30 March 2023
On 2 March 2023, the Singapore Economic Development Board (“EDB”) announced changes to the Global Investor Programme (“GIP”). The GIP accords Singapore Permanent Resident (“PR”) status to eligible global investors who intend to drive their businesses and investment growth from Singapore. PR status is renewable every five years. EDB is making these changes to selectively attract individuals with the ability to make more economic impact for Singapore, and the affinity to be more rooted to Singapore. These changes take effect from 15 March 2023.
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.
The following is a summary of the changes.
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Investment option
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Former requirements
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New requirements
(with effect from 15 March 2023)
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Option A
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- Invest S$2.5 million in a new business entity or existing business operation in Singapore.
- Hire at least 10 incremental employees, of which at least five must be Singapore Citizens (“SCs”) and incur total business expenditure of S$2 million by year 5 of PR status.
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- Demonstrate an investment of at least S$10 million (including paid-up capital) in a new business entity or existing business operation in Singapore.
- Hire at least 30 employees, of which at least 15 must be SCs by year 5 of PR status. Of these, at least 10 must be incremental hires.
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Option B
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- Invest at least S$2.5 million in a GIP fund that invests at least 50% in Singapore-based companies.
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- Invest and maintain
S$25 million in a GIP-select fund that also invests in Singapore-based companies.
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Option C
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- Invest S$2.5 million in a new or existing Singapore-based Single Family Office (“SFO”) with assets under management (“AUM”) of at least S$200 million, of which at least S$50 million must be held in Singapore.
- Hire at least 10 employees, of which at least five must be SCs and three must be investment professionals and incur total business expenditure of S$2 million by Year 5 of PR status.
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- Establish a Singapore-based SFO with AUM of at least S$200 million, of which at least S$50 million must be deployed in any of the following four investment categories, no later than 12 months from the date of the final approval letter:
- Companies listed on MAS-licensed exchanges;
- Qualifying debt securities
- Funds distributed by Singapore-licensed / registered managers; or
- Private equity injection into non-listed Singapore-based businesses.
- Maintain at least S$50 million AUM across any of the four investment categories throughout the five-year PR status, and Hire at least five incremental family office professionals, of which at least three must be SCs, by year 5 of PR status.
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Reference materials
The press release is available on the EDB website www.edb.gov.sg.
Please click here for more information about the GIP from the EDB website.
