Singapore is a world for Chinese people, with no language barriers, easy adaptation, and no requirements for English proficiency, education, or residency for immigration. Therefore, immigration to Singapore has also begun to quietly gain popularity in China. Recently, there have been some new adjustments to the Singapore immigration policy. Let us take a look at them together.
In the new policy for Singapore investment immigration, Scheme A has provided a clear list of industry types for applicants' companies (a total of 25 industry types), such as aviation, new energy, chemical industry, energy, precision engineering, family wealth management and financial services, logistics and supply chain management, pharmaceuticals and life sciences, etc. Industry insiders point out that the issuance of this clear industry list is intentional, considering the long-term economic development of Singapore.
In the original Singapore immigration policy, it was specifically mentioned that the annual turnover of companies in the real estate or construction-related industries must exceed 200 million Singapore dollars; however, under the new policy, it is clearly stated that applicants cannot come from the aforementioned industries. Why are applicants engaged in real estate not favored? Liu Lihua analyzes that the real estate market in Singapore is different from that in China, where there are "government-subsidized housing," similar to affordable housing in China, which can meet the needs of most Singaporeans. This diverges from the intention of the Singapore Economic Development Board to attract capital while also seeking specific industry skills and management experience, making it unsurprising that applicants from the real estate industry are affected.
Increased application thresholds, excluding real estate applicants
The Singapore government adjusted the Global Investor Program in April this year. Although the investment amount of 2.5 million Singapore dollars remains unchanged, the application fee has increased from 5,650 Singapore dollars to 7,000 Singapore dollars. More importantly, the choice of industries for investors has been tightened, excluding real estate and construction-related industries.
Application conditions after the implementation of the new investment immigration policy
Applicants must have successful entrepreneurial experience and own their own company, which must meet the following conditions:
1. In the year prior to application, the company's main business revenue must reach 30 million Singapore dollars (hereinafter referred to as SGD) or more, and must be audited by an auditing firm.
2. The average annual main business revenue of the company over the last three years must reach 30 million Singapore dollars or more.
Investment costs: (any of the following options can be chosen for investment)
A. 2.5 million investment project
Invest 2.5 million Singapore dollars into a fund designated by the Singapore government, with the investment lasting for 5 years.
B. 10 million investment project
Hold at least 10 million Singapore dollars in assets in Singapore for 5 years.
The applicant must open a wealth management account with a Singapore bank and deposit at least 10 million Singapore dollars or equivalent financial assets for five years.
Alternatively, the applicant may open a wealth management account with a Singapore bank and deposit at least 8 million Singapore dollars or equivalent financial assets for five years, and additionally purchase property not exceeding 2 million Singapore dollars.
