Singapore is one of the top destinations for investment immigration due to its stable political environment, excellent infrastructure, and high quality of life. There are several options for foreign investors and professionals to obtain permanent residency (PR) in Singapore through investment. This article will provide an overview of the major Singapore residency by investment programs in 2023 and the eligibility criteria.
The Global Investor Program (GIP) is the main investment route to attain Singapore PR status. Applicants can invest at least S$2.5 million into a new business entity or in an approved fund. Another option is the Professionals/Technical Personnel and Skilled Workers scheme that targets foreign professionals working in Singapore. They must have at least 2 years of employment on a valid work pass. The EntrePass scheme is suitable for foreign entrepreneurs wanting to start a business in Singapore. There are also options for investing in Singapore’s arts and culture sector.
Overall, Singapore remains an attractive residency by investment destination in 2023 for high net worth individuals and working professionals. With proper planning and execution, the application process can be smooth. It is advisable to engage professional consultancy services during the preparation phase.
Overview of the Global Investor Program for Singapore PR
The Global Investor Program (GIP) is the main investment route for foreign investors to attain permanent residency status in Singapore. It targets high net worth individuals who can invest at least S$2.5 million in Singapore.
Under the GIP, applicants have two investment options:
Option A – Invest in a new startup entity or expand/acquire an existing business operation in Singapore. The funds can be used for incorporation, operating expenses, employment creation, innovation and productivity improvements.
Option B – Invest S$2.5 million in a GIP-approved fund that invests in Singapore companies. These are private equity or venture capital funds that have been screened by the GIP.
Aside from the minimum investment amount, applicants must also meet other criteria such as:
– Proven entrepreneurial background and business track record. This demonstrates the investor’s ability to drive business growth.
– Submit a credible business plan or investment proposal for evaluation. The viability of the business/investment will be assessed.
– Show commitment to sink roots and contribute economically in Singapore. Factors like prior visits, network of contacts locally, and children’s education will matter.
Under Option A of the GIP, the investor’s business entity must also meet certain conditions like hiring local employees and contributing innovation or productivity improvements.
The GIP offers a rigorous and structured investment immigration pathway for ultra high net worth individuals to relocate to Singapore.
Eligibility Criteria for the Professionals/Technical Personnel Scheme
The Professionals/Technical Personnel and Skilled Workers scheme (PTS scheme) targets foreign professionals who are already working in Singapore. It is the most straightforward route to attaining permanent residence.
The key eligibility criteria are:
– Must be a foreign professional, manager, executive or specialist working in Singapore. The PTS scheme applies to Employment Pass and S Pass holders.
– Have been working in Singapore continuously for at least 2 years prior to the PR application. This can be with one or more employers.
– Hold a valid work pass at the point of application. Candidates on cancelled or expired work passes cannot qualify.
– Meet age criteria. Applicants should not exceed 45 years old for male and 50 years old for female.
– Show commitment to sinking roots and integrating in Singapore. Educational qualifications, salary level, work skills are evaluated.
– Demonstrate good character without criminal records or immigration offenses.
The PTS scheme recognizes experienced foreign professionals who have contributed to Singapore’s economic progress. By converting to PR status, they can continue staying in Singapore long term and avoid the uncertainty of work visa renewals.
How Entrepreneurs Can Apply for the EntrePass
The EntrePass by the Ministry of Manpower is aimed at foreign entrepreneurs wanting to relocate to Singapore and operate a local business. It offers a pathway to eventual permanent residence.
Here are key highlights of the EntrePass scheme:
– Applicants must be founders or partners holding at least 30% shareholding in the Singapore company.
– The company must have substantial business operations in Singapore. Activities like local production, hiring of employees, acquiring physical office/store space are expected.
– Entrepreneurs must possess ownership of proprietary intellectual property, receive venture capital funding, be supported by a recognized incubator program or have substantial research collaboration with a Singapore institution.
– Applicants require a minimum paid-up capital of S$50,000 if the business is in the services sector. For non-services sectors like manufacturing, the required paid-up capital is S$100,000.
– Entrepreneurs must have a concrete business plan and operationalize it within 6 months after getting the EntrePass. Delayed execution can result in pass revocation.
– Dependants are only allowed after 1 year of business operations. The EntrePass is renewable if execution milestones are met.
The EntrePass offers exciting residency prospects for global entrepreneurs with the skills, capital and drive to succeed in Singapore’s business environment.
How Arts Entrepreneurs and Talents Can Gain Singapore PR
Singapore has schemes that facilitate permanent residence for arts entrepreneurs and established foreign artists.
The Arts EntrePass scheme targets arts business founders who want to develop their commercial ideas in Singapore. Applicants must possess exceptional arts talent, recognized track record, strong local engagement and a feasible business plan. Their new company must serve Singapore’s arts sector.
Established artists can apply for the Foreign Artistic Talent scheme. Applicants need international acclaim in their art form, with mastery honed through formal training. Notable contributions to Singapore’s cultural landscape are expected. A strong history of sustained local engagements is important. Concrete future plans to elevate the nation’s arts sector will be evaluated.
Under both programs, successful applicants can become permanent residents after 1-2 years of living in Singapore. Their dependents also gain eligibility for long-term stay. These specialized programs enable new sources of artistic talent, networks and vibrancy to develop in Singapore.
In summary, Singapore offers multiple investment and employment pathways to permanent residency for high net worth individuals, entrepreneurs and working professionals. With proper consultation and preparation, applicants can navigate Singapore’s residency by investment programs successfully.