Applying PR

[cyberbiscuitph]

Applying PR for my wife

[PNGMK]

She should incorporate a company and move her funds into it and show a return as the manager and pay herself a commensurate salary as well as applying for a EP and then later PR. While there are some tax issues this would show she is serious and has an income. You need professional advice. I know a CPA who could help.

[cyberbiscuitph]

applying pr for my wife

[sundaymorningstaple]

You can always approach your local MP and they will write a letter to ICA, but as far as I know, none have ever accomplished anything as they have no standing with ICA (which is as it should be). But it cannot hurt and as you have a definitely different circumstance, I reckon it cannot hurt, even if it doesn't help. Who knows, depending on how much information you get the MP for points in the letter, it may get them to ask for more information. If you can get to that point you may well have a shot even if you are not the flavour of the month from an ethnic point of view.

[PNGMK]

All of those tax issues can be solved with a clever accountant. I'm a bit surprised - and I question whether she has a good accountant - that this route has not been suggested to you already. I have several friends here who have done the same. Remember (for example) - the first three years a new corporation is free of corp tax in Singapore. Remember also all expenses (including salary) for a corporation are tax deductions.

[cyberbiscuitph]

applying pr for my wife

[PNGMK]

I hate people who come on a free forum ask for free advice and then expect it to be the level of a paid professionaI. You're wife is not consulting a professional CPA. She is consulting charlatans. At her income and capital level I assure you she is NOT getting what sounds like good advice. I can't be arsed poking holes in the advice she was given for free tho.

[cyberbiscuitph]

Sorry but we're not interested with the option you are suggesting.

We've spoken to a few accounting and law firms previously (here in SG) and this is just one of the options we've been given. This is not new to us.

Thanks for the suggestion though.

[PNGMK]

So you're going to continue to hit your head on the wall? SE might have some ideas... but if you're hoping she can get PR without actually putting her money to work as an actual investor in Singapore (as opposed to a passive investor) then it's not going to happen I think.

[Strong Eagle]

After reading this rather lengthy thread, I have the following observation:

OP: Seems like you don't want to take the steps necessary to realize your own goal, but rather, you want Singapore to change its laws so that an "investor" can get PR. Do I have that right?

Here's your problem: There are plenty of people out there with tons of money who would like to become PR's as an investor. One fellow wants to know if he can buy a couple of million dollar properties and get PR. Solves so many problems for them.

Only, Singapore doesn't want the problems they would bring. How many corrupt Indonesian generals and Chinese businessmen should be granted PR? Russian mafia leaders are always looking for legal places to live... Singapore PR because you invest? What a windfall! What do you do about all these wealthy PR individuals buying up all the property in sight for "investment" purposes?

No... I judge that Singapore has very carefully thought through who is going to get in on the GIP program and who is not... and if you're trying to get in just because you manage your own pile of cash... well, that's not going to happen.

So... if you're dragging down $2.5 million a year in investment proceeds as you have suggested, then I'm going to throw out a number of $25 million that you all must have under investment... at least... that assumes a 10 percent return... damn good... or maybe as much as $50 million at a 5 percent return.

a) I've never met anyone who had this kind of cash that doesn't know every trick in the book for tax minimization. You don't state where your tax home is, so I can't comment upon it, and it is very rare for coupon clipping individuals to pay tax twice on proceeds.

b) She's going to need to take $2.5 million and put it into a GIP company. Maybe it's an investment company that invests in the same stuff you do now. Maybe it's something else entirely, like one of the funds that GIP offers. If you want to use GIP, then you're going to have to follow the rules.

OR

c) As a Singapore PR, you create a wealth management company. You start with one client. You provide investment advice in exchange for money. You get paid plenty to manage the wealth. Now you have enough salary to qualify to get your wife's PR. Hell, you could even start a career... duplicate your wife's holdings for other investors.

Again, I judge that the Singapore gahmen doesn't care about investors and "earning potential". What benefit is she to Singapore? Dividends aren't taxed in Singapore. What's the economic benefit of having your wife as PR? That's what you're up against.

[BigginHill]

It bears repeating that SG (like all other organisations) are not looking for the best people, but rather the *right* people.

And the policy goal for "right" (for the foreseeable future) are those who will fit in as productive citizens and be accepted as such by the existing citizens in order to minimise discord.

People with significant personal funds has no particular interest for SG in itself. Only at the high end if those funds are actively developing relevant employment opportunities and desirable knowledge transfer to the local population.

[PNGMK]

If anything I see PR's being given to my local hairdressers above OP's spouse at present. I suspect OP's spouse is in an informal or formal trust situation as well (i.e. she does not have full control of the funds).

[cyberbiscuitph]

applying pr for my wife

[cyberbiscuitph]

applying pr for my wife

[sundaymorningstaple]

I reckon you need to carry a sling around as your elbows and shoulder must really hurt from patting yourselves on the back so much. They ought to give you SC straight up as you sound like you're a hardcore PAP - cadre always praising themselves. Good luck in your endeavors.