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Qualification for permanent residency.

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barnetda
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Qualification for permanent residency.

Postby barnetda » Mon, 26 Feb 2007 10:54 am

Hi

I am a retired UK citizen. I worked in Singapore a few years ago and would like to consider retiring there.

As i understand it if i was to purchase a property at Sentosa Cove it would help qualify for PRC. But with the bungalows there now costing 8mio SGD its to expensive.

I understand apparantly that i can qualify if i place SGD 5 mill with a financial institution in Singapore. Is that correct and if so would i be able to buy a condo say for 3 mill sgd and offset some of that against the 5 mill?


Many thanks

changes
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Postby changes » Mon, 26 Feb 2007 11:52 am


barnetda
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Postby barnetda » Mon, 26 Feb 2007 12:15 pm



Thanks for the link newbie.

I used it but it does not take into account my assets.

I do not want to work in singapore only retire there for 8 months a year.

As i understand it there is a PRC as long as one has enough assets. I am trying to determine how much that is.

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ksl
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Re: Qualification for permanent residency.

Postby ksl » Mon, 26 Feb 2007 3:11 pm

barnetda wrote:Hi

I am a retired UK citizen. I worked in Singapore a few years ago and would like to consider retiring there.

As i understand it if i was to purchase a property at Sentosa Cove it would help qualify for PRC. But with the bungalows there now costing 8mio SGD its to expensive.

I understand apparantly that i can qualify if i place SGD 5 mill with a financial institution in Singapore. Is that correct and if so would i be able to buy a condo say for 3 mill sgd and offset some of that against the 5 mill?


Many thanks


Looks like you only need 1.5 million for investment or 1 million for business venture! It's called the Global Investment Programme, and if you are really interested in the business expansion, I can recommend a company for discussion, that was established in the 1940's that is looking to restructure and expand into the European market for much less than the 1 million. I'm pretty sure that you can spread your investments here, although condo purchase is a dodgy, with some speculation going on.

I've also seen some very nice condo's at 650.000, to 800,000 with all the facilities, A Singaporean friend purchased new, and got is fingers burnt, when the prices dropped by 150,000. He paid the 800.000 but todays price is between 650 & 700. Problem is the demand pushes the price for new, after a year or two, the demand drops, because they are not new any longer, price will only hold, in the strongest of locations.


Permanent Residence for Investors
People who are interested in sinking their roots in this dynamic global city, and are committed to investing or setting up a business of at least S$1 million, may apply for permanent residence for themselves and their immediate families. They can choose to either:


Invest at least S$1 million in a new business set-up or in the expansion of an existing business entity in Singapore; or

Invest at least S$1.5 million in a business set-up — with the added flexibility of investing in other investment vehicles such as VC funds, foundations and trusts that focus on economic development.

Contact Details
For further details or enquiries on the GIP, including scheme details, eligibility criteria and application procedures, please contact EDB's head office or visit the EDB website listed below. If convenient, you may also contact any of the international offices listed on our website.

Singapore Economic Development Board
250 North Bridge Road
#24-00 Raffles City Tower
Singapore 179101
Tel: (65) 6336 2288
Fax: (65) 6336 4267
Website: www.sedb.com
Last edited by ksl on Mon, 26 Feb 2007 3:37 pm, edited 3 times in total.

barnetda
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Postby barnetda » Mon, 26 Feb 2007 3:18 pm

Excellent info, looks very promising.

I would prefer not to invest in a business or run a business. I believe that it is possible to place a large amount of funds with a financial institution registered with the MAS for 5 years. During that time (after 2 years) you can apply for singapore citizenship.

I can only find information linked to property at sentosa cove which entitles one to PR but the cost of the homes there are circa SGD 8 mio.

I guess i am looking for a retirement PRC as such.

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ksl
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Postby ksl » Mon, 26 Feb 2007 3:50 pm

barnetda wrote:Excellent info, looks very promising.

I would prefer not to invest in a business or run a business. I believe that it is possible to place a large amount of funds with a financial institution registered with the MAS for 5 years. During that time (after 2 years) you can apply for singapore citizenship.

I can only find information linked to property at sentosa cove which entitles one to PR but the cost of the homes there are circa SGD 8 mio.

I guess i am looking for a retirement PRC as such.


I don't work myself, so I will call in the office and find out more information, for you! If you like you can send a private message to me, with your postage details, and i will get them to send you the information. or you could contact them through the website.
Last edited by ksl on Mon, 26 Feb 2007 3:55 pm, edited 1 time in total.

barnetda
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Location: LONDON

Postby barnetda » Mon, 26 Feb 2007 3:54 pm

ksl wrote:
barnetda wrote:Excellent info, looks very promising.

I would prefer not to invest in a business or run a business. I believe that it is possible to place a large amount of funds with a financial institution registered with the MAS for 5 years. During that time (after 2 years) you can apply for singapore citizenship.

I can only find information linked to property at sentosa cove which entitles one to PR but the cost of the homes there are circa SGD 8 mio.

I guess i am looking for a retirement PRC as such.


I don't work myself, so I will call in the office and find out more information, for you! If you like you can send a private message to me, with your postage details, and i will get them to send you the information.



Thank you very much, i would greatly appreciate it.

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ksl
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Postby ksl » Mon, 26 Feb 2007 3:55 pm

barnetda wrote:
ksl wrote:
barnetda wrote:Excellent info, looks very promising.

I would prefer not to invest in a business or run a business. I believe that it is possible to place a large amount of funds with a financial institution registered with the MAS for 5 years. During that time (after 2 years) you can apply for singapore citizenship.

I can only find information linked to property at sentosa cove which entitles one to PR but the cost of the homes there are circa SGD 8 mio.

I guess i am looking for a retirement PRC as such.


I don't work myself, so I will call in the office and find out more information, for you! If you like you can send a private message to me, with your postage details, and i will get them to send you the information.



Thank you very much, i would greatly appreciate it.
No problem at all! Although you must have 5 posts on the forum, before you can send private messages.

barnetda
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Joined: Mon, 26 Feb 2007
Location: LONDON

Postby barnetda » Mon, 26 Feb 2007 3:59 pm

Hopefully I now have 5 posts!

PM on its way.


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