Global Investor Program (GIP)
The Global Investor Program (GIP) is a Permanent Residency scheme specially designed for wealthy investors who wish to relocate to Singapore. Under GIP, foreign nationals can acquire a Permanent Residency (PR) status by investing a minimum of S$2.5 million in Singapore-registered companies or GIP funds that in-turn invest in Singapore companies.
The Singapore government introduced the GIP to attract serious investors into the country. An individual can get a PR status if he or she fulfills the eligibility criteria and invests in business sectors that are approved by the GIP. This article will discuss the eligibility and minimum investment requirements and the procedure one must follow to get a Permanent Residency in the country through this program.
What is the GIP?
Jointly administered by the Economic Development Board (EDB) and the Ministry of Manpower (MOM), the GIP is a Permanent Residence Scheme in Singapore through which a foreign investor can obtain Permanent Residency in the country. The GIP, however, will be applicable only to those investors and entrepreneurs who meet the minimum eligibility criteria for this scheme.
Eligibility & Assessment Criteria
The eligibility and assessment criteria for GIP applicants is as follows:
- The applicant must Invest a minimum amount of S$2.5 million either directly in a Singapore company or in a GIP fund that invests in Singapore companies (Option A or B as explained below).
- The applicant must have a minimum of three-year entrepreneurial and business track record and must provide the audited financial statements of his or her company for the last 3 years.
- The applicant’s company must have a turnover of at least S$50 million in the year immediately preceding the application date and an average turnover of S$50 million per annum for the immediately preceding three years before the application date.
- The applicant must have a minimum shareholding of 30% in his company if it is a privately-held company. Additionally, the applicant’s contribution towards the growth of the company will be taken into account.
Investment Options – A & B
Minimum investment of S$2.5 million in:
- A new business entity or
- Expanding an existing business operation.
If you are applying for PR in Singapore by investing though this option you also need to provide a 5-year business or investment plan for the future.
Minimum investment of S$2.5 million in a GIP fund that invests in Singapore-registered companies.
If you are applying for a PR in Singapore through the Global Investor Program you can invest in the following business sectors:
- Consumer Business;
- Logistics and Supply Chain Management;
- Natural Resources;
- Pharmaceuticals & Biotechnology;
- Professional Services, etc
This list is not exhaustive. You can find the full list here.
The following process has to be followed when applying for the PR though the GIP:
- Make the Payment: The applicant must first pay the applicant fee to the Economic Development Board’s bank account. The application must be submitted within one month of making the payment.
- Download and Submit the Application Form: After making the payment towards the application fee, the applicant must download forms A, B, and C from the Contact Singapore website. The details to be filled in the forms include the applicant’s personal details, the investment plan and the payment details made towards the application fee. The applicant must upload the filled application forms here.
- Send hard copies of the documents to Contact Singapore: After uploading the forms send hard copies of the required documents to Contact Singapore. These documents include a declaration form for the application and investment plan, the payment transaction slip (for proof of payment), an undertaking on the terms and conditions of the GIP, etc. The entire list of documents to be submitted can be found here.
- Interview Session: After receipt of all the documents, if the applicant is eligible for the PR he or she will be called to attend an interview session.
- Approval-in-Principle PR Status: On approval of the application, the Immigration and Checkpoints Authority will issue an Approval-in-Principle (AIP) PR status that is valid for 6 months.
- Make investment within 6 months: On issuance of the AIP PR status, the applicant will have to invest the minimum amount of S$2.5 million either through option A of B.
- Approval of PR status: The ICA will check the documentary evidence for proof of the investment and issue the applicant’s final approval of the PR status.
Note that Contact Singapore is an alliance of the Economic Development Board and the Ministry of Manpower that helps Singapore nationals, as well as foreign nationals work, invest and live in Singapore.
PR for your Family
- Spouse and
- Children (below the age of 21 years)
can apply for PR in the GIP application along with the applicant.
The applicant’s parents and unmarried children above the age of 21 years cannot apply for PR status in the GIP application. However, they can apply for the Long Term Visit Pass that is valid for a period of 5 years.
Re-Entry Permit and Renewal
Once a foreign individual obtains a PR status through the GIP application, a Re-Entry Permit (REP) will be issued to him. The REP is essential as the applicant can retain the PR status even if the applicant frequently travels in and out of Singapore. An applicant who wishes to stay outside Singapore for long durations after obtaining the PR can get the REP renewed for a period of three or five years on fulfilling certain requirements outlined by Contact Singapore.
With the increasing support of the Singapore government in the form of schemes and tax concessions, entrepreneurs and investors find the business climate in Singapore very promising. Applying for Permanent Residency in Singapore though GIP requires you to submit an application along with several documents as proof of your business track record as well as your business plan and investment in Singapore. The application can also include your family members for PR status.