What is the GIP?
The Global Investor Program (GIP) is a Permanent Residency scheme specially designed for wealthy investors who wish to relocate to Singapore. Under GIP, foreign nationals can acquire a Permanent Residency (PR) status by investing a minimum of S$2.5 million in Singapore-registered companies. Or, they can invest in GIP funds that invest in Singapore companies.
The Economic Development Board (EDB), along with the Ministry of Manpower (MOM), created this program to increase the number of serious investors in the nation. Individuals who fulfill the eligibility criteria and invest in GIP approved business sectors can receive PR status. In this post, we will cover the eligibility requirements, the minimum investment requirements, and the procedure one must follow to receive PR status through GIP.
Eligibility & Assessment Criteria
GIP applicants must:
- Invest a minimum amount of S$2.5 million (either directly in a Singapore company or in a GIP fund that invests in Singapore companies)
- Have a minimum three year entrepreneurial and business track record
- Provide the audited financial statements of his or her company for the last 3 years
- Prove his or her company had turnover of at least S$50 million in the year immediately preceding the application date and an average turnover of S$50 million per annum for the immediately preceding three years before the application date
- Have a minimum shareholding of 30% in his or her company (if it is a privately-held company)
GIP Approved Business Sectors
As stated before, GIP applicants must invest in GIP approved business sectors. The following sectors are included in the GIP approval list.
- Consumer Business
- Logistics and Supply Chain Management
- Natural Resources
- Pharmaceuticals & Biotechnology
- Professional Services
The full list of GIP approved business sectors can be found here.
There are several steps applicants seeking PR status must take in accordance with the GIP.
- Payment: First, the applicant must pay the application fee to the Economic Development Board’s bank account. The application must be submitted within one month of making the payment.
- Download and Submit Application Forms: After paying the application fee, the applicant must download forms A, B, and C from the Contact Singapore website. The forms require information regarding the applicant’s personal details, his or her investment plan, and the payment details made towards the application fee.
- Send Hard Copies to Contact Singapore: The applicant must make hard copies of the application forms and send them to Contact Singapore. These documents include a declaration form for the application and investment plan, proof of payment, an undertaking on the terms and conditions of the GIP, etc.
- Interview: After receipt of all the documents, if the applicant is eligible for the PR, he or she will be called to attend an interview session.
- Approval-in-Principle PR Status: Once the applicant’s request is approved, the Immigration and Checkpoints Authority will issue an Approval-in-Principle (AIP) PR status. This is valid for 6 months.
- Make the Investment: Once the applicant receives AIP PR status, he or she has 6 months to invest the minimum amount of S$2.5 million.
- PR Status Approval: The ICA will check the documentary evidence for proof of the investment and issue the applicant’s final approval of the PR status.
Traveling through the GIP
Foreign individuals who are granted PR status through the GIP application will also receive a Re-Entry Permit (REP). The REP allows the individual to travel in and out of Singapore with ease while retaining PR status. Applicants who wish to stay outside of Singapore for an extended period of time can renew his or her REP for a period of three or five years. Certain requirements must be met for renewal, as outlined by Contact Singapore.