SINGAPORE: Individuals looking to apply for permanent residency under an investment programme will soon be required to invest much higher amounts in Singapore, as part of changes announced on Thursday to generate “more spin-offs” for the economy.
For the second option of GIP-select funds, the minimum investment required will go up to S$25 million. These funds will be selected based on a “holistic assessment” of factors such as track record and investment mandate in Singapore, said EDB. Under the upcoming changes, those investing in a new or existing business in Singapore will have to hire a minimum of 30 people. Of which, at least half must be Singaporeans and 10 must be new employees.Lastly, for investors that have set up family offices here, they will need to maintain at least S$50 million in any of the four categories throughout the five years after becoming PRs.ATTRACT “ONLY TOP-TIER” INVESTORSThe minimum investment sum of S$2.