Higher investment requirements, minimum local hires for eligible investors to get and renew PR status under revised EDB scheme

Currently, the Global Investor Programme grants PR status to eligible foreigners who invest at least S$2.5 million in a new or existing business, a GIP fund that invests in Singapore-based firms, or a new or existing single family office based here with at least S$200 million in assets under management.

“These changes will encourage GIP investors to deploy more funds in the local financial system and generate more jobs for Singaporeans, including in roles such as finance, tax, and legal professionals, as well as fund management,” it added in its press release.Applicants looking at the first option of investing in a new or existing business in Singapore will have to demonstrate an investment of at least S$10 million, inclusive of paid-up capital.

The third option will require applicants to set up a Singapore-based single family office with at least S$200 million in assets under management. 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.

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