Wealthy foreigners can't 'buy' PR status anymore

Wealthy foreigners who want their PR application expedited will now have to apply under a different scheme for well-heeled entrepreneurs from abroad who invest in businesses here.

The Monetary Authority of Singapore (MAS) will be scrapping the Financial Investment Scheme (FIS) by the end of this month. The FIS allows wealthy foreigners with net personal assets of $20 million - and at least $10 million of assets held in Singapore for five years - to get onto a fast track and apply for PR status through private banks or other financial institutions via MAS. 

Now that this scheme is being axed, wealthy foreigners can still apply for PR status under the Global Investor Programme (GIP) - a scheme that allows entrepreneurs from abroad to obtain PR.

Unlike FIS, where assets held in Singapore are the main criterion, GIP is aimed at entrepreneurs who have a track record in corporate circles, and is a scheme that can boost employment locally.

To obtain PR status under the current terms of GIP - which was tweaked as recently as 2010 - foreigners must have $2.5 million invested in a new business entity or expansion of an existing business operation. Their company should have an annual turnover of at least $30 million. And these businessmen, from 2010, have also not been allowed to include the cost of buying a private home as part of their required investment.

Source: Business Times – 4 April 2012