The Global Investor Programme (GIP) is administered by Contact Singapore, a division of the Singapore Economic Development Board (EDB). Option C is for Family Office Principals. It requires you to establish a Singapore-based Single Family Office (SFO) with Assets Under Management (AUM) of at least S$200 million. This article sets out the official requirements from the EDB GIP factsheet.
Who qualifies as a Family Office Principal?
You must meet two qualifying criteria. First, you need at least 5 years of entrepreneurial, investment or management track record. Second, you must have 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, premiums paid for life insurance policies and other investment products. They exclude real estate. Contact Singapore reserves the right to judge the suitability of your Net Investible Assets. Option C is the only investment option open to Family Office Principals.
Your spouse and unmarried children below 21 at the date of application submission can be included as dependants. Male children who obtain PR as your dependant will be liable for National Service. Your parents and unmarried children above 21 are not eligible as dependants. They can apply for a Long Term Visit Pass, which is tied to the validity of your Re-Entry Permit.
What must the Single Family Office do?
You must establish a Singapore-based Single Family Office with AUM of at least S$200 million. Minimally S$50 million must be transferred into Singapore and deployed in EDB specified investments. Offshore assets can count towards the AUM requirement, provided at least S$50 million in investible assets is 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. That amount must then be maintained throughout the validity of your Re-Entry Permit (REP). The factsheet lists equities listed on Singapore approved exchanges as one type of EDB specified investment.
You must submit a detailed 5-year business plan with projected employment and annual financial projections. EDB assesses the plan based on your role in the Single Family Office, the functions of your family office, your proposed investment sectors, asset types, geographical focus and philanthropy interest.
How does the application process work?
- Submit completed GIP Application Forms (both online and hardcopy) to EDB.
- Attend an interview with EDB if invited.
- If you meet the assessment criteria, ICA issues an Approval-in-Principle (AIP) valid for 6 months.
- Fulfil the investment condition under Option C within 6 months from the date of the AIP letter.
- Provide evidence of the investment and submit the Investment Undertaking on the terms and conditions.
- Once EDB verifies the investment documents, ICA issues a 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 date of the Final Approval letter.
- Formalise your Permanent Residence within 12 months from the date of the Final Approval letter.
The factsheet notes that a GIP application takes approximately 12 months to process. This is subject to complete submission of all required supporting documents and due diligence checks.
What are the renewal criteria for the Re-Entry Permit?
Upon formalising your PR, you will be issued a Re-Entry Permit (REP) valid for 5 years. The REP allows you to maintain PR status when you are out of Singapore. You must renew it if you meet the renewal criteria by the 5th year of your PR. For Option C applicants, the factsheet states that you must have fulfilled the investment conditions under Option C, among other conditions. The extract provided does not include the complete list of renewal conditions. The window to apply for renewal opens 3 months before the expiry of your REP. If you apply after the validity period, the REP will lapse. Without a valid REP, you will lose your PR once you leave Singapore.
What the official factsheet does not cover
The EDB GIP factsheet does not describe tax exemptions, entity types such as Variable Capital Companies, trust or succession planning, MAS licensing, ACRA filing requirements, or specific compliance penalties. Those topics are outside the provided official source. This article does not guess about them.
