Beginning March 15, investors seeking Singaporean permanent residency will have to allocate much more money for this purpose. The country will raise the entry threshold for the wealthy.

In contrast to the previous rule, which required investors to make an investment of S$2.5 million ($1.8 million) in a company, foundation, or family office, the current scenario is as follows: S$10 million ($7.4 million) to invest in a business; S$25 million to invest in an approved foundation; and at least S$50 million to invest in a family office. In addition, one of the amendments included an increase in tax on expensive properties and luxury cars.

Read more about each of the investment options:

  1. Applicants can invest at least S$10 million in a new venture or an existing venture in Singapore. They must also hire at least 30 employees, at least half of whom must be Singaporean nationals.
  2. Candidates can invest S$25 million in a fund selected under the Global Investors Program
  3. Candidates can establish a single family office in Singapore with assets under management of at least S$200 million. At least S$50 million must be placed and maintained in these categories.

The purpose of this significant increase in the entry threshold is to create more jobs and help local people. From now on, the government will encourage local job creation and also welcome investment in the stock exchange and city-state funds.

Recall that the Global Investor Program in Singapore, which attracts wealthy people to the country and gives them the opportunity to get permanent residency, was introduced in 2004. According to Henley & Partners, there were about 2,800 wealthy people in Singapore in 2022 alone. The firm estimates that 249,800 residents have at least $1 million in net worth, making it the fifth-richest city in the world.