Between 2011 and 2022, Global Investor Programme (GIP) investors created 24,699 jobs across a range of roles such as software engineers, researchers, and public relations practitioners.
A scheme that attract high-calibre business owners and owners of capital, the GIP also accords Singapore Permanent Resident status (PR) to eligible global investors who intend to drive their businesses and investment growth from Singapore.
This coveted “golden visa” offered by Singapore is similar to other countries including the United States, Britain, Canada and Australia, aimed at attracting high-net-worth individuals who can contribute to economic activity and boost investments.
In short, the GIP is a Singapore Investor Visa that allows highly accomplished entrepreneurs, business owners, and investors to fast track their Singapore PR.
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What Is The Global Investor Programme?
Introduced in 2004, the GIP accords Singapore PR to eligible global investors who intend to drive their businesses and investment growth from Singapore.
It is administered by Contact Singapore, a division of the EDB that advises entrepreneurs and business owners who are interested in relocating to and investing in Singapore.
Established business owners, next-generation business owners, founders of fast-growing tech firms and family office principals with substantial management track record and successful entrepreneurial background may qualify for a PR status under the GIP.
This is in line with Singapore’s efforts to become a key Asian node for high-growth tech companies and investment activities, grow existing and new industries, and create jobs for Singaporeans.
How to Apply For The GIP?
Investors who are keen in starting up a business or investing in Singapore may apply for the Singapore PR through the GIP by submitting forms including applying for an entry permit, details of family members’ backgrounds, and personal information.
You will need to have a substantial business track record and successful entrepreneurial background to qualify.
Under the investor scheme there are two investment options (Option A and B), and you have to invest a significant sum in a new business startup or expansion of an existing business operation or invest in a GIP-approved fund that invests in Singapore-based companies.
Other than that, you also have to prove that you have an entrepreneurial flair, by showing a good track record and furnishing a credible business proposal or investment plan in order to qualify.
You will have to:
- Meet the updated minimum investment requirement
- Possess at least three years of business or entrepreneurial track record
- Ensure that your existing business meets turnover requirements
- Have at least 30% shareholding in a company if it is privately owned
- Submit audited financial statements of your company for the last three years
Option A applicants:
- Invest at least the minimum sum required in a new business startup or expansion of an existing business operation.
- Must submit a three-year business/investment plan with employment and annual financial projections.
- You must meet the employment and financial milestores that you have set in your business/investment plan at the end of a three-year period.
Option B applicants:
- Invest at least the minimum sum required in a GIP approved fund that invests in Singapore-based companies
Entrepreneurs who own more than one business must submit the financial statements of the company with the highest turnover, or he/she can consolidate the businesses information to meet the annual turnover criteria.
The authorities will also take into account other factors such as your role and position in the company, and the profitability of the company.
The documents to apply for PR application under the GIP are as follows:
- Form A: Application for Permanent Residence for Investors
- Form B: Proposed Investment Plan
- Undertaking on the Terms & Conditions of the programme
- Form 4: Application for An Entry Permit to Enter Singapore
- Other supporting documents, wherever applicable
Changes To The GIP From 15 March 2023
All three investment options under the GIP programme will see changes and take effect from 15 March 2023.
These changes are part of EDB’s ongoing review of the GIP to ensure the programme’s effectiveness in attracting only top-tier business owners who are interested to drive the growth of their businesses and investments from Singapore.
Option A:
- Applicants under this option will be required to have invested at least $10 million, inclusive of paid-up capital, in a new business entity or existing business operation in Singapore.
- Hired minimally 30 employees, at least half of whom must be Singapore Citizens and 10 of whom must be new employees, to be eligible for the Re-entry Permit Renewal after the initial five-year period.
Option B:
- Applicants will be required to invest S$25 million in a GIP-select fund. These GIP-select funds will be shortlisted by EDB based on a holistic assessment of their track record, investment mandate in Singapore, as well as the sectoral focus of the funds.
Option C:
- Applicants will be required to establish a Singapore-based Single- Family Office (SFO) with Assets-Under-Management (AUM) of at least S$200 million, of which at least S$50 million must be deployed and maintained in any of the following four investment categories:
- Companies listed on exchanges licensed by the Monetary Authority of Singapore (MAS) e.g., SGX Mainboard and Catalist;
- Qualifying debt securities such as bonds, notes, commercial papers, and certificates of deposit that are listed on MAS’ Qualifying Debt Securities Enquiry System;
- Funds distributed by Singapore-licensed managers that are listed on MAS’ Financial Institutions Directory; and
- Private equity injection into non-listed, Singapore-based businesses.
The changes will encourage GIP investors to deploy more funds in the local financial system and generate more jobs for Singaporeans, including in roles such as finance, tax, and legal professionals, as well as fund management.
Foreign businessmen will have to invest more and hire more locals to qualify to become PR under the GIP.
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When was the GIP last revised?
The GIP was last revised in March 2020, when changes were made to address the emergence of new breeds of business owners, including founders of fast-growing tech companies and family office principals.
Can You Apply PR For Family?
Under the GIP Scheme, you can also apply for PR for your family members as per the guidelines:
- Your spouse and children 21 years and below are eligible to apply for PR together with your PR application. Male dependents will be liable for National Service.
- Your children who are over 21 years and your parents are eligible to apply for the five-year Long Term Social Visit Pass, which is renewable and tied to the validity of your re-entry permit.
How Long Will The Application Process Take?
It will take nine to twelve months to process the application. The authorities will invite you for an interview during the process.
You will be issued an Approval-In-Principle PR which is valid for six months if your application is approved. In this period, you will be required to make your investments.
You will have to submit documents of your investments such as share certificates and title deeds, and they will be withheld by the authorities for five years.
You will be conferred the actual PR status once all these documents have been received and all are in order.
How Many Foreigners Have Received GIP Status?
Between 2020 and 2022, an average of 60 investors were accorded Singapore PR status through the GIP annually, according to the Economic Development Board.
| Global Investor Programme | Investors |
| Between 2020 and 2022 | 60 investors annually |
| Total number of people who received GIP status in the last 3 years | 180 investors |
What Are The Benefits To Becoming A Singapore PR?
The Singapore PR card is blue in colour. You can benefit from the status by being able to reside in the country visa-free, enjoy tax relief and education subsidies for your children.
You can enter, live, and leave Singapore without additional visa and permits. Being a PR allows you to change jobs without worrying about your status. Some companies may prefer hiring a PR as well.
As per the application, your spouse and children (below 21 years) are eligible to apply for PR and your parents can apply for Long Term Social Visit Passes.
You can also purchase properties at a much lower price. Foreigners on the other hand, have to pay a 30% Additional Buyer Stamp Duty rate for any property purchase.
Your children can also have access to public schools and be on a higher priority than foreigners for admittance into the schools.
You can also apply for Singaporean citizenship after two years of obtaining PR status. Which will come with additional benefits, including better tax rates, subsidies for public housing (should your children choose to grow up and move out of the parent home).
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