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Singapore has issued permanent residencies to 200 people from 2020-2022 under its Global Investor Programme (GIP), said Low Yen Ling, the Minister of State for Trade and Industry.
Under this programme, foreigners can apply for permanent residency in Singapore by investing $2.5 million in expanding or starting a business there. One can also invest the same sum of money in a GIP fund that invests in Singapore-based companies.
The applicants for the PR must have an entrepreneurial and business track record of three years or more for running a company with an annual turnover of $200 million. The GIP investors came from sectors like urban solutions and sustainability, technology, financial services, etc.
The Global Investor Programme was launched in 2004, and the Economic Development Board (EDB) manages it. From 2011-22 the programme generated over 24,000 jobs and attracted investments of about $5.46 billion.
Singapore also offers a golden visa for high-net-worth individuals who can boost investments and contribute to economic activity.
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