Residence Visa Singapore
Residence Visa Singapore | GCI. We are the world's leading experts in advising foreign investors on Citizenship & Residency by Investment. Learn more about Singaporean Residence Visa.
The island city-state on the southern tip of Malay Peninsula has seen many rulers in its history. It has been an outpost of the ancient Sumatran Srivijaya empire, it was part of the Sultanate of Johore in the 15th and 16th century, and it was burned down by Portugese forces in 1617.
In the beginning of the 19th century Singapore became a trade post and settlement of the British East India Company and some years later a British crown colony.
Singapore is today (beside Monaco) the most densely populated independent country in the world. Its strategic location combined with a largely corruption-free government, a skilled work force, pro-foreign investment and export-oriented, led to a successful free-market economy which attracts international investment funds on a large scale despite its relatively high-cost operating environment.
It is one of the Singaporean governments objectives to attract talent to live and work in the country. The governments intention is for foreigners to make Singapore their home by becoming permanent residents.
Procedure and conditions for Singapore Residence Visa
Singapore permanent residence can be easily attained if you are willing to invest a small fortune in the country, and support your funds with proven entrepreneurial skills. This particular scheme, officially known as Global Investor Programme (GIP Scheme), is often referred to as the Investor Scheme and requires you to invest at least 2.5 million Singapore dollars.
Given the requirements for high capital investment and the applicants prior business turnover, the GIP scheme is suitable for the elite and most of us probably wont qualify. For most people, the most affordable and practical way to gain permanent residence in Singapore is through the PTS Scheme.
You can use your investment funds to either launch a new enterprise or enrich an existing one in Singapore. You must also prove to the authorities that you have what it takes to make a business succeed, both in terms of your experience and how you plan to go about it. The Singapore government often acts as the link in finding suitable partnerships between foreign investors and local business networks.
There are defined categories of foreigners who are eligible to apply for permanent residence. These include: Investment Options under GIP Scheme - At present, under the Investor Scheme, you can choose either of the following investment options:
Option A: Invest at least S$2.5 million in a new business startup or expansion of an existing business operation.
Option B: Invest at least S$2.5 million in a GIP-approved fund that invests in Singapore-based companies. This minimum investment input is only one of the criteria to qualify for GIP. You will need more than money to earn your permanent residence status through the Investor Scheme. You must prove to the authorities that you have an entrepreneurial flair, by showing a good track record and furnishing a credible business proposal or investment plan.
Spouses and unmarried children of a Singapore Citizen or a Singapore Permanent Resident
Your children who are over 21 years and your parents are eligible to apply for the 5-year Long Term Social Visit Pass (LTSVP), which is renewable and tied to the validity of your re-entry permit.
Foreigners interested in working and living in Singapore may apply for in-principle approval for a residence permit by submitting an application before they enter Singapore, provided they satisfy the specific criteria. The advantage of obtaining permanent residence status is that the person is entitled to live and work in Singapore for at least five years.
A person holding an Employment Pass in Singapore may submit an application for permanent residence to the ICA after one year of employment and residence within Singapore. This is a very popular route for professional and highly skilled individuals, as no substantial investment is required to obtain these passes. Once permanent residence is obtained, the applicant no longer requires an Employment Pass, thereby giving the applicant more flexibility in his employment options.
The Global Investor Program is specifically for entrepreneurs or investors interested in making substantial financial investments in Singapore and is designed to attract wealthy foreign entrepreneurs and investors who wish to make Singapore their home.
It will take 6-8 months to process the application. While processing the application, the relevant authority will invite you for an interview with them. If your application is approved, you will be issued an Approval-in-Principle PR which is valid for 6 months, during which time you will be required to make your investment. Documentary evidence of your investment such as share certificates and title deeds will need to be submitted to and withheld by the authority for 5 years. Once these documents have been received by the authority, you will be conferred the final PR status.
Once you have cleared all the hurdles and formalities, and have received the blue identity card given to all Singapore permanent residents, you can start contributing to the countrys economy. You will also benefit by being able to reside in the country visa-free, enjoy tax relief and education subsidies for your children amongst many other rights and privileges that are given to citizens of Singapore.
To establish yourself or your business in Singapore will require securing relationships with key partners such as government officials, bankers and corporate professionals. You need experienced consultants to build a network of contacts and help you to become established in your new environment.
If you or your business need to purchase a property – we will be of help too. Our Partners are in property business for decades and are experienced enough to guide you through the whole property purchase procedure from the property documents check up, preparing the documents necessary to finalize transaction.
As you see, we are here to provide the following business services in Singapore: corporate services, starting a business, incorporating a business with full legal and professional support, obtaining a temporary or permanent residence, getting a work permit, Real Estates Investment, accounting, bookkeeping, translations, interpreters.
Taxes policy in Singapore
Income tax rates depend on an individual tax residency status. You will be treated as a tax resident for a particular Year of Assessment (YA) if you are a: Singapore Citizen who normally resides in Singapore except for temporary absences, or
Singapore Permanent Resident (SPR) who has established your permanent home in Singapore, or
Foreigner who has stayed / worked in Singapore (excludes director of a company) for 183 days or more in the previous year. i.e. the year before the YA.
Otherwise, you will be treated as a non-resident of Singapore for tax purposes. Singapore personal income tax rates for resident taxpayers are progressive. This means higher income earners pay a proportionately higher tax, with the current highest personal income tax rate at 20%.
Any more questions about the Singaporean Residence Program? Please get in contact with us.
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