Singapore Residency

Singapore stands out in welcoming people from all around the globe. The Singaporean government’s top priority includes letting the talented ones in the country and granting them residence for work. The foreign nationals are welcomed for residence and work, by becoming permanent residents in Singapore.
Singapore is one of the preferred cities to live in as it has been voted as the best Asian city for the amazing infrastructure and extra ordinary public services. The crime rate is comparatively very low among the cities around the world and also it is the wealthiest when measured by GDP per capita.
Singapore is also an easy place to get along with for its multi-cultural and multi-racial quality which makes it easier for the people to live there with free will. The population of the country is 6 million, English and Mandarin being the two most spoken languages by their people. There are countless benefits for the nationals due to the stable economic and political condition of the country. Also, it is greatly known for its strategic educational system and the trustworthy healthcare system.
The taxation system has also evolved with time, and now tax regulation has been put into practice which hugely favors foreign investors. The taxation system works on a territorial basis.
The major focus behind Singapore Global Investor Program is designed to persuade financial investors, and to attract potential wealthy foreign entrepreneurs and investors who are interested in residing in Singapore.
The process of getting permanent residency in Singapore takes a longer time. Several steps need to be fulfilled to move into the place. Applicants are required to submit a personal profile with an investment plan by e-application and documents in hard copy. Once this stage is completed, they are to appear in an interview approximately in a couple of months after submitting the documents and e-application. If they make it through the interview and get approval based on documents, they are issued with an approval principle that is valid for the next six months. These six months are given to the applicants to make the requisite investment according to the investment option they had chosen before, along with a proof document.
Singaporean citizen is given after two years of permanent residence in Singapore. One of the strict laws of Singaporean citizenship includes citizenship offered on a single citizenship basis, it does not allow dual citizenship.

The Global Singapore Investor Program is specifically designed for people who are interested to invest and start businesses in Singapore and ending up acquiring Singapore permanent residence status.

As explained, the criteria include business plans which most definitely means that the applicant must have a considerate business history and a fortunate entrepreneurial background. There are categories for Singaporean residence and every category has a specific process to follow with distinguished document requirement.

The investors need to have at least three years of entrepreneurial business experience with a successful business record previously. They should own at least 30% equity of a company which could either be the sum of two companies also, and he should have audited financial statements of their companies which they register for the three years before their application. The turnover of the company must be at least 200 million SGD in the next 12 months and at least, on the annual basis it should be 200 million SGD on average for the previous three years.

The immediate family of the investors must own at least 30% equity of a company which could either be the sum of two companies also, and he should have audited the financial statements of their companies which they register for the three years before their application. The turnover of the company must be at least 500 million SGD in the next 12 months and at least, on the annual basis it should be 500 million SGD on average for the previous three years. Most importantly that the investor must be a member of the company’s management board.

The investors should be one of the significant shareholders of the company and should be a founder. The company must have a value of at least 500 SGD million.

The investors should possess at least five years of investment, the management or entrepreneurial record, and net investible assets of at least 200 million SGD.

It is one of the policies for family residents that spouse and children of age below 21 are eligible to apply for permanent residence under the application of investor. Unmarried children and that above age of 21, and parents are not eligible to apply for permanent residence under the investor’s application, but they have the option to apply for a five-year long-term visit pass.

Once the permanent residence status has been obtained, the investor will be provided with a re-entry permit (REP), which allows traveling in and out of Singapore till its validity. It allows the investors to get back their permanent residence status when they are back in the city. After the first five years of REP are completed, it can be renewed based on some conditions which are following the previously chosen options. There are different renewal requirements for the REP at the of the fifth year, based on the business progress, time spent in Singapore by staying there, or a combination of both.

It is widely known that Singaporean passports hold the value of the second strongest passport in the world. The benefits include visa-free to 190 places around the world including the USA, Canada, China, and others.
After completion of two years, one can apply for Singaporean citizenship there.
Singapore only allows single citizenship, which is why it is unfavorable for those who are willing to get past more than one citizenship and passport.