Singapore has always been one of the top choices for investment immigration in Asia. In 2023, Singapore’s immigration policies related to investment saw some significant changes that are important to understand for those considering Singapore investment immigration. This article will provide a comprehensive look at the key points of Singapore immigration investment in 2023, including an overview of the different immigration investment schemes, the latest policy changes, and tips for a successful application. With proper planning and preparation, Singapore remains one of the best immigration destinations for investors and their families looking for stability, security and a high quality of life.
GIP Scheme Increased Minimum Investment to S$20 Million Turnover
The Global Investor Programme (GIP) is one of the main immigration investment schemes in Singapore. As of March 1, 2020, the GIP scheme increased the minimum turnover requirement for the applicant’s company in the past 3 years directly to S$20 million, up from S$5 million previously. This means applicants now need to demonstrate S$20 million in annual revenue for their business in order to qualify. In addition, several new categories were added under GIP, including Family-held Business, Fast-Growing Company Founders, and Family Office. Each category has specific requirements in terms of percentage of company ownership, valuation, funding sources and asset management experience.
New Scoring System Implemented for Employment Passes
Singapore’s Employment Pass is a common work visa used by professional immigrants. Starting from September 1, 2023, Singapore’s Ministry of Manpower will implement a new Complementary Skills Framework to evaluate Employment Pass applications. Points will be awarded based on the applicant’s monthly salary, education qualifications, diversity of nationalities among the company’s staff, and proportion of local hires. The scoring system aims to attract talent that complements Singapore’s domestic workforce.
Increased Minimum Salary for Older Applicants
Age is an important factor in Singapore immigration. As of September 1, 2022, the minimum monthly salary for Employment Pass applicants aged 40 and above is S$10,500, increased from S$8,500 previously. Applying in your prime earning years improves chances of approval substantially. Applicants should boost their credentials and pivot careers proactively in order to cross the higher salary thresholds set for older applicants.
Strong Employer Sponsorship Essential
A key requirement across all Singapore immigration investment and work schemes is having a strong local sponsoring company. Applicants should carefully vet potential employers to pick established companies with experience successfully sponsoring immigrants. Strong sponsorship entails proactively managing the application and providing high quality immigration support. Employers must be poised to increase salaries and adapt to policy changes impacting existing immigrant employees.
Leverage Expert Assistance for Application
Navigating Singapore’s complex immigration system and ever-evolving policies requires expertise. Hiring an experienced Singapore immigration consultant is highly recommended to guide you through the process, ensure a compliant application, and develop an optimal overall immigration strategy. A knowledgeable advisor can also suggest additional steps to further strengthen your application prior to submission, such as making further investments in Singapore.
In 2023 and beyond, the bar for Singapore immigration investment continues to rise, requiring thorough preparation and expertise to clear successfully. Focusing application efforts during peak earning years, finding an established local sponsor, and leveraging professional assistance will lead to the greatest chances of approval.