GIP

GIP Option C: Single Family Office Route to Singapore PR — S$200 Million AUM and S$50 Million Local Deployment

Explains the Global Investor Programme Option C requirements for single family offices: S$200 million net investible assets, S$50 million deployment into Singapore…

Pass & Permit Desk 8 min read

The Global Investor Programme (GIP) Option C allows qualifying family office principals to apply for Singapore permanent residence by establishing a single family office (SFO) in Singapore. The Economic Development Board (EDB) administers the programme through its Contact Singapore division. Applicants must meet specific asset, deployment, and operational criteria before and after Approval-in-Principle (AIP).

Eligibility: Family Office Principals Profile

You may apply under the Family Office Principals profile if you meet both conditions. First, you must have at least five years of entrepreneurial, investment, or management track record. Second, you must hold net investible assets of at least S$200 million. Net investible assets include financial assets such as bank deposits, capital market products, collective investment schemes, life insurance premiums paid, and other investment products. Real estate is excluded. EDB reserves judgement on the suitability of these assets.

Your spouse and unmarried children below 21 at the date of application submission may be included as dependants. Male dependants will be liable for National Service (NS). Parents and unmarried children above 21 cannot be included but may apply for a Long Term Visit Pass tied to your Re-Entry Permit (REP) validity.

Investment Option C Requirements

Option C requires you to establish a Singapore-based SFO with Assets Under Management (AUM) of at least S$200 million. Minimally S$50 million must be transferred into Singapore and deployed in EDB-specified investments. The specified investments are equities listed on Singapore-approved exchanges.

You must submit a detailed five-year business plan with projected employment and annual financial projections (Form B of the GIP Application Form). EDB assesses the plan based on your role in the SFO, the SFO’s functions, proposed investment sectors, asset types, geographical focus, and philanthropy interest.

Offshore assets can count toward the S$200 million AUM provided at least S$50 million of investible assets has been transferred into and held in Singapore upon AIP. The S$50 million deployment into specified investments must occur no later than 12 months from the date of Final Approval and must be maintained throughout the REP validity period.

Application Steps and Timeline

The GIP application follows a defined sequence:

  1. You submit completed GIP Application Forms (online and hardcopy) to EDB.
  2. EDB invites you for an interview.
  3. If you meet the assessment criteria, ICA issues an Approval-in-Principle (AIP) valid for six months.
  4. You fulfill the investment condition under Option C within six months from the AIP date.
  5. You provide evidence of the investments made and submit the Investment Undertaking on the Terms and Conditions.
  6. EDB verifies the investment documents. ICA then issues the Final Approval letter. For Option C, you must demonstrate that minimally S$50 million has been deployed into the specified investments no later than 12 months from the Final Approval date.
  7. You formalise your PR in Singapore within 12 months from the Final Approval date.

EDB states that a GIP application takes approximately 12 months to process, subject to complete submission of all required supporting documents at the point of application. Due diligence checks also apply.

Post-Approval Investment Documentation

Within the six-month AIP period, Option C applicants must submit hard-copy documentary evidence to EDB. The generally required documents include:

  • Original signed Investment Undertaking confirming the SFO will manage at least S$200 million in assets and deploy at least S$50 million in EDB-specified investments.
  • Original signed Statutory Declaration on information and documents provided.
  • Latest ACRA Bizfile record of your registered SFO in Singapore.
  • Supporting documents demonstrating ownership of fund vehicle(s) holding the S$200 million in assets.
  • Original bank reference letters certifying that bank accounts of your fund vehicle(s) and SFO in Singapore have been satisfactorily conducted. Letters must show full name of account holder, UEN number, account type, and account number.
  • Bank statements of the fund vehicle’s account(s) showing net investible assets of at least S$200 million in total.
  • Notarised copy of the Investment Management Agreement(s) demonstrating that the fund vehicle(s) holding the S$200 million are managed by your SFO.

EDB may revise the document list at its discretion depending on the investment option and time of submission.

Fees

Fees are payable to ICA and are non-refundable. At submission: S$100 per application. At completion of formalities: S$20 for Entry Permit, S$50 for a five-year Re-Entry Permit, and S$50 for a Singapore Identity Card. Payment is made online via Visa/MasterCard, American Express, Internet Direct Debit (DBS/POSB, OCBC, UOB, Standard Chartered), or PayNow. Successful applicants will be notified of any other applicable fees subsequently.

Processing Time

ICA states that PR applications will be processed within six months provided all required documents are submitted and in order. Some applications may take longer. You will be informed of the outcome via email or post (for applications submitted before 26 June 2024). You may check status online at MyICA or the e-Service.

Re-Entry Permit Validity and Renewal

Upon formalisation of PR, you receive a Re-Entry Permit (REP) valid for five years. The REP allows you to maintain PR status when outside Singapore. Renewal is subject to meeting the Renewal Criteria for Singapore Permanent Residence by the fifth year. For Option C applicants, the condition is that you must have fulfilled the investment conditions under Option C of the GIP. The full renewal criteria table in the official factsheet was truncated in the provided source; the complete criteria should be verified on the EDB website.

You are responsible for submitting REP renewal applications via ICA’s Electronic Re-Entry Permit System (e-REP) within the window that opens three months before expiry. The REP lapses if you apply after the validity period. Without a valid REP, you lose PR once you leave Singapore. Any change of correspondence address must be reported to EDB at contactsingapore@edb.gov.sg.

National Service Liability

All male Singapore citizens and PRs are required to serve National Service (NS) under the Enlistment Act 1970 unless exempted. Male applicants granted PR as foreign students or under parents’ sponsorship are liable for NS. They must register at 16 and a half years old and enlist at the earliest opportunity upon reaching 18. MINDEF does not grant deferment for university studies. Renouncing or losing PR without serving full-time NS has serious adverse consequences for future work, study, or immigration applications for the individual and family members.

Documents Required

ICA requires certified true copies of original documents and official translations for documents not in English. Accepted translations include those from the issuing country’s embassy, a notary public in Singapore or the issuing country, or privately translated documents attested by the embassy or notarised. ICA does not endorse private translation companies. Insufficient documentation may result in non-acceptance. Refer to the ICA PR document checklist for the full list.

Singpass Requirement

All applicants added to the application must review the form via Singpass or unique login credentials provided by ICA. Singpass approval takes two to five working days. Applicants should register for Singpass before starting the application.

Official Sources

Briefs filed under the same topic.