The long-rumored price increase for Singapore's investment immigration policy has been finalized today. Worldway Immigration has learned from the official website of the Immigration & Checkpoints Authority of Singapore that, starting October 1, 2010, the new policy will apply to company turnover (the company's main annual turnover for the previous year must reach at least SGD 30 million; the company's average main annual turnover for the last three years must reach at least SGD 30 million). Changes regarding investment schemes and applications for permanent residency for family members will take effect on January 1, 2011.
Official information is as follows:
I) Assessment Criteria for the Global Investor Programme (GIP)
Please note that the following changes will take effect from October 1, 2010:
Applicants with entrepreneurial and business experience:
Criteria for the company's main annual turnover:
The company's main annual turnover for the previous year must reach at least SGD 30 million;
The company's average main annual turnover for the last three years must reach at least SGD 30 million.
II) Investment Schemes
Please note that the following changes will take effect from January 1, 2011:
Under this programme, applicants may choose one of the following investment schemes:
Option A: Invest at least SGD 2.5 million in starting a new business or expanding an existing business.
Option B: Invest at least SGD 2.5 million in a fund approved by the Global Investor Programme.
* Option C investment option will be cancelled; applicants will no longer be able to invest 50% of the investment amount in a private residential property for self-occupation.
III) Applications for Permanent Residency for Family Members
Please note that the following changes will take effect from January 1, 2011:
Main applicants under the Global Investor Programme will not be able to apply for permanent residency for their parents or parents-in-law. They may instead apply for a Long Term Visit Pass (LTVP) with a validity of five years.
The Long Term Visit Pass can be renewed based on the validity of the main applicant's Re-Entry Permit.
The changes to Singapore's investment immigration policy are now a reality. Those interested in Singapore investment immigration should process their applications promptly to catch the last opportunity before the price increase. For more information on changes to Singapore's investment immigration policy, please call 4007003979 for a free consultation.
