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There are 3 options for investments under the GIP to qualify for PR status in Singapore. All approved GIP application grant the applicants and their dependents PR status for 5 years, subject to renewal.
| Option A | Option B | Option C | |
|---|---|---|---|
| Investment Conditions | Invest S$2.5 million in a new business entity or in the expansion of an existing business operation | Invest S$2.5 million in a GIP fund that invests in Singapore-based companies | Invest S$2.5 million in a new or existing Singapore-based single family office (SFO) having Assets-Under-Management (AUM*) of at least S$200 million. |
| Additional requirements | a) Submit a 5-year business or investment plan with projected employment, expenditure and financial of Option A Company. The business plan will be assessed based on its feasibility, your role in growing the company, its business activities and the creation of local jobs; AND
b) Owns at least 30% shareholding in the Option A Company and must be part of the management team of the company (e.g. C- suite / Board of Directors); AND c) Option A company must engage in a sector under the approved list of industry prescribed by EDB. |
a) List of GIP funds are available on the EDB website*; AND
b) Application is also assessed based on future business or investment plans in Singapore. This may include specific details on proposed business activities in a sector under the approved list of industry, amount of investment, creation of local jobs, etc c) The proposed business or investment plans in Singapore will have to meet the economic condition for PR renewal purpose where necessary |
a) Submit a 5-year business plan with projected employment and annual financial projections. The business plan will be assessed based on your role in your single family office, the functions of your family office, your proposed investment sectors, asset types and geographical focus.
b) Offshore assets can qualify as part of the AUM requirement provided at least US$50m investible AUM has been transferred into and held in Singapore. |
| Residency requirements | Applicant or all their dependants, who obtained PR under applicant’s GIP application, must have resided in Singapore for more than half of the time. | ||
| Renewal requirements | Must have fulfilled the investment conditions either in Option A or B.
3 years renewal Applicant must have satisfied either one of the following: • Residence condition – applicant or all their dependants, who obtained PR under applicant’s GIP application, must have resided in Singapore for more than half of the 5-year period; OR • Economic condition – (1) hire at least 10 more employees of which at least 5 are Singapore citizens and (2) incur an annual total business expenditure of at least S$2 million 5 years renewal Both residence and economic conditions must be met. |
Must have fulfilled the investment conditions in Option C.
3 years renewal Applicant must have satisfied either one of the following: • Residence condition • Economic condition (2) at least 3 of the employees must be professionals i.e. holding advisory roles or board appointments in functions related to legal, tax, or investment and (3) incur an annual total business expenditure of at least S$2 million. 5 years renewal Both residence and economic conditions must be met. |
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| Singapore Citizenship | Possible to apply for Singapore Citizenship after 2 years (subject to approval). | ||
GIP vs Employment Pass
While the GIP is a fast track to obtain Singapore PR status, the requirements are more onerous and the application process is much longer. Professional seeking Singapore residency may choose to apply for an Employment Pass (EP) as an alternative route to Singapore residency. In general, approval of EPs are quicker than GIP applications. However, most EPs are valid for a maximum of 2 years and is subject to renewal. There are also salary requirements that companies need to fulfil in order to apply for EPs for their candidates.
EP holders who wish to apply for Singapore Citizenship may do only after obtaining Singapore PR status, which generally require working in Singapore for a number of years.
Other Considerations for GIP
Besides the criteria mentioned above, business owners applying for PR under the GIP must be engaged in one or more of the industries designated by the EDB that is crucial for Singapore’s growth.