Indeed Singapore, an island country in Asia, remains one of the most envied tourist destinations around the globe. And it holds on to this claim for several good reasons. It is a paradise that enjoys steady economic and political systems. With a sound educational system and a reliable world-class healthcare service delivery tourists who visit can't escape the lure of relocating to Singapore. Its friendly tax regime and business policies that favor foreign investors double the appeal.
With this Singapore Global Investor Program (GIP) designed to encourage HNW individuals who desire to invest in the country, eligible investors are welcomed and bolstered to do business here, in this global financial center. Plus it opens the opportunity to become a permanent resident and even gain citizenship in the country by applying for a Singapore Business Visa.
Although the procedure of gaining permanent residence under the global investor program (GIP) is quite straightforward it sometimes takes a lot of time to get through it. The applicant is required to fill and file an e-application form containing relevant data of his or her profile to the authorities. This will be submitted along with the hard copies. Once this gets through, the applicant will have to attend an interview. Usually, it takes about two or four months before the applicant is invited for the interview.
An approval in principle which is valid for six months will be issued to the applicant if the application meets the required criteria and the application is successful. Within the six month validity period, it is expected that the applicant makes the obligatory investments specified in the investment plan chosen and provide documentary proof of the investment.
Applicants can seek a Singapore business visa and invest their way to becoming a permanent resident in Singapore. This path could cover both the applicant and immediate family. There are two investment schemes under the Singapore Global Investor Program from which the investor or applicant can choose from.
The applicant is required to make an investment of not less than SGD 2.5 million in either an expansion of an existing business or an entirely new business.
Here, the applicant is required to make an investment of not less than SGD 2.5 million minimum in any of the GIP approved funds.
Besides the monetary capital that is required, the individual has to prove that they've got a good business record in the past and/or that they possess credible entrepreneurial skills. Once the applicant gets the final approval letter, he or she may proceed to initiate the process of formalizing his or her permanent residence status and must complete the process within 12 months after the approval letter has been offered.
One can apply for a Singapore's citizenship after two years of permanent residence in the country. However, Singapore is strictly a one-citizenship country and as such does not endorse dual-citizenship. Hence, the applicant must relinquish all previous citizenships before naturalization is granted. All male Singapore citizens are also required to enroll and take part in a two-year mandatory national service to the country.
$100 per applicant will be paid to the Immigration and Checkpoints Authority
Opulentus have been processing the visas for quite a long time and know all the necessary information that you would need. We have more than 18+ years of experience in overseas career and Immigration Industry. Please fill up the free assessment form presented by Opulentus to take the first step for your Visa and Immigration Process.
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