewal | ||
| Option A applicants | Option B applicants | Option C applicants |
| i) You must have fulfilled the investment conditions under Option A of the GIP; AND | i) You must have fulfilled the investment conditions under Option B of the GIP; AND | i) You must have fulfilled the investment conditions under Option C of the GIP; AND |
| ii) Your Option A Company1 in Singapore must employ minimally 30 employees (at least half of whom must be Singapore Citizens), out of which there must be at least 10 incremental employees OR | ii) Maintain the S$25 million investment in a GIP-select fund OR | ii) The Single-Family Office1 in Singapore that you establish must employ at least 5 incremental Family Office professionals2 (with at least 3 Singapore Citizens) and maintain the S$50 million AUM across any of the 4 investment categories3 OR |
| iii) You or all your dependants, who obtained PR under your GIP application, must have resided in Singapore for more than half of the time. | ||
1If you have invested into an existing Singapore-based company/Family Office, only incremental numbers for employment from the date of Final Approval of your PR status may be taken into consideration for the purpose of determining the fulfillment of the economic conditions for your REP renewal. This company must be engaged in one of the industries listed in Annex B and your shareholding in the company must be at least 30%.
2The 5 professionals in the family office must hold advisory roles or board appointments in functions related to legal, tax, investment or philanthropy.
3Option C applicants are expected to submit documentary proof of the deployment of their S$50 million AUM in Singapore. Failure to do so may affect their REP renewal.
While the GIP is a fast track to obtain Singapore PR status, the requirements are more onerous and the application process is much longer. Professional seeking Singapore residency may choose to apply for an Employment Pass (EP) as an alternative route to Singapore residency. In general, approval of EPs are quicker than GIP applications. However, most EPs are valid for a maximum of 2 years and is subject to renewal. There are also salary requirements that companies need to fulfil in order to apply for EPs for their candidates.
EP holders who wish to apply for Singapore Citizenship may do only after obtaining Singapore PR status, which generally require working in Singapore for a number of years.
Besides the criteria mentioned above, business owners applying for PR under the GIP must be engaged in one or more of the industries designated by the EDB that is crucial for Singapore’s growth.