From March this year, investors can get a fast-track to obtaining permanent resident status under the Global Investor Programme managed by Singapore's Economic Development Board (EDB).

The Board will add three kinds of investors who can apply for permanent resident (PR) status from March 1 onwards.

«Rapid shifts in the global economy over the past few years have resulted in new business opportunities and also new breeds of entrepreneurs and business owners,» said Matthew Lee, director of the EDB's Contact Singapore division, who was quoted in the «Business Times».

Expanded Scope

Next-generation business owners, founders of fast-growing companies and family office principals will join established business owners as eligible applicants under the scheme. 

«We have observed that many business families in the region will likely hand the reins to their next generation. We are also keen to target founders of fast-growing companies in recognition of the growing impact and influence of the tech sector on the global economy,» Lee said.

Investor Opportunities

Investors can also qualify for the Global Investor Programme (GIP) by parking S$2.5 million or more in Singapore-based single-family offices with at least S$200 million in assets under management. This move could strengthen the banking and finance sector, added Lee.

January's refinements to the GIP, which was introduced in 2004, were released this year after a review of the scheme presented new opportunities. The change comes on top of earlier options: putting at least S$2.5 million into a new or expanding business, or into a GIP fund that invests in Singapore-based companies.

Threshold Up

However, the minimum threshold for the investors' wealth has gone up: established business owners' companies must now clock revenue of at least S$200 million a year, up from S$50 million before.

Also, next-generation owners' family businesses must have an annual turnover of S$500 million. For «fast-growth companies», they must be valued at S$500 million or more - that is, be «unicorns or potential unicorns».

Family Office Principals

Under the GIP, family office principals need to have at least S$200 million in net investable assets, such as bank deposits, life insurance policy premiums, and other investment products - although real estate is not counted.

Investors' companies or family offices must also employ 10 or more people, including at least five Singaporeans, and ring up a minimum of S$2 million in business costs a year.