Minister of State for Trade and Industry Low Yen Ling said that the “proportion is extremely low” of PRs under the scheme who are granted citizenship.
Responding in Parliament on Thursday (Feb 23) to a question from Member of Parliament Yip Hon Weng (PAP-Yio Chu Kang) about the number of people who obtained Permanent Residence (PR) through the Global Investor Programme (GIP) in the past three years, Ms. Low said that about 200 individuals were granted PR through the GIP between 2020 and 2022.
The Economic Development Board’s (EDB) website shows that the programme, launched in 2004, grants PR status to “eligible global investors who intend to drive their business and investment growth from Singapore”.
Those eligible to apply for the GIP include established or next-generation entrepreneurs, founders of fast-growing companies, or family office principals.
They must invest at least S$2.5 million in a new or expanding business, or in a GIP fund that invests in Singapore-based companies, or in a Singapore-based single-family office managing at least S$200 million in assets.
In response to another question from Leader of the Opposition Pritam Singh about the number of PRs under the scheme who have become citizens, Ms. Low said the “proportion is very, very low”.
She added: “Since its launch, interest in the GIP has remained stable, and the number of GIP investors approved for PR is well under 1% of the total number of PRs approved annually.”
Ms. Low stated that the authorities are “very selective” about investors under the programme, and the EDB has a “rigorous” process to evaluate each applicant’s economic and residential commitments. Those who obtain PR status through the programme must submit documented proof of their investments in Singapore-based companies. The EDB also conducts on-site visits to assess the company’s business activities and employment situation.
Ms. Low also noted that for those who do not meet their economic and residential commitments and other criteria, their Re-Entry Permits will not be renewed.
Singapore PRs require a Re-Entry Permit to travel abroad while retaining their residency status. A PR who leaves Singapore or remains overseas without a valid Re-Entry Permit will lose their residency status.
All applicants for Singapore citizenship, including PRs under the GIP, are also independently assessed by the Immigration and Checkpoints Authority (ICA).
Ms. Low added that from 2011 to 2022, the programme generated over S$5.46 billion in total business expenditure through direct investments and created more than 24,000 jobs in Singapore.
As of October last year, GIP investors had also injected S$1.62 billion into approved funds. Of this, 87.2%, or S$1.41 billion, has been deployed by fund managers into “actual investments,” with S$930 million invested in Singapore-based companies.
Investors under the programme come from a wide range of fields and sectors, such as technology, urban solutions, sustainability, and financial services.
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