Singapore will raise the minimum investment required for foreign investors who seek permanent resident (PR) status in the city-state to create more jobs and benefit locals. - Photo from Xinhua
SINGAPORE, March 6 (Vietnam News/ANN): From March 15, Singapore will raise the minimum investment required for foreign investors who seek permanent resident (PR) status in the city-state.
The move aims to create more jobs and benefit locals due to an influx of wealth as well as increase the quality of investors in Singapore.
In 2004, Singapore launched its global investor programme (GIP) in which foreign investors are required to put at least S$2.5 million (US$1.85 million) into a new or existing business, or a GIP fund that invests in local companies, or establish a Singapore-based Single-Family Office (SFO) with Assets-Under-Management (AUM) of at least S$200 million.
Under the new regulation, investors will have to invest at least S$10 million SGD (US$7.43 million) into a new or existing business, or at least S$25 million SGD (US$18.5 million) through a GIP fund.
Meanwhile, in the form of a family office, the required minimum investment remains at S$200 million worth of assets under management.
In addition, investors must also meet the requirements for recruiting new workers.
Figures released by Singapore's Minister of State for Industry and Trade Low Yen Ling in response to questions from parliamentarians last week showed that Singapore's GIP attracted a total of S$5.46 billion SGD in direct investment in this country from 2011 to 2022, creating more than 24,000 jobs.
In the last three years from 2020 to 2022, Singapore has granted PR status to about 200 foreign investors. - Vietnam News/ANN
