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EDB to up the stakes for the GIP and is scrapping the FIP.

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EDB to up the stakes for the GIP and is scrapping the FIP.

Postby sundaymorningstaple » Thu, 19 Apr 2012 11:44 am

SINGAPORE: The Economic Development Board (EDB) said it will make changes to its Global Investor Programme (GIP) from April 15.

Under the GIP scheme, the foreigner has to invest S$2.5 million in a new company in Singapore or expand an existing business that has an annual turnover of at least S$30 million.

EDB said the details of the changes will be available on the Contact Singapore website next Sunday.

The GIP, along with the Monetary Authority of Singapore's Financial Investor Scheme are seen as quick ways for wealthy foreigners to obtain permanent resident status in Singapore.

Recently, the MAS said it will scrap its Financial Investor Scheme (FIS) soon.

Under FIS, applicants need to have personal assets of at least S$20 million and are required to invest at least half of them in Singapore assets like bonds or equities for at least five years.

They could also invest up to S$2 million in properties in Singapore.

Agents who are handling permanent residency applications for investors said the scrapping of the FIS will not hurt Singapore's economy, and that Singapore remains an attract place to live, work and play among many foreign investors, especially those from China. ... 42/1/.html

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