Immigration Practice

We handle the following Immigration Programme.

  • Global Investor Programme (GIP)
    – targeted at entrepreneurs

Global Investor Programme (GIP)

This Programme is administered by the Singapore Economic Development Board (EDB). It is targeted at successful entrepreneurs and their families who wish to obtain Singapore Permanent Residence (PR). The Singapore government believes that such successful entrepreneurs can contribute to the Singapore economy and warmly welcomes all qualified applicants.


Eligibility & Assessment Criteria for GIP Application under Options A and B

a) You must possess at least 3 years of successful entrepreneurial and business track record and must produce audited financial statements of your company for the last 3 years.

b) Your 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.

c) Your company must only be engaged in one or more of the industries listed in Annex A.

d) If your company is privately-owned, you should have at least 30% shareholding in the company. You must have a substantial business track record and a successful entrepreneurial background.


Other Immigration Programmes

We also assist with the applications of permanent residency and citizenship to countries like Saint Kitts and Cyprus, do contact us for more details.


Eligibility for GIP-FO Option Application

You are eligible to apply for PR under the GIP-FO option if you have:

(a) At least 5 years of entrepreneurial, investment or management track record and

(b) An individual, or direct family net worth of at least S$400 million.


GIP Investment Options

You may choose one of the following investment options.

Option A: Invest at least S$2.5 million in a new business entity or to expand an existing business operation. Submit and fulfill the milestones outlined in a detailed 3 year business or investment plan.

Option B: Invest at least S$2.5 million in a GIP fund that invests in Singapore-based companies.

Option FO: Invest at least S$2.5 million in a new Singapore-based single family office having Assets-Under-Management (AUM*) of at least S$200 million.

*AUM includes all financial assets, such as bank deposits, capital market products, collective investment schemes, premiums paid in respect of onshore life insurance policies and other investment products, excluding real estate.


Provisions for your Family

  • Your spouse and children (below 21 years old) are eligible to apply for PR under your GIP application. Male dependents will be 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) tied to the validity of your Re-Entry Permit (REP).

Validity of Re-Entry Permit

Upon the formalization of your PR status, you will be issued a Re-Entry Permit (REP) for 5 years. A valid REP is necessary whenever a PR wishes to travel in and out of Singapore. It enables you to retain your PR status while away from Singapore.

Subsequent to the first 5 years, your REP would be renewed if you fulfill the following conditions.

1. For a 3 year Renewal, you must have fulfilled the investment conditions under either Option A or Option B of the GIP; and EITHER

a) Set up a business in Singapore with 5 or more Singaporean employees and have incurred at least S$1 million in total business spending a year; OR

b) You or at least 1 of your dependents, who is also a PR under GIP, must have resided in Singapore for more than half of the time.

2. For a 5 year renewal, you must have fulfilled the investment conditions under either Option A or Option B of the GIP; and

a) Set up a business in Singapore with 5 or more Singaporean employees and have incurred at least S$1 million in total business spending a year; AND

b) You and your dependents, who are also PR under GIP, must have resided in Singapore for more than half of the time

The above information may be subject to changes without prior notice and does not constitute and should not be construed as legal advice by Sim Mong Teck & Partners and it is strictly for general information only.


Please take note that the ICA still reserves the right not to grant an approval even if the above criteria are met.

Other Immigration Programs

We also assist with the applications of permanent residency and citizenship to countries like Saint Kitts and Cyprus, do contact us for more details.

For more information, please contact paragon@smtplaw.com.

Tax Exemption on Specified Income from Designated Investments, derived by an Approved Person Arising from funds managed by a fund manager in SG.

Conditions:

  • Approval required from MAS
  • Has a minimum fund size of SGD $50 million at the point of application
  • The Family Office employs at least three investment professionals (which can be family members)
  • At least SGD $200,000 local business spending per year
  • Uses a SG-based fund administrator if the fund is a SG incorporated and tax resident company (holds CMS licence, or express exemption from CMS licence)
  • Cannot concurrently enjoy other tax incentives
  • No change in investment strategy/objective after being approved by MAS

To Incorporate:

  • Fund (Singapore/Offshore) to own assets
  • Family Office (Singapore) to manage the Fund

Examples of Designated Investments:

  • Stocks and Shares
  • Bonds, Notes, Commercial papers, Treasury bills and Certificates of Deposits
  • Exchange traded funds or any other securities

Examples of Specified Income:

  • Dividend
  • Interest
  • Coupons
  • Gains from sale of securities

Tax Exemption on Specified Income from Designated Investments, derived by an Approved Company arising
from funds managed in Singapore (SG) by a fund manager in SG.

Conditions:

  • Approval required from MAS
  • Fund is incorporated in SG and tax resident in SG
  • Uses a SG-based fund administrator (holds CMS licence, or express exemption from CMS licence)
  • At least SGD $200,000 local business spending per year
  • No change in investment strategy/objective after being approved by MAS

To Incorporate:

  • Fund (Singapore) to own assets
  • Family Office (Singapore) to manage the Fund

Examples of Designated Investments:

  • Stocks and Shares
  • Bonds, Notes, Commercial papers, Treasury bills and Certificates of Deposits
  • Exchange traded funds or any other securities

Examples of Specified Income:

  • Dividend
  • Interest
  • Coupons
  • Gains from sale of securities

Tax Exemption on Specified Income from Designated Investments, derived by any Prescribed Person arising from funds managed in Singapore (SG) by any fund manager.

Conditions:

  • No approval required from MAS
  • Fund has no presence in SG (other than the fund manager); is non-tax resident of SG and must not be
    100% beneficially owned by SG citizen, resident in SG or Permanent Establishment (PE) in SG
  • Uses a SG-based fund administrator (holds CMS licence, or express exemption from CMS licence)
  • More scrutiny by the Tax Authority (IRAS) annually

To Incorporate:

  • Fund (Offshore) to own assets
  • Family Office (Singapore) to manage the Fund
    ➢ Can apply for Employment Pass under the Family Office

Examples of Designated Investments:

  • Stocks and Shares
  • Bonds, Notes, Commercial papers, Treasury bills and Certificates of Deposits
  • Exchange traded funds or any other securities

Examples of Specified Income:

  • Dividend
  • Interest
  • Coupons
  • Gains from sale of securities