Following the increase in immigration thresholds by countries such as Canada and Australia, rumors of a price hike for Singapore investment immigration have emerged—the required investment amount for funds is set to rise from 1.5 million SGD to 2.5 million SGD. At the same time, the review procedures and requirements for investment immigration will become more stringent, and there may be restrictions on investment industries, though the quota will not be reduced.
Although the Singapore government has not yet issued an official statement regarding the price hike for investment immigration, several immigration agencies have indicated that they have heard related reports. Given the previous announcement of the price increase for Canadian investment immigration, this rumor does not appear to be groundless.
Threshold to be officially raised next January
The investment threshold for Singapore investment immigration will rise from 1.5 million SGD to 2.5 million SGD, and this policy will be officially implemented starting in January 2011. Meanwhile, the annual turnover requirement for companies submitting applications will increase from 10 million SGD to 30 million SGD. Audit reports issued after October 2010 must meet the 30 million SGD standard, with a profit of 2 million SGD. Reports issued before October will follow the current policy of 10 million SGD. In addition, the original 2 million SGD project will be canceled starting January 2011.
Price hike linked to surge in applicants
"The Singapore price hike plan should be related to the global economic and immigration situation. As major immigration countries like Canada raise their prices, other countries are also relatively increasing their own standards. It is reported that Hong Kong investment immigration is also planning a price increase."
Furthermore, it is related to the recent surge in the number of applicants for Singapore investment immigration. It is reported that many applicants have gained significant profits in the stock and real estate markets over the past two years, providing them with surplus funds, and they are choosing to immigrate after considering factors such as their children's education and quality of life.
Experts also suggest that many countries have entered a "tightening period" for immigration. The advantages of Singapore immigration have led to a sharp annual increase in the number of applicants. As of the first half of 2010, the number of applicants reached a new historical high. After all, Singapore is an island nation with an area of only 693 square kilometers. Although it has always maintained an open immigration policy, with the continuous influx of new immigrants in recent years, controlling population saturation is a factor the government must consider.
As for countermeasures, generally speaking, it is to apply as early as possible. As long as applicants obtain a file number and have complete documentation before January 1, 2011, they will still only need to invest 1.5 million SGD.
