Singapore has lifted the ban on foreigners applying for permanent residency to increase employment and help residents. The Singapore Economic Development Board announced on March 3, 2023, that candidates will now need at least S$10 million ($7.4 million) in a firm or S$25 million in a fund that has been approved.
The government is modifying its policies to promote more regional investment in the city-stock state's exchange and funds and local job development. The minimum investment requirement for family offices has increased from S$2.5 million to a minimum of S$50 million, which must be maintained in four government-designated investment categories. A tax hike on expensive real estate and luxury cars was announced in February 2023.
The investment program’s refinement will
"encourage the growth of businesses and capital accumulated in
Singapore," Desmond Teo, the leader of EY Asean private tax, said.
The modifications, which go into effect on March 15,
2023, will benefit the asset management sector and companies receiving funds,
according to him.
In an attempt to attract the wealthiest people on the planet and offer a route to permanent residency in Singapore, the Global Investor Program was introduced in 2004. Around 24,000 jobs were generated, and investments totaling S$5.5 billion were made, 57% of which went to Singapore-based businesses. With the Global Investor Program, three options are available: To be eligible for a 5-year renewal of your re-entry permit, you must invest at least $10 million in a brand-new or existing Singapore company and hire 30 workers. With 249,800 Singaporeans having a net worth of at least $1 million, Singapore is likely to welcome over 2,800 high-net-worth visitors in 2022 alone.
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