Friday, April 20, 2012

Harder now for foreign investors to get PR status

Straits Times: Thu, Apr 19
THE road for wealthy foreigners to get permanent residency status in Singapore just got harder.


Criteria for the Global Investor Programme (GIP), which targets entrepreneurial investors from overseas, have been tightened. The GIP is administered by the Economic Development Board (EDB), together with the Ministry of Manpower, through Contact Singapore.


Those approved under the programme get placed on the fast track to permanent residency status.


In an email reply to The Straits Times, an EDB spokesman said the 'EDB reviews the GIP regularly to ensure that it continues to engage quality entrepreneurs and business owners who can contribute to Singapore economically and are keen to be rooted in Singapore'.


Contact Singapore amended the criteria for GIP on Sunday. It said the annual turnover of a company by a GIP applicant has to be at least $50 million in the most recent year, up from $30 million previously. The average amount of money made for the past three years also has to be at least $50 million a year, up from $30 million previously.


For applicants whose companies are in real estate- or construction-related industries, the bar has been set even higher. Their companies have to make at least $200 million in the most recent year, and an average of $200 million in the past three years - also up from $30 million.


Under this programme, the EDB assists applicants by linking up entrepreneurs and investors with local business networks and partners to help them implement their business investments here...

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