Higher bar for business PR
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Sep 27, 2010 - Straits Times
by Melissa Kok
FOREIGN investors applying for Singapore's permanent residency under the Government's Global Investor Programme (GIP) will find it tougher to qualify from Oct 1.
They are now required to invest more money and have a higher annual company turnover under changes to the eligibility requirements in the scheme offered by Contact Singapore, which aims to attract global talent to invest, work and live in Singapore.
The changes, announced on Aug 31 on the Contact Singapore website, follow a tightening of the PR and citizenship framework to better manage the pace and overall numbers of foreigners.
The eligibility criteria for PR and citizenship, for example, has been made more stringent by setting a higher income bar and residential requirements, to attract foreigners who not only contribute to Singapore economically but also integrate well into society.
From Oct 1, GIP applicants with an entrepreneurial background and experience in running a business must have a minimum company turnover of $30 million per annum in the most recent year, and at least $30 million per annum on average for the last three years.
Also, from next January, applicants will have to pump in at least $2.5 million into a new business entity, a GIP-approved fund or expansion of an existing business operation.
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If Citizenship (quota) is transferable.... @ $2.5Million... i reckons many Ex-Singaporeans will be millionaires !!
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Originally posted by Just_do_it_lah:
If Citizenship (quota) is transferable.... @ $2.5Million... i reckons many Ex-Singaporeans will be millionaires !!