The GIP, first introduced in 2004, previously required a S$2.5 million ($1.9 million) investment in a business entity, fund, or Singapore-based single family office as a pathway to permanent residency. However, the new rules now require higher investments for each category.

Business Entity

For those seeking residency by opening a business, the investment threshold has been raised to at least S$10 million. In addition, the business must hire at least 30 employees, including 15 Singaporean citizens and 10 new employees, to be eligible for the “Re-entry Permit Renewal” after the initial five-year period.

GIP Fund

For those seeking residency through investments, they must now invest S$25 million in a GIP-select fund and maintain the investment to qualify.

Family Office

For those pursuing the family office option, they will still need assets under management of at least S$200 million. However, the new rules require that the same amount must be deployed in four categories: companies listed on exchanges licensed by the local regulator, qualifying debt securities, Singapore-licensed funds, and private equity in non-listed Singapore-based businesses.

According to the EDB, the changes aim to selectively attract individuals with the ability to make a greater economic impact for Singapore and to foster a deeper connection to the country. The new rules will come into effect from March 15, 2023.

In conclusion, the Singapore government is taking a bold step to support local startups and create more jobs for its citizens through the GIP. These changes not only raise the bar for ultra-wealthy individuals seeking permanent residency in Singapore but also ensure that they will have a positive economic impact on the country.

For more information: Economic Development Board (EDB)’s GIP

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Orchard Road

Located in the core central region of Singapore, Orchard Road is known as the shopping paradise of Singapore, with a wide range of malls, high-end boutiques, restaurants and luxury hotels. Some popular malls include ION Orchard, Ngee Ann City, and Paragon.

Orchard Road is well-served by public transportation, with the Orchard MRT station serving as a major interchange for the North-South and Thomson–East Coast MRT lines. It is also close to both the Singapore Botanic Gardens and the Central Business District (CBD). While living in this area may come with a high price tag, the numerous advantages make it well worth it.

Holland Village

Holland Village is a popular residential area for expats due to its laid-back vibe and diverse range of dining options (both a local food center and restaurants). The area is home to a few shopping malls, including the upcoming One Holland Village. There are also several schools in the area, such as Anglo-Chinese School (International) and the United World College of South East Asia (Dover Campus). Holland Village is well-connected by public transportation, with the Holland Village MRT station serving the area.

Tanjong Pagar

Located in the central region of Singapore, Tanjong Pagar is a vibrant neighborhood with a mix of old and new architecture. The area is known for its bustling food scene, with many restaurants, bars, and cafes lining the streets. There are several shopping malls in the vicinity, including 100AM and Tanjong Pagar Centre. The location is well-connected by public transportation, with several MRT stations serving the area, including Tanjong Pagar, Maxwell and Outram Park MRT stations.

Sentosa Cove

Sentosa Cove is a luxury residential area located in the southern region of Singapore. Enjoy waterfront living with sea views from your home and private yacht berths. Residents get to enjoy a wide of recreational activities and attractions or bask in the sun at one of the many beaches without having to leave the island. Sentosa is near to malls and restaurants at Quayside Isle or VivoCity and Harbourfront Centre on the main island. Sentosa Cove is mainly accessible by car or shuttle buses. The nearest MRT is at Harbourfront station on the main island.

River Valley

Located in the central region of Singapore, River Valley is a popular residential area for expats due to its proximity to Orchard Road and the Central Business District. Residents get to be near the vibrant nightlife of Robertson Quay and Clarke Quay.

The area is home to several shopping malls, including Great World City and Valley Point. River Valley is well-connected by public transportation, with several MRT stations serving the area, including Great World City and Somerset.

Bukit Timah

Bukit Timah and Upper Bukit Timah is known for its lush greenery and quiet residential areas. It’s a popular choice for expats who want to be close to nature while still being within easy reach of the city center. There are several international schools in the area, including the Singapore American School, the Swiss School, Chatsworth International School and the German European School. The MRT Downtown Line serves this area, bringing residents to the Central Business District and Marina Bay.

Marina Bay

Located in the Central Business District, Marina Bay is a prestigious and iconic area of Singapore, known for its stunning waterfront views and modern architecture. It is home to some of the most luxurious residential buildings in the city, as well as world-class shopping malls such as Marina Bay Sands and The Shoppes at Marina Bay Sands. The area is well-connected by public transportation, with a number of MRT stations and bus stops nearby.

Tiong Bahru

Tiong Bahru is a trendy and hip neighborhood located in the western part of the Central Region of Singapore. It is known for its art deco architecture, quaint cafes and shops, and vibrant street art scene. The area is popular among expats for its charming and laid-back atmosphere, as well as its proximity to the city center. There are several good schools in the area, including Alexandra Primary School and Henderson Secondary School. Tiong Bahru is well-served by public transportation, with Tiong Bahru and Havelock MRT stations and several bus stops nearby.

Newton

Newton is a popular residential neighborhood located in the Central Region of Singapore due to it close proximity to Orchard Road and Bukit Timah. It is known for its quiet and peaceful atmosphere, as well as its proximity to a number of good schools, including Anglo-Chinese School (Junior) and Singapore Chinese Girls’ School. There are several shopping malls in the area, including United Square and Novena Square. The neighborhood is well-connected by public transportation, with two MRT stations and several bus stops nearby.

Novena

Novena is a residential and commercial neighborhood located in the Central Region of Singapore, just north of Newton. It is known for its large concentration of medical facilities, including the famous Mount Elizabeth Hospital, Tan Tock Seng Hospital and Royal Square Novena. The area is also home to several good schools, including St. Joseph’s Institution Junior and CHIJ Primary (Toa Payoh). There are several shopping malls in the area namely United Square, Velocity @ Novena Square and Square 2. Novena is well-served by public transportation, with Novena MRT station and several bus stops nearby.

Keppel Bay

Keppel Bay is a luxurious waterfront residential area located in the southern part of Singapore, just a short drive away from the Central Business District. It is known for its beautiful views of the sea and marina, as well as its endless amenities such as the VivoCity mall and the Marina at Keppel Bay.

The area is popular among expats for its tranquil and exclusive atmosphere, as well as its proximity to the city center and Sentosa. Keppel Bay is well-connected by public transportation, with several bus stops nearby.

East Coast

The East Coast is a popular residential area located in the eastern region of Singapore. It’s known for its laid-back vibe and seaside lifestyle, with several parks and beaches in the area. There are several shopping malls in the area, including Parkway Parade and Katong Shopping Centre. The area is popular with expats who want to be close to the beach while still being within easy reach of the city center. There are several international schools in the area, including the Canadian International School and the Sekolah Indonesia Singapura.

Conclusion

Not forgetting the regulations and financing, buying a property as a foreigner or expat can be a daunting task. However, with the right guidance and knowledge, it can also be an exciting and rewarding experience. Singapore offers a diverse range of neighborhoods and areas, each with its unique character, amenities, and lifestyle options.

At Lushhome, we specialize in helping overseas buyers find their dream home in Singapore. We have a deep understanding of the local property market, including the latest trends, developments, and regulations. Whether you are looking for a luxurious penthouse, a family-friendly condo, or a cozy apartment, we can help you navigate the market and find the best options that fit your budget and lifestyle preferences.

Moreover, as an expat living in Singapore, you need to consider various factors beyond the property itself, such as the location’s proximity to your workplace, schools, shopping malls, and transportation options. Our team can provide you with valuable insights into different areas and help you make an informed decision about where to buy your next property.

Contact us today to learn more about our services and how we can help you make your dream of owning a property in Singapore a reality.

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Get a 1-time free Property Wealth Planning (PWP) consultation with Lushhome Property Wealth Planners.

A PWP consultation includes:

– An in-depth financial affordability assessment and timeline planning

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– A curated list of best buys in today’s market with good growth potential, minimal risks and long term exit strategies

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– Advice on marketing and getting a buyer for your property fast

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Update [March 2023]: Singapore Raises Permanent Residency Threshold for Ultra-Wealthy Business Owners and Investors

What is the Singapore Global Investor Programme (GIP)?

Launched in 2004, the Singapore Global Investor Programme (GIP) is designed to attract foreign entrepreneurs and investors who can contribute to the country’s economy. The program enables eligible foreign investors to apply for Singapore PR status by investing a minimum of S$2.5 million in a new business startup or expanding an existing business in Singapore. The GIP also allows foreign investors to invest in approved funds that invest in Singapore-based companies or sectors that align with the government’s economic development objectives.

What are the Benefits of the GIP?

The GIP offers several benefits to foreign investors who are looking to establish a business or invest in Singapore. One of the most significant benefits is the ability to obtain a Singapore PR status. PR status grants investors access to the same benefits as Singapore citizens, including healthcare, education, and other public services. Additionally, PR status also provides foreign investors with greater flexibility in terms of employment and travel.

Eligibility Criteria for the GIP

Foreign investors must meet certain criteria to be eligible for the GIP. These include a minimum investment of S$2.5 million in a new business startup or expansion of an existing business in Singapore, a strong business track record, and a commitment to actively manage the investment in Singapore. The vetting process for the GIP is also stringent and includes a background check, a business plan review, and an interview with the government’s Economic Development Board (EDB).

Why Choose the GIP?

The Singapore Global Investor Programme is an excellent opportunity for foreign investors who are looking to invest in Singapore’s economy. The program provides a pathway to obtaining a Singapore PR status and offers several benefits that make it easier for foreign investors to operate in the country. Additionally, the program helps to attract foreign investment, which is essential for Singapore’s economic growth.

Conclusion

The Singapore Global Investor Programme is a great option for foreign investors who are looking to invest in Singapore’s economy. The program offers several benefits, including access to healthcare, education, and public services, as well as greater flexibility in terms of employment and travel. If you are a foreign investor looking to invest in Singapore or establish a business in the country, the GIP is an opportunity that should not be missed. With its stringent eligibility criteria and thorough vetting process, the program ensures that only the most qualified investors are selected.

If you’re a foreign investor interested in learning more about the Global Investor Programme (GIP) in Singapore, don’t hesitate to get in touch with our network of experts. We’re here to answer any questions you may have and guide you through the process. Contact us today to take advantage of this incredible opportunity.

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A recent global survey by HSBC has shown that 91 per cent of 192 expatriates living in Singapore said that they have not considered returning home despite the downturn.

This is higher than the global average of 85 per cent, said HSBC in its annual “Expat Explorer” survey released yesterday.

More than 3,100 expats from over 50 countries were polled between February and April for this online survey that looks at the expats financial circumstances.

Countries hit hard by the financial crisis, such as the United Kingdom and United States, are seeing a greater exodus of expatriates. According to the poll, 44 per cent and 23 per cent of expats from those two markets, respectively, are considering returning home.

Meanwhile, among the minority expatriates that left Singapore amid the economic crisis, 28 per cent had to do so because their employment contracts were shortened. This was also higher than the global average of 15 per cent.

Although expats here are staying put, they are spending less. The survey found that two-thirds of the expats who stayed on had reduced their spending, especially on luxury items.

This is despite the fact that 47 per cent of those surveyed have more than $4,000 in disposable income.

“Our expat clients have told us that reductions in rent over the last nine months have increased their disposable income,” said HSBC Singapore head of personal financial services Sebastian Arcuri.

“However, due to the uncertain economic times, most of them are opting not to spend this increase in their income. Instead, we are seeing more of our expat clients use the additional funds to make provisions for their future needs as well as those of their families.”

Source : Today – 28 Jul 2009

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WITH Singapore’s safe track record and attractions, such as the two integrated resorts to be completed in a couple of years, this is the best time to attract more foreign entrepreneurs to Singapore.

But not all foreign entrepreneurs can afford or are willing to pay for high-end condominiums as some may prefer to put more money into their businesses, which in turn can create more jobs here. It is therefore in everyone’s best interests to provide them with additional housing options.

We should make it easier for them to buy landed property that they can occupy.

Such an arrangement can help to enhance the value of landed properties, especially those in the medium and low priced categories, which have lagged far behind non-landed properties.

Most owners of such landed properties are senior citizens whose retirement funds are closely hinged to the value of such properties.

Tan Kok Liang

Source : Today – 10 Dec 2008

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EXPATS live the good life, according to popular perceptions. Company-provided housing in Districts 10 or 11, children’s school fees, cars, home leave and more do indeed make the expat lifestyle alluring.

A predominance of Western and North Asian expats in past years has given way to ever more nationalities enjoying the same perks.

In reality, these perks are more complex. Even though expatriates are most often employees assigned abroad for two to three years with benefits enabling them to live as well abroad as they did at home, the sizes of their packages vary tremendously.

There are also long-term expats, many of whom stayed on long after their initial 2-3 year assignment to continue to receive expatriate benefits even after living in Singapore for a decade or more. There are also foreigners who voluntarily choose to relocate to Singapore and find an expat package waiting when they were hired.

While reports of fewer expat packages have circulated for years and many foreigners have received reduced packages or nothing extra at all, headhunters confirm that the recent economic downturn has speeded up the shift away from expat packages; fewer now enjoy the pampered expat lifestyle. When they’re cutting benefits or even eliminating jobs, companies are hard pressed to continue paying the large packages for a select few.

As Ms Linda Eunson of the University of Chicago in Singapore puts it, more businesses have moved from hiring expats to employing “lopats” or “nopats”.

Instead of offering a full package of expat benefits, some companies have moved to offering lower level – “lopat” -benefits that may only include support for housing or children’s schooling. An increasing number of companies are now offering only “nopat” terms whereby foreign employees receive the same compensation as Singaporeans and have no expatriate benefits.

One headhunter reiterated this trend, saying his US and European clients are specifically requesting that he first look for candidates willing to accept local rather than expatriate packages, even at senior levels. Global hiring freezes by some multinationals have also meant that the pool of expat jobs is also shrinking.

Another reason for the shift away from expat benefits is that more people in New York or London and other hard-hit markets are turning to Asia for jobs. Search firms, companies and career offices at universities are being flooded with resumes from talented people wanting to work in Singapore even on local terms, just so they can have a job. When companies receive this many resumes from people abroad willing to relocate on local terms, there’s little reason to offer expat packages.

Added to that, companies are able to find more local employees with the right skills. This abundance of local talent also makes it harder to justify paying more for expatriates.

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One manager at a multinational company estimated that it would cost him three times more to bring in an American from the head office as it would to hire someone locally.

Even though the American might have valuable skills and head-office knowledge, the hiring of one or two well-qualified Singaporeans at a lower cost seemed preferable to importing one expensive expatriate.

All these changes don’t mean that the days of high-level expat packages are over. Search firms say they still expect top management at the president or managing-director level to be offered expatriate packages. There is still a shortage of top company leaders, said Mr Charles Moore of search firm Heidrick & Struggles, so these executives can continue to expect generous packages.

Companies will also need to dangle expat benefits to lure staff with specialised skills in still-growing economic sectors. Increasingly, though, all but staff at the very top levels or with highly specialised skills seem likely to become nopats or at most lopats, on a package with only limited benefits.

The existing expats, too, are likely to remain on their current packages as the changes primarily affect new hires. However, some companies are renegotiating packages downwards, though, according to Mr Moore.

While high rentals continue to cause more expats to move from District 10 to outlying areas when they renew their leases, and they now fly home in economy rather than business class, companies seem reluctant to eliminate packages entirely for their current staff.

To wit, international schools still have waitlists, even if they’re shorter; and clubs report that they’ve seen little drop in membership so far.

While these patterns could change if the economic downturn deepens, the full effects of the reductions in expat packages are likely to become visible only over the next two or three years.

As more new staff below the very top levels are offered local terms and more staff who want to stay on after the end of their initial assignment are only given a choice of staying on a local package or returning home, the number of expats looks set to drop.

So, while expat packages are far from totally redundant, expect to say “bye-bye expat” and “hello, nopat” more often.

The writer is a consultant who has lived in Singapore since 1992.

Source : Today – 29 Nov 2008

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The move is part of the government’s initiative to enhance the national security of the country, said the Immigration & Checkpoints Authority (ICA) and the Ministry of Manpower (MOM) in a joint statement on Wednesday.

The LTP card will replace the current stamp endorsement on the travel documents and the paper-laminated Disembarkation/Embarkation card issued to long-term pass holders.

The LTP card will bear the photograph and fingerprint of all cardholders aged 15 and above.

With the added personal identifiers, government agencies will be able to verify the cardholder’s identity through face and fingerprint matching.

The LTP card boasts better security features compared to the present card, containing biometric features to provide more secure means of identifying individuals and facilitate travel, while deterring forgery and fraudulent use of the card.

All new long term visit pass and STP holders will be issued with LTP cards in the second half of 2008.

MOM will also open a new Employment Pass Services Centre in 2009 to register and issue the new cards to those currently holding on to the various types of employment passes.

The ministry said they will transit to the new cards from the second quarter of 2009 during renewal of their passes. They will be informed when and how to register.

Source : Channel NewsAsia – 2 Jul 2008

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This is according to a recent survey by ECA International, a global human resources organisation.

Singapore has maintained the top spot for ten years now but regionally, it is getting tough competition from Japan and even Hong Kong.

The survey found that Singapore’s infrastructure, low crime rate and lack of social and political tensions were the main factors behind its draw.

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“For us, it’s very peaceful and we don’t feel any hassle or difficulties. So I think for us it’s the best place,” said an expatriate.

“Growth is planned. That’s one of the reasons we feel we have more value for money here,” said another.

But there are some factors that Singapore needs to address if it wishes to remain at the top spot.

Firstly, it has to counter the haze issue caused by forest fires in neighbouring countries.

It also has to make sure that property and rental prices are affordable for Asian expats.

“It’s pretty good to work here and earn money but not for retirement,” said an expat.

“It’s not like Australia is any worse than Singapore, so I would say it’s personal choice at the end of the day,” said another.

Sydney came in second in the rankings, while Melbourne and Kobe tied in third place.

Hong Kong went up the rankings by eight spots to reach the 15th position this year.

Most Chinese cities, like Beijing, while they are not in the top 100, they have risen quite rapidly in the rankings over the last five years.

But this progress may soon plateau. Lee Quane, ECA International’s general manager in Hong Kong, explained: “Pollution levels in mainland Chinese cities are consistently high….the highest among the cities which we include in our rankings.”

Air quality is one factor considered in the rankings. – CNA/ir

Source : Channel NewsAsia – 4 Mar 2008

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Sydney was rated second in the survey, with third spot shared by Melbourne and Kobe in Japan, the human resources firm said.

Rounding out the top 10 list for Asian expatriates was Copenhagen in fifth spot, followed by Canberra and Vancouver. Wellington and Yokohama shared eighth spot, with Dublin next.

ECA said Singapore, Southeast Asia’s most advanced economy, was also ranked above the other cities because it offered Asian expatriates a similar feel to their home countries.

“Since quality of living is relative to where someone comes from and to where they are going, our scores take into account the home and destination country,” said Lee Quane, ECA International’s general manager in Hong Kong.

Hong Kong, Singapore’s long-running regional rival as a business hub, was ranked 15th in the global cities list, with the territory’s air pollution cited as a drawback.

Among Chinese cities, Shanghai was seen as the best place for top Asian professionals while Xian ranked as the worst location, according to the survey, which compared living standards in 254 locations worldwide.

Beijing, host of the 2008 Olympic Games in August, fared worse than other Chinese cities such as Nanjing and Tianjin because of its notorious air pollution, the survey showed.

ECA International’s annual survey is based on categories such as climate, air quality, health services, housing, political tension and personal safety.

Within Asia, Hong Kong and Tokyo were ranked joint fourth behind Singapore, Kobe and Yokohama, the survey said.

Trailing in sixth spot was Taipei, followed by Macau and Bangkok, with Malaysia’s Kuala Lumpur and Georgetown cities sharing ninth spot while Shanghai and Seoul were in 11th and 12th places, respectively.

Brunei’s Bandar Seri Begawan was in 13th place in Asia and 89th place globally.

Manila was ranked 24th in Asia and 133 globally, while Jakarta was in 39th place regionally and 190th worldwide.

Chennai was the highest ranked Indian city within Asia, in 26th spot, with Mumbai in 30th and New Delhi 37th. – AFP/ir

Source : Channel NewsAsia – 4 Mar 2008

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Deputy Prime Minister Wong Kan Seng said local Singaporeans alone are still not sufficient to meet the manpower demands here.

He revealed the latest immigration statistics during the debate on the Prime Minister’s Office budget on Wednesday.

According to the figures, more foreigners have decided to call Singapore home for good.

Last year, Singapore saw over 63,000 new PRs, an 11-per-cent increase from 2006; and the city-state also welcomed more than 17,000 new citizens, a 30-per-cent jump.

Mr Wong said, however, there were only 760 more babies born last year compared to 2006.

He added that Singapore must continue to keep an open-door policy, both to new immigrants and foreign talents, although citizens remain the core of the population.

“For now, Singapore is a talent magnet for many. However, the global competition for talent is intense. Whether we like it or not, those who are capable and talented will be drawn to places with better opportunities and where they feel welcomed. And if Singapore does not welcome them, they will simply look elsewhere and they will then compete against us,” said Mr Wong.

On integrating new citizens into the society, the minister cited some who have adapted to Singapore and are contributing to the city-state.

One of them is Kim Jin Ju from South Korea, a prefect at Yu Neng Primary. She participated in MediaCorp’s Roving DV competition in 2006 and her school’s entry came in first.

While he acknowledged MPs’ concerns over the pace of immigration and social integration, Mr Wong said attracting immigrants will remain a key strategy to ensure the country’s long-term growth and prosperity.

“So let us open our doors, minds and our hearts. We must work together, be welcoming to new immigrants and help integrate them into our community. There is a need for mutual acceptance, adjustment and respect. We can then live as one harmonious family to create even greater possibilities for ourselves, and our children and our future generations to come,” Mr Wong said.

He also said schools, companies and the People’s Association have implemented programs to help promote integration. But he noted that more can be done to break down barriers and dispel unwarranted biases.

Mr Wong added that Singaporeans based abroad are not forgotten. The government has been trying to engage them actively through events such as the Singapore Day. The inaugural event, held in New York last April, saw some 6,000 attendees.

He said another Singapore Day will be held in Melbourne, Australia this October. – CNA/ac

Source : Channel NewsAsia – 27 Feb 2008

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