Thursday, April 5, 2012

Financial Investor Scheme scrapped

Straits Times: Thu, Apr 05
A SCHEME that has let wealthy foreigners invest a slice of their wealth here and was seen as a fast track to permanent residency is being scrapped.


The move is seen as one that aims to attract individuals who are able to contribute in tangible ways to Singapore, including entrepreneurs who can generate employment, instead of those who merely hold assets.


The Financial Investor Scheme (FIS), as it is called, will be axed at the end of the month, the Monetary Authority of Singapore (MAS) said.


Under the scheme, people with net personal assets of $20 million who invest at least $10 million of assets in Singapore for five years can apply for permanent resident (PR) status through banks and financial institutions.


Of the $10 million, only $2 million can be used to buy property. The rest can be used for other investments, such as equities or bonds.


A similar scheme called the Global Investors Programme (GIP) and administered by the Economic Development Board (EDB) - which targets entrepreneurial investors from overseas - is still available.


GIP applicants have to invest $2.5 million in a new company or expand an existing business, which should have annual revenue of at least $30 million...

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