Singapore
Every year, thousands of Singapore Resident Service become permanent residents, but not all of them follow the same application process. Applicants can apply for Permanent Residence (PR) on behalf of the entire family, including their spouse and unmarried children under 21. With a variety of permanent residency schemes available to foreigners, Singapore is one of Asia’s most stable and developed countries and a major financial center. Approximately 526,600 PRs live in Singapore, out of a population of about 5.6 million, and the number is increasing (correct for 2017). In addition to working in Singapore for a few years, there are other ways to obtain Singapore PR. The goal of this guide is to provide you with an overview of the different types of Singapore Resident schemes available in Singapore so that you can choose the one that best suits your needs and circumstances. Permanent residents of Singapore enjoy most of the same benefits and rights as citizens. As part of the benefits, you will be able to live in the country without visa restrictions, your children will have priority in public school, you will have more freedom to buy property, and you will be eligible to participate in the retirement fund scheme, among other things. When your son(s) reach 18 years of age, you are required to make certain commitments, such as sending them to mandatory two-year military service.
ADVANTAGES
– Investors can obtain permanent residence in Singapore by establishing a new business in Singapore or investing in an approved fund.
– Transparent government with pro-business policies.
– High standards of living.
– Cornerstone of entertainment and culture in Asia.
– Can include spouse, dependent children under 21 years.
– Parents and older children can obtain 5-year visit visa.
– Eligible to apply for Citizenship after holding permanent residence for at least 2 years.
REQUIREMENTS
– Clean criminal record.
– Have a substantial entrepreneurial background (at least 3 years’ experience), and will need to provide 3 years of audited financial statements.
– Must have run a business with annual turnover of at least SGD50 million in the year prior to application and at least SGD50 million p.a. on average over the last 3 years.
– Applicants can consolidate their businesses to meet the minimum turnover requirement.
– If the company is privately owned, the applicant must have a shareholding of at least 30% of the company.
– Must submit a detailed business or investment plan, including key milestones, which must be realized within 3 years of the date of investment.
– The business must be in an approved industry sector.
INVESTMENT OPTIONS
– Option A – invest at least SGD2.5 million in a new business entity or in the expansion of an existing business in an approved business sector.
– Option B – invest at least SGD2.5 million in an approved fund that invests in Singapore-based companies.
PROCESS
– Payment of application fee to the Singapore Government.
– Application forms and supporting documents must be submitted within 1 month of payment of the application fee.
– Applicant attends interview with Contact Singapore.
– Approval in Principle (AIP) issued within 2-4 months.
– Must make investment within 6 months of AIP.
– Final approval granted upon proof of qualifying investment.
– Applicant must move to Singapore and complete permanent residence (PR) formalities within 12 months from final approval.
RE-ENTRY PERMIT
– Upon formalization of PR, the applicant and dependents will be issued a Re-Entry Permit (REP) valid for 5 years to enable PR to be maintained when outside Singapore.
– Upon expiry the REP is renewed for 3- or 5-years subject to:
– The number of employees hired; and
– The business expenditure; and
– The amount of time spent in Singapore.