Singapore raises threshold for foreign investors seeking permanent residency
- Singapore will raise the minimum investment required for individuals to obtain permanent residence in the city state
- To qualify investors are now required to put at least US$7.43 million into a new or existing business, or at least US$18.5 million in local companies
Singapore is increasing the threshold for global investors seeking permanent-resident status in an attempt to create more jobs and benefit locals due to an influx of wealth.
Singapore will raise the minimum investment required for individuals to obtain permanent residence in the city state, the Economic Development Board (EDB) said on Thursday, as part of the government’s efforts to draw in “top-tier business owners”.
To qualify for the so-called global investor programme, investors are now required to put at least S$10 million (US$7.43 million) into a new or existing business, or at least S$25 million (US$18.5 million) through a fund that invests in local companies, up from the previous requirement of S$2.5 million (US$1.85 million).
The changes will take effect on March 15 and are meant to support the local start-up ecosystem and the broader financial sector, and generate jobs for Singaporeans, the EDB said.
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“EDB is making these changes to selectively attract individuals with the ability to make more economic impact for Singapore, and the affinity to be more rooted to Singapore,” it said in a statement.
