Why Immigrate to Singapore?
Singapore is a highly sought after location for foreigners to permanently reside in due to its strong, stable and wealthy economy. Singapore offers a high standard of living with excellent health care and education. It has a relatively attractive tax regime and a strong political and legal infrastructure with strict compliance to Singapore regulations. Furthermore Singapore enables effective business relations across Asia and the Middle East. Foreign investors can benefit from Singapore’s lenient immigration rules, allowing them to gain easier approval for a residency visa than most other countries.
Singapore’s Economic Development Board (EDB) is in charge of investor immigration. Investor Immigration under the EDB is known as the Global Investors Program (GIP), which is designed specifically to help and encourage foreign investors into Singapore.
The Permanent residence visa category is the most sought after program in Singapore. As the investor program is not run by the Government’s immigration department, this levies long delays in visa approvals and enables the department to focus their efforts on facilitating investor residency.
Who can get Singapore passport?
It is one of the Singaporean government’s objectives to attract talent to live and work in the country. The government’s intention is for foreigners to make Singapore their home by becoming permanent residents.
There are defined categories of foreigners who are eligible to apply for permanent residence. These include:
- Investors and Entrepreneurs under the Global Investor Program (GIP)
- Employment Pass Holders under the Professional, Technical Personnel and Skilled Workers Scheme (PTS)
- Spouses and unmarried children of a Singapore Citizen or a Singapore Permanent Resident
- Aged parents of a Singapore citizen
If you wish to invest and get residency in Singapore you may apply for the Global Investor Program.
- Foreign-nationals who invest at least S$2,5M setting up a new business entity or in the expansion of an existing business operation or in an investment fund, may be eligible for permanent residency.
- An applicant may include their spouse and unmarried children under 21 years of age in the permanent residence application.
- Certified copy of passport
- Original or Certified copy of Birth Certificate (if applicable)
- Notarised copy of Family Census/Household Registry
- Evidence of Business Background
- Family members background
- Original or Certified copy of Marriage Certificate (if applicable)
- Two passport-size photos
- Audited accounts of the company (3 years) (if applicable)
- Certificate of shareholders by the Registrar of Companies (if applicable)
- Certified copy of Business License or Incorporation documents (if applicable)
- Curriculum Vitae
- Copy of ACRA (Accounting & Corporate Regulatory Authority) (if applicable)
- Business Plan
- Receipt of payment of fees
Benefits of Singapore Passport
The Global Investor Program is specifically for entrepreneurs or investors interested in making substantial financial investments in Singapore and is designed to attract wealthy foreign entrepreneurs and investors who wish to make Singapore their home.
Foreigners interested in working and living in Singapore may apply for in-principle approval for a residence permit by submitting an application before they enter Singapore, provided they satisfy the specific criteria. The advantage of obtaining permanent residence status is that the person is entitled to live and work in Singapore for at least five years.
A person holding an Employment Pass in Singapore may submit an application for permanent residence to the Immigration & Checkpoints Authority (ICA) after two years of employment and residence within Singapore. This is a very popular route for professional and highly skilled individuals, as no substantial investment is required to obtain these passes. Once permanent residence is obtained, the applicant no longer requires an Employment Pass, thereby giving the applicant more flexibility in his/her employment options.