Who qualifies under the GIP Family Office route
The Global Investor Programme (GIP) is administered by Contact Singapore, a division of the Singapore Economic Development Board (EDB). Investors interested in starting a business or investing in Singapore may apply for Singapore Permanent Residence (PR) through the GIP.
The GIP has four qualifying profiles. The Family Office Principals profile is the route for applicants who intend to establish a Single Family Office (SFO) in Singapore.
Two criteria apply to Family Office Principals. You must possess at least 5 years of entrepreneurial, investment or management track record. You must also have net investible assets of at least S$200 million.
Net investible assets are defined by EDB as all financial assets. These include bank deposits, capital market products, collective investment schemes, premiums paid on life insurance policies and other investment products. Real estate is excluded. Contact Singapore reserves the right to judge the suitability of the applicant’s net investible assets.
Only Option C is open to Family Office Principals. The other three profiles — Established Business Owners, Next Generation Business Owners and Founders of Fast Growth Companies — may choose Option A, B or C.
Dependants may be included in your application. Your spouse and unmarried children below the age of 21 as at the date of application submission are eligible to be included as dependants. Male children who obtain PR by virtue of being your dependant will be liable for National Service (NS).
Parents and unmarried children above the age of 21 are not eligible as GIP dependants. They can instead apply for a Long Term Visit Pass tied to the validity of your Re-Entry Permit.
EDB states a disclaimer: nothing in the GIP factsheet constitutes an undertaking to ensure the continued availability of the GIP, the approval of any application, or the approval of any Re-Entry Permit renewal.
What the Option C investment requires
Option C requires you to establish a Singapore-based Single Family Office with Assets Under Management (AUM) of at least S$200 million. At least S$50 million must be transferred into Singapore and deployed in EDB specified investments.
You must submit a detailed 5-year business plan with projected employment and annual financial projections. The plan is outlined in Form B of the GIP Application Form, available at edb.gov.sg/gip. EDB assesses it on your role in the SFO, the office functions, proposed investment sectors, asset types, geographical focus and philanthropy interest.
Offshore assets can qualify toward the AUM requirement. At least S$50 million of investible assets must be transferred into and held in Singapore upon Approval-in-Principle (AIP) of your PR.
At least S$50 million must be deployed in EDB specified investments no later than 12 months from the Final Approval of your PR. The amount must then be maintained throughout the validity of your Re-Entry Permit. EDB specified investments include equities listed on Singapore approved exchanges.
Steps from application to permanent residence
The GIP application follows seven set steps. You submit completed GIP Application Forms, both online and hardcopy, to EDB.
EDB then invites you for an interview. You are assessed on the information submitted in your application and shared during the GIP interview.
If you meet the assessment criteria, the Immigration & Checkpoints Authority (ICA) issues an Approval-in-Principle (AIP) valid for 6 months. You must fulfil the investment condition under your selected option within 6 months from the AIP date.
After making the investment, you provide evidence of the investments made and submit the Investment Undertaking on the Terms and Conditions. Once EDB verifies the documents, ICA issues the Final Approval letter.
You must formalise your PR within 12 months from the date of the Final Approval letter. For Option C, you must demonstrate that at least S$50 million has been deployed into the specified investments no later than 12 months from the Final Approval date.
Processing takes approximately 12 months. This is subject to complete submission of all required supporting documents at the point of application. Your application is also subject to due diligence checks.
Documents to submit after Approval-in-Principle
You must submit hardcopy evidence of your investment to EDB within the 6-month AIP period. The required documents may differ by applicant, investment option and time of submission.
Core documents include the original signed Investment Undertaking to undertake that your SFO will manage at least S$200 million in assets and deploy at least S$50 million in EDB specified investments. You also submit an original signed Statutory Declaration on the information and documents provided.
You provide the latest ACRA Bizfile record of your registered SFO in Singapore. Supporting documents must demonstrate ownership of the fund vehicle(s) holding the S$200 million in assets.
Original bank reference letters must certify that the bank accounts of your fund vehicle(s) and SFO in Singapore have been satisfactorily conducted. Information in each letter must include the full name of the account holder, the UEN number tied to the bank account, the account type and the account number.
Bank statements of the fund vehicle’s account(s) must show a net investible assets value of at least S$200 million in total. A notarised copy of the Investment Management Agreement(s) must show that the fund vehicle(s) holding the S$200 million in assets are managed by your SFO.
Re-Entry Permit and renewal
Upon formalisation of your PR, ICA issues a Re-Entry Permit (REP) valid for 5 years. The REP allows you to maintain PR status when you are out of Singapore.
You renew the REP through ICA’s Electronic Re-Entry Permit System. The application window opens 3 months before the REP expires. The REP lapses if you apply for renewal after the validity period. Without a valid REP, you lose your PR once you leave Singapore.
Renewal by the 5th year of your PR requires that you have fulfilled the investment conditions under Option C of the GIP. EDB sets out the renewal criteria in the GIP factsheet.
At any point, if your correspondence address changes from the one in your GIP application, you must inform EDB at contactsingapore@edb.gov.sg.
National Service liability for male dependants
Male children who obtain PR by virtue of being your dependant are liable for NS. Male dependants whose spouse is the main applicant may also be liable.
All male applicants should access www.cmpb.gov.sg for information on NS in Singapore before proceeding with the application.
Official sources
This article is based on the following official pages:
