Permanent Residence in Singapore
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Singapore is a fairly young state with a population of 5.6 million. Historical evidence suggests that a significant trading settlement existed on the island of Singapore as early as the 14th century. However, modern-day Singapore was essentially founded in the 19th century thanks to politics, trade and the man known as Sir Thomas Stamford Raffles.
After the occupation during the Second World War, Singapore returned to the UK as part of Malaysia. However, social unrest and disputes between the ruling Popular Action Party (PAP) of Singapore and the Alliance of Malaysia party led to the expulsion of Singapore from Malaysia. Thus, Singapore, being an incredibly poor country, became an independent republic on August 9, 1965.
Despite having no access to natural resources, Singapore has become of the most successful South East Asian economy: in just over 50 years it transformed itself from a third-world country into first world economy. Its economic miracle lies in continuous transformation and consistent policy making with a focus on Singapore’s development not only as a financial hub of South East Asia but also, as one of the largest airports and sea ports in the world.
It is a common misconception that Singapore’s economy mainly consists of the financial sector. Despite financial sector’s large size in absolute terms, the financial sector and the insurance business were responsible for only 13.9% of Singapore’s GDP in 2019. Manufacturing (from petroleum products to electronics to pharmaceuticals) is the largest industry, accounting for over 20% of GDP.
Singapore is one of the wealthiest countries in the world. This is why wealthy families choose to relocate their young generation to Singapore thanks to its high quality of education, healthcare, safety, diversity and cleanliness.
Attractiveness of Singapore
Obtaining Permanent Residence in Singapore
There are multiple avenues of obtaining a permanent residence permit in Singapore. In general, our team gather information about individual client before advising the most suitable path. However, in order to give you a feel for the opportunities, below you can find three methods which can lead you to getting a permanent residence in Singapore.
For business owners with turnover > S$200m or high end startupsGlobal Investment Program
Guaranteed issuance of a permanent residence (Singapore passport available from 2 years onwards)
For investors ready to reallocate S$5-10m to SingaporeSingle Family Office
Hassle free path to permanents residence with tax optimization
Genuine business ownersBusiness Setup
For those who would like to move or expand their business in Asia
Global Investor Program (“GIP”)
The GIP is the only program with a right to directly obtain a permanent residence (“PR”) in Singapore. This, in turn, allows you to apply for a Singapore passport in 2 years. However, it should be noted that this program is limited to owners of companies (or a network of companies) with a turnover of SGD 200 million and owners of promising startups. At the same time, the fulfillment of the conditions by following the list of requirement does not automatically give you the right, but only qualifies you to submit an application to the Economic Development Board (“EDB”) of Singapore.
Alternative Avenues for PR: Investment Management and Business Ownership
Considering the attractiveness of Singapore as a jurisdiction to keep your investments and to centralize your international business operations, we have developed a two alternatives options that have a two step-approach in obtaining your permanent residence in Singapore:
First option is structured through setup of a Single-Family Office in Singapore, allowing you to keep your wealth in AAA rated country managed by you or a professional wealth management team at one of the Tier 1 global or Asian private banks. Your capital can be served by a staff that speaks your language and we continue to operate as a conduit to ensure seamless experience for you.
As part of this arrangement, you will obtain an Employment Pass which gives you the right to stay in Singapore throughout the year and apply for entry passes for your family members. Subsequently this Employment Pass can be converted to a Permanent Residence.
Second option is structured through a setup of your international business headquarters in Singapore: we are able to arrange an Employment Pass for you which subsequently can be converted to a Permanent Residence.
Why work with us:
- We have on the ground staff in Singapore and we only work with seasoned professionals;
- Our team has hands-on experience in successful permanent residence applications;
- We coordinate the full application process to build a positive profile of the applicant and to accelerate the overall application process.
Would you like to know more?
Contact us for a free evaluation and will advise on the most suitable option to take to have a successful outcome in your Permanent residence considering your family, investment and business plans.