Changes to the Global Investor Programme in Singapore

Global Investor Programme Changes

Changes will be made to all three investment options under the programme.

Option A

Under Option A, applicants will be required to:

Demonstrate an investment of at least S$10 million, inclusive of existing paid-up capital, in a new business entity or existing business operation in Singapore; and

Hire minimally 30 employees, at least half of whom must be Singapore Citizens and 10 of whom must be new employees, to be eligible for the Re-entry Permit Renewal after the initial five-year period.

Option B

Under Option B, applicants will be required to invest S$25 million in a GIP-select fund. These GIP-select funds will be shortlisted by EDB based on a holistic assessment of their track record, investment mandate in Singapore, as well as the sectoral focus of the funds.

Option C

Under Option C, applicants will be required to establish a Singapore-based Single-Family Office (SFO) with Assets-Under-Management (AUM) of at least S$200 million, of which at least S$50 million must be deployed and maintained in any of the following four investment categories:

Companies listed on exchanges licensed by the Monetary Authority of Singapore (MAS) e.g., SGX Mainboard and Catalist;

Qualifying debt securities such as bonds, notes, commercial papers, and certificates of deposit that are listed on MAS’ Qualifying Debt Securities Enquiry System;

Funds distributed by Singapore-licensed managers that are listed on MAS’ Financial Institutions Directory; and

Private equity injection into non-listed, Singapore-based businesses.

Summary of GIP changes

Investment option		Existing requirements	New requirements (w.e.f. 15 March 2023)
Option A	Investment conditions	Invest S$2.5 million in a new business entity or existing business operation in Singapore upon Approval-in-Principle (AIP).	Demonstrate an investment of at least S$10 million (including paid-up capital) in a new business entity or existing business operation in Singapore upon AIP.
Option A	Re-entry Permit (REP) Renewal Conditions (Economic)	Hire at least 10 incremental employees, of which at least 5 must be Singapore Citizens (SCs) and incur total business expenditure (TBE) of S$2 million by Year 5 of Permanent Residence (PR) status.	Hire at least 30 employees, of which at least half must be SCs, by Year 5 of PR status. Of these, at least 10 must be incremental hires.
Option B	Investment conditions	Invest S$2.5 million in a GIP fund that invests at least 50% in Singapore-based companies upon AIP.	Invest S$25 million in a GIP-select fund that also invests in Singapore-based companies.
Option B	REP Renewal Conditions (Economic)	Hire at least 10 incremental employees, of which at least 5 must be SCs, and incur TBE of S$2 million by Year 5 of PR status.	Maintain investment in the GIP-select fund.
Option C	Investment conditions	Invest S$2.5 million in a new or existing Singapore-based Single-Family Office (SFO) with Assets-Under-Management (AUM) of at least S$200 million, of which at least S$50 million must be held in Singapore, upon AIP.	Demonstrate to have established a Singapore-based SFO with AUM of at least S$200 million, of which at least S$50 million has been transferred into Singapore, upon AIP.
	Investment conditions		This S$50 million must be deployed in any of the following 4 investment categories, no later than 12 months from the date of the Final Approval letter: Companies listed on MAS- licensed exchanges; Qualifying debt securities; Funds distributed by Singapore-licensed/registered managers; or Private equity injection into non- listed Singapore-based businesses.
	REP Renewal Conditions (Economic)	Hire at least 10 employees, of which at least 5 must be SCs and 3 must be investment professionals and incur TBE of S$2 million by Year 5 of PR status.	Maintain at least S$50 million AUM across any of the 4 investment categories throughout the 5-year PR status; and
	REP Renewal Conditions (Economic)		Hire at least 5 incremental Family Office professionals, of which at least 3 must be SCs, by Year 5 of PR status