Singapore Permanent Residence (PR) through Family Office Global Investor Programme (GIP)
Updated: Apr 16
The Global Investor Programme (GIP) accords Singapore Permanent Resident status (PR) to eligible global family office principals who intend to drive their businesses and investment growth from Singapore. You will need to have a substantial business track record and successful entrepreneurial background to qualify.
QUALIFYING CRITERIA FOR THE GLOBAL INVESTOR PROGRAMME (GIP)
As a Family Office Principal who is interested in starting a business or investing in Singapore, you may apply for the Singapore Permanent Residence status (PR) through the Global Investor Programme (GIP). You are eligible to apply if you meet the following qualifying criteria:
a) You must possess at least 5 years of entrepreneurial, investment or management track record;
b) You must have net investible assets of at least S$200 million; AND
c) Invest S$2.5 million in a new or existing Singapore-based single family office having Assets-Under-Management (AUM) of at least S$200 million.
Net Investible Assets include all financial assets, such as bank deposits, capital market products, collective investment schemes, premiums paid in respect of life insurance policies and other investment products, excluding real estate. Offshore assets can be qualified as part of the AUM requirement, provided at least S$50 million investible AUM has been transferred into and held in Singapore.
Applicants will be assessed based on information submitted in their application and shared during their GIP interview.
Applicants must submit a detailed 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.
STEPS FOR PROCESSING GIP APPLICATIONS
1. Applicant submits GIP application
1. Detailed write-up of immediate family members’ backgrounds (i.e. their name, age and employment;
2. Detailed curriculum vitae outlining the applicant’s work/business/investment experience;
3. Latest certified statement to demonstrate that the individual or direct family has net investible assets of at least S$200 million. The S$200 million AUM would be managed by the GIP Singapore-based single family office. The net investible assets must be certified by an accredited audit firm, or Singapore-based bank, law firm or trust company. The audit firm must be a Public Accounting Corporation (PAC) or an Accounting LLP registered under ACRA in Singapore;
4. Detailed business plan;
5. Diagrammatic illustration of shareholding structure of the Singapore-based single family office;
6. Diagrammatic illustration of shareholding structure of the S$200 million assets managed under the Singapore-based single family office;
7. A copy of ACRA (Accounting & Corporate Regulatory Authority) registration of the applicant's Singapore family office (if applicable);
8. Overview of the applicant’s main business (if applicable) and business plan of the main business in Singapore (if applicable).
2. Applicant is invited for an interview with EDB
3. If Applicant meets the assessment criteria, the Immigration & Checkpoints Authority (ICA) will issue an Approval-in-Principle (AIP) status to the Applicant which is valid for 6 months
4. Applicant makes the necessary investment within 6 months from the date of the AIP letter
You will be required to make your investment within the 6-month period of your AIP PR status. The investment quantum of S$2.5 million must be made from your personal bank account in your sole name opened in a Singapore-registered bank in Singapore.
5. Upon making the investment, Applicant provides evidence of the investments made (e.g. Certified true copy of share certificates, bank statements and other legal documents) and submits the Investment Undertaking on the Terms and Conditions of the investment made
After making the required investment, you must submit the documentary evidence in hard copy of your investment. Some of the required documents include:
i. A certified true copy of investment documents (e.g. ordinary share certificates).
ii. Bank statements/Debit and Credit advices showing that the investment was made from your personal bank account opened in your sole name with a Singapore-registered bank in Singapore.
iii. Original signed undertaking on the Terms and Conditions of the investment made (the “Investment Undertaking”).
iv. Bank reference letter certifying that your account with the Bank has been satisfactorily conducted. Information in the bank reference letter should include:
b. Passport number
c. Account type
d. Account number
v. ACRA Bizfile records of your registered family office in Singapore before and after capitalisation.
vi. Original/latest certified true copy/latest notarised copy of supporting documents to demonstrate the AUM and its ownership of at least S$200 million in your Singapore registered family office. Certified true copy of the required documents must be done by an accredited audit firm, or Singapore-based bank, law firm or trust company.
vii. For assets parked under separate investment holding company/private trusts, a latest notarised copy of the Investment Management Agreements must be provided to demonstrate that the assets are managed by your family office in Singapore.
6. Once investment documents are verified by EDB, ICA will issue the Final Approval letter
7. Applicant must formalise his/her Permanent Residence status in Singapore within 12 months from the date of the Final Approval letter
Upon receiving the documentary evidence of your investments and the signed Investment Undertaking, you will be issued a Final Approval of your PR status by the Singapore Immigration and Checkpoints Authority (ICA). You are required to formalise your PR status within 12 months from the date of Final Approval.
It will take approximately 9-12 months for a GIP Application to be processed. Your application will be subject to due diligence checks.
Your spouse and unmarried children below the age of 21 as at the date of application submission are eligible to be included as dependants under your GIP application. Male children who obtain PR by virtue of being your dependant will be liable for National Service. Male dependants whose spouse is the main applicant may be liable to serve National Service. Your parents and unmarried children above the age of 21 years as at the date of application submission are not eligible to be included as dependants under your GIP application. Instead, they can apply for a Long Term Visit Pass (LTVP), which is tied to the validity of your Re-Entry Permit (REP).
VALIDITY OF RE-ENTRY PERMIT
Upon the formalisation of your PR, you will be issued a Re-Entry Permit (REP) that is valid for 5 years. The REP is a permit that allows you to maintain PR status when you are out of Singapore. This REP will be renewed if you meet the Re-Entry Permit Renewal Conditions by the 5th year of your PR status.
RENEWAL CRITERIA FOR THE SINGAPORE PERMANENT RESIDENCE STATUS
This REP will be renewed if you meet the following conditions by the 5th year of your PR status.
For a 5-year renewal
i. You must have fulfilled the investment conditions of the GIP; AND
ii. The Family Office in Singapore that you will be investing in must employ at least 10 employees with at least 5 Singapore Citizens and 3 professionals; and incurs an annual total business expenditure of at least S$2 million; AND
iii. You or all your dependants, who obtained PR under your GIP application, must have resided in Singapore for more than half of the time.
For a 3-year renewal
i. You must have fulfilled the investment conditions of the GIP; AND
(A) The Family Office in Singapore that you will be investing in must employ at least 10 employees with at least 5 Singapore Citizens and 3 professionals; and incurs an annual total business expenditure of at least S$2 million; OR
(B) You or all your dependants, who obtained PR under your GIP application, must have resided in Singapore for more than half of the time.
If you have invested into a new or existing Singapore-based company/Family Office, only incremental numbers for employment and total business expenditure incurred from the date of your investment may be taken into consideration for the purpose of determining the fulfillment of the economic conditions for your REP renewal. This company must be engaged in one of the industries listed in Annex B and your shareholding in the company must be at least 30%.
If you have invested directly or indirectly, or through your Family Office in any new or existing companies in Singapore, incremental number of employees incurred by these companies may be taken into consideration for the purpose of determining your fulfillment of the economic conditions for your REP renewal, provided the company is engaged in one of the industries listed in Annex A and your shareholding in the company is at least 30%.
The 3 professionals in the family office have to be non-family members, holding advisory roles or board appointments in functions related to legal, tax, or investment.
ANNEX A : LIST OF INDUSTRIES
(a) Aerospace Engineering
(b) Alternative Energy/ Clean Technology
(e) Consumer Business (e.g. flavors and fragrances, food ingredients, nutrition, home and personal care)
(h) Engineering Services
(j) Infocomm Products & Services
(k) Logistics & Supply Chain Management
(l) Marine & Offshore Engineering
(m) Media & Entertainment
(n) Medical Technology
(p) Natural Resources (e.g. metals, mining, agri-commodities)
(q) Safety & Security
(t) Pharmaceuticals & Biotechnology
(u) Precision Engineering
(v) Professional Services e.g. consulting, design
(w) Arts Businesses
- Visual arts businesses, e.g. auction houses, art logistics/storage
- Performing arts businesses
(x) Sports Businesses
(y) Family Office & Financial Services
Application fee is S$10,000 non-refundable.
To start the application process, please contact us.