SINGAPORE
Bar raised for investors in search of PR status
First a scheme that allowed rich foreigners to fast-track their permanent resident applications was scrapped. Now the bar has been raised for entrepreneurs from abroad who seek PR status by investing in Singapore.
Fresh updates made by the Economic Development Board (EDB) showed that criteria for the Global Investor Programme (GIP) - have been tightened.
EDB, which administers the GIP programme with the Ministry of Manpower through Contact Singapore, updated its website on Monday to say that GIP applicants need to be entrepreneurs whose companies have made at least $50 million in the most recent year, and at least $50 million per annum on average for the last three years.
Previously, entrepreneurs needed only to show a company turnover of $30 million per year. This applied to all sectors.
Now a new and stricter exception has been created for entrepreneurs making their mark in the real estate or construction business.
They must show that their companies have a turnover of least $200 million in the most recent year, and at least $200 million per annum on average for the last three years.
Source: Business Times – 18 April 2012
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