SINGAPORE PERMANENT RESIDENCE
GLOBAL INVESTOR PROGRAMME
PKWA Law is an established full service Singapore law firm known for its Real Estate, Family Law and Immigration practices. Each year, PKWA Law helps many individuals and their families to obtain Singapore Permanent Residence status and Singapore citizenship.
Permanent Residence in Singapore
Singapore is one of the world’s most attractive countries for foreigners who wish to obtain Permanent Residence. The advantage of obtaining Permanent Residence (PR) status is that the person is entitled to live and work in Singapore for at least five years.
The categories of foreigners who are eligible to apply for permanent residence include:
- Investors and Entrepreneurs under the Global Investor Program (GIP)
- Employment Pass Holders under the Professional, Technical Personnel and Skilled Workers Scheme (PTS)
- Spouses and unmarried children of a Singapore Citizen or a Singapore Permanent Resident
Foreigners interested in working and living in Singapore may apply for in-principle approval for a residence permit. They can submit an application before they enter Singapore.
A person holding an Employment Pass in Singapore may submit an application for permanent residence to the Immigration & Checkpoints Authority (ICA) after two years of employment and residence within Singapore. This is the most popular route for professional and highly skilled individuals, as no significant investment is required to obtain these passes. Once permanent residence is obtained, the applicant no longer requires an Employment Pass and can work and live in Singapore under the PR scheme.
Under the PTS, an applicant may include their spouse and unmarried children under 21 years of age in the permanent residence application.
The Global Investor Program is specifically for entrepreneurs or investors interested in making substantial financial investments in Singapore and is suitable for wealthy foreign entrepreneurs and investors who wish to make Singapore their home.
Global Investor Programme (GIP)
The Global Investor Programme (GIP) is administered by the Singapore Economic Development Board (EDB). It is meant for very successful entrepreneurs and their families who wish to obtain Singapore Permanent Residence.
Under the GIP, an investor may choose one of the following investment options.
Option A: You may choose to Invest at least S$2.5 million in a new business entity or to expand an existing business.
Option B: You may choose to Invest at least S$2.5 million in a GIP fund that invests in Singapore-based companies.
Eligibility for Application
An investor is eligible to apply for PR under the GIP if he/she: .
A. has a substantial business track record and a successful entrepreneurial background.
B. Possesses at least 3 years of successful entrepreneurial and business track record and must produce audited financial statements of the company for the last 3 years.
C. The investor’s company’s turnover must be at least S$50 million in the most recent year, and at least S$50 million per annum on average for the last 3 years.
Provisions for your Family
- Your spouse and children (below 21 years old) are eligible to apply for PR under your GIP application. Your male dependents are liable for National Service.
- Parents and unmarried children who are 21 years old and above are not eligible to be included in your GIP application. Instead, they can apply for a 5 year Long Term Visit Pass (LTVP).
Validity of Re-Entry Permit
Upon the formalisation of the PR status, the investor will be issued a Re-Entry Permit (REP) for five years. A valid REP is necessary whenever you wish to travel in and out of Singapore. It enables you to retain your PR status while away from Singapore.
Subsequent to the first five years, the REP would be renewed for either three or five years subject to the investor fulfilling certain conditions such as including the set-up of a business in Singapore with five or more Singaporean employees and incurring at least SGD 1 million in total business spending a year. The investor and the family members must have resided in Singapore for more than half of the time.
Citizenship in Singapore
The Singapore passport is consistently ranked as the world’s strongest and most desired passport. The Singapore passport provides the holder with visa-free or visa-on-arrival access to 189 countries.
After two years of permanent residence in Singapore, you are entitled to apply for Singaporean citizenship.
Once you obtain Singapore citizenship, you are required to renounce any other citizenship that you may be holding.
ABOUT PKWA LAW
PKWA Law is a full service law firm with more than 100 employees. PKWA Law is ranked as one of Singapore’s top companies in 2017, 2018 and 2019 in the annual “Singapore 1000 / SME 1000 Awards.” PKWA Law is on the approved panel of lawyers of every major bank in Singapore.
For enquiries relating to Singapore Permanent Residence and the Global Investor Programme, please contact Mr Christopher Song and Mr Lim Chong Boon at tel 6397-6100.