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Singapore Sets Tougher Requirement for PR Applicants
Singapore Sets Tougher Requirement for PR Applicants
As part of the overall effort to further improve its economy, Singapore government has raised the requirements for foreign investors who wish to have a permanent resident (PR) status in the city-state.
Singapore,
Singapore,
Singapore
(pr4links.com)
03/10/2010
"As part of the overall effort to further improve its economy, Singapore government has raised the requirements for foreign investors who wish to have a permanent resident (PR) status in the city-state."
As part of the overall effort to further improve its economy, Singapore government has raised the requirements for foreign investors who wish to have a permanent resident (PR) status in the city-state.
Starting Oct. 1, foreign investors applying for permanent residency under the Contract Singapore’s Global Investor Programme (GIP) will have to pass the financial requirement of at least $30 million annual turnover in the most recent year and at least $30 million in three-year average.
The previous requirement was at least $10 million in the most recent year and $10 million in three-year average.
Also, the Singapore government will require foreigners to invest at least $2.5 million for the expansion of their existing businesses, venture to other business entities, or GIP-approved funds starting Jan. 1 next year.
Prior to the new scheme, foreign entrepreneurs were only required to invest at least $1 to $2 million for such expansion plans.
The changes in PR requirements were posted in Contact Singapore’s official website on Aug. 31, amid calls for tighter immigration control by the government.
According to Parliamentary Committee deputy chairman Charles Chong, the Singapore government is now being more selective on the quality of foreigners who can stay as PRs in the city-state, which could potentially offset other investors.
He stressed that the government is now doing every thing it can to prevent foreign investors from leaving while maintaining higher standards in its immigration policy, adding that “they want to attract higher category foreign applicants, which could be economically beneficial to the country.”
Also, Chong dismissed the reports that the changes in the immigration requirements were rooted from the upcoming election, saying that it was part of the general policy shift to reduce the number of immigrants relocating in Singapore.
On the other hand, the deputy chairperson acknowledged the fact that the changes could result to lower number of foreign entrepreneurs qualifying to the new GIP scheme, adding that the government will remain flexible to the needs of the nation.
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