Singapore Hikes Permanent Residence Threshold for Ultra-Rich

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Singapore Hikes Permanent Residence Threshold for Ultra-Rich

Bloomberg2023-03-02

Singapore is increasing the threshold for global investors seeking permanent-resident status in an attempt to create more jobs and benefit locals due to an influx of wealth.Applicants will need at ...

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anyhow99
·2023-03-02
if u voted for them then can only stfu.
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1
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Chaishen
·2023-03-02
What to do🤷
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2
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Targarean
·2023-03-02
Good move. I'm sure there are plenty who still meet the criteria. And we want quality instead of quantity
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3
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JaydenKng
·2023-03-02
Did singapore garment really dont know about anything? When i quitted my previous job and looking for new job, my friend who working for a china boss who running a so called "PR / employment agency" which HELPING china rich ppl to get their PR in some Special way. They register alot of company and use their employeeto contribute CPF as director and with less than 10 employee, they post ads and apply for those chinese after 1 month for EP or new Tech pass with salary 10-20k/ mth. Actually all of them just wash their parents money over and enjoy life here. They also helping them to apply overseas study and they came here hiring ppl to do thesis and project for them and they just enjoy their life. This is what i saw, all branded with sports car but use money to buy a cert so they can sta
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- edelyu:
  That’s the society now, i guess. got $ easy to do things.
  2023-03-02
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- lbean:
  👍
  2023-03-02
  Reply
  Report
- Terrancewong:
  [Smile]
  2023-03-02
  Reply
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For those establishing family offices, at least S$50 million must be deployed and maintained in four government-designated investment categories.That compares with a previous requirement of a S$2.5 million investment in a business entity, fund or Singapore-based single family office. The changes take effect from March 15.Singapore is tackling a perceived growing wealth gap brought on in part by the arrival of rich families from overseas. The country’s infrastructure and stability has attracted a growing number of ultra-wealthy individuals, contributing to a spike in costs for everything from luxury cars to golf club memberships and condominiums.The government is fine-tuning its policies by encouraging more local jobs and investment in the city-state’s stock exchange and funds. It announced a tax hike on higher-value property and luxury cars in February.The investment program refinement will “encourage the growth of businesses and capital accumulated in Singapore,” Desmond Teo, EY Asean private tax leader said in a statement, adding that two winners will be the country’s asset management industry and companies that will receive funding.Luring TalentThe Global Investor Programme was introduced in 2004 to attract the world’s wealthiest people and provides a route to permanent residency.About 200 permanent residencies were granted from 2020 to 2022. The design has also brought in at least S$5.5 billion in investments and created more than 24,000 jobs. About S$1.62 billion was injected into approved funds, of which 57% was invested in Singapore-based companies.The city-state was expected to get around 2,800 high-net-worth individuals in 2022 alone, according to residence and citizenship planning provider Henley & Partners. The firm estimates that 249,800 residents there have a net worth of at least $1 million, making it the world’s fifth wealthiest city.Here’s a breakdown of the pathways available:Option AInvest at least S$10 million, inclusive of existing paid-up capital, in a new business entity or existing business operation in SingaporeHire at least 30 employees, at least half of whom must be Singapore citizens and 10 of whom must be new employees, to be eligible for the Re-entry Permit Renewal after the initial five-year periodOption BApplicants must invest S$25 million in a Global Investor Programme-select fundOption CRequirement to establish a Singapore-based single family office with at least S$200 million in assets under managementAt least S$50 million must be deployed and maintained in these categories including companies listed on local exchanges, qualifying debt securities, funds distributed by approved Singapore-licensed managers; or private equity injection into non-listed, Singapore-based businesses","kind":null,"is_publish_news":true,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[{"id":9940117300,"gmtCreate":1677748932800,"gmtModify":1677749269115,"author":{"id":"3573519995060976","authorId":"3573519995060976","name":"anyhow99","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"hat":"https://static.tigerbbs.com/0a8758340a08196056f8bc1e54805193","crmLevel":4,"crmLevelSwitch":1,"authorIdStr":"3573519995060976","idStr":"3573519995060976"},"htmlText":"if u voted for them then can only stfu.","listText":"if u voted for them then can only stfu.","text":"if u voted for them then can only stfu.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9940117300","repostId":1180371996,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":9940117003,"gmtCreate":1677748895903,"gmtModify":1677748900586,"author":{"id":"3575102877976288","authorId":"3575102877976288","name":"Chaishen","avatar":"https://static.tigerbbs.com/b8bb167c6f990b4a02d66313039eb021","vip":1,"hat":"https://static.tigerbbs.com/7b75ce0c34afff716602792a5d0929dd","crmLevel":5,"crmLevelSwitch":1,"authorIdStr":"3575102877976288","idStr":"3575102877976288"},"htmlText":"What to do🤷","listText":"What to do🤷","text":"What to do🤷","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9940117003","repostId":1180371996,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":9940114771,"gmtCreate":1677748876894,"gmtModify":1677748880555,"author":{"id":"3573540190522229","authorId":"3573540190522229","name":"Targarean","avatar":"https://community-static.tradeup.com/news/59de1c73df3e7e460bd84cc786850fa6","vip":1,"hat":"https://static.tigerbbs.com/ae1f49570794979e009a5efdeb6f4789","crmLevel":7,"crmLevelSwitch":1,"authorIdStr":"3573540190522229","idStr":"3573540190522229"},"htmlText":"Good move. I'm sure there are plenty who still meet the criteria. And we want quality instead of&nbsp;quantity","listText":"Good move. I'm sure there are plenty who still meet the criteria. And we want quality instead of&nbsp;quantity","text":"Good move. I'm sure there are plenty who still meet the criteria. And we want quality instead of quantity","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9940114771","repostId":1180371996,"repostType":2,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":9940115048,"gmtCreate":1677748160285,"gmtModify":1677748164847,"author":{"id":"3579508055972278","authorId":"3579508055972278","name":"JaydenKng","avatar":"https://community-static.tradeup.com/news/ddc4d09dce96849b85577fff554a2eba","vip":1,"crmLevel":6,"crmLevelSwitch":1,"authorIdStr":"3579508055972278","idStr":"3579508055972278"},"htmlText":"Did singapore garment really dont know about anything? When i quitted my previous job and looking for new job, my friend who working for a china boss who running a so called \"PR / employment agency\" which HELPING china rich ppl to get their PR in some Special way. They register alot of company and use their employeeto contribute CPF as director and with less than 10 employee, they post ads and apply for those chinese after 1 month for EP or new Tech pass with salary 10-20k/ mth. Actually all of them just wash their parents money over and enjoy life here. They also helping them to apply&nbsp;overseas study and they came here hiring ppl to do thesis and project for them and they just enjoy their life. This is what i saw, all branded with sports car but use money to buy a cert so they can sta","listText":"Did singapore garment really dont know about anything? When i quitted my previous job and looking for new job, my friend who working for a china boss who running a so called \"PR / employment agency\" which HELPING china rich ppl to get their PR in some Special way. They register alot of company and use their employeeto contribute CPF as director and with less than 10 employee, they post ads and apply for those chinese after 1 month for EP or new Tech pass with salary 10-20k/ mth. Actually all of them just wash their parents money over and enjoy life here. They also helping them to apply&nbsp;overseas study and they came here hiring ppl to do thesis and project for them and they just enjoy their life. This is what i saw, all branded with sports car but use money to buy a cert so they can sta","text":"Did singapore garment really dont know about anything? When i quitted my previous job and looking for new job, my friend who working for a china boss who running a so called \"PR / employment agency\" which HELPING china rich ppl to get their PR in some Special way. They register alot of company and use their employeeto contribute CPF as director and with less than 10 employee, they post ads and apply for those chinese after 1 month for EP or new Tech pass with salary 10-20k/ mth. Actually all of them just wash their parents money over and enjoy life here. They also helping them to apply overseas study and they came here hiring ppl to do thesis and project for them and they just enjoy their life. This is what i saw, all branded with sports car but use money to buy a cert so they can sta","images":[],"top":1,"highlighted":2,"essential":1,"paper":1,"likeSize":20,"commentSize":12,"repostSize":1,"link":"https://ttm.financial/post/9940115048","repostId":1180371996,"repostType":2,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":105927559,"gmtCreate":1677748722455,"gmtModify":1677748725834,"authorId":3582016604911088,"author":{"id":3582016604911088,"idStr":"3582016604911088","authorId":3582016604911088,"name":"edelyu","avatar":"https://static.tigerbbs.com/092df2b4df4fa72903ef644a702141fe","vip":1,"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":9940115048,"type":1,"supId":0,"prevId":0,"content":"<span class=\"s1\">That’s the society now, i guess. got $ easy to do things.<span class=\"Apple-converted-space\"> </span></span>","text":"<span class=\"s1\">That’s the society now, i guess. got $ easy to do things.<span class=\"Apple-converted-space\"> </span></span>","html":"<span class=\"s1\">That’s the society now, i guess. got $ easy to do things.<span class=\"Apple-converted-space\"> </span></span>"},{"id":105927500,"gmtCreate":1677748524746,"gmtModify":1677748527936,"authorId":4095926532673350,"author":{"id":4095926532673350,"idStr":"4095926532673350","authorId":4095926532673350,"name":"lbean","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":5,"crmLevelSwitch":1,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":9940115048,"type":1,"supId":0,"prevId":0,"content":"👍","text":"👍","html":"👍"},{"id":105927487,"gmtCreate":1677748465480,"gmtModify":1677748468644,"authorId":4091149308162930,"author":{"id":4091149308162930,"idStr":"4091149308162930","authorId":4091149308162930,"name":"Terrancewong","avatar":"https://static.tigerbbs.com/08a94d9110a7a72b1c75b04a52e4f0fc","vip":1,"currentWearingBadge":{"badgeId":"1026c425416b44e0aac28c11a0848493-2","templateUuid":"1026c425416b44e0aac28c11a0848493","name":"Senior Tiger","description":"Join the tiger community for 1000 days","bigImgUrl":"https://static.tigerbbs.com/0063fb68ea29c9ae6858c58630e182d5","smallImgUrl":"https://static.tigerbbs.com/96c699a93be4214d4b49aea6a5a5d1a4","grayImgUrl":"https://static.tigerbbs.com/35b0e542a9ff77046ed69ef602bc105d","redirectLinkEnabled":0,"hasAllocated":1,"isWearing":1,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2024.05.01","individualDisplayEnabled":0,"individualDisplaySort":0,"categoryType":1001},"crmLevel":2,"crmLevelSwitch":1,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":9940115048,"type":1,"supId":0,"prevId":0,"content":"<span class=\"s1\">[Smile]</span>","text":"<span class=\"s1\">[Smile]</span>","html":"<span class=\"s1\">[Smile]</span>"},{"id":105927486,"gmtCreate":1677748462044,"gmtModify":1677748465544,"authorId":4095144458401720,"author":{"id":4095144458401720,"idStr":"4095144458401720","authorId":4095144458401720,"name":"Kim Jeong 金熔","avatar":"https://static.itradeup.com/news/d9e9713d8ea2eb8ae9bc5e25fb660a1a","vip":1,"crmLevel":5,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":9940115048,"type":1,"supId":0,"prevId":0,"content":"who cares","text":"who cares","html":"who cares"},{"id":105927482,"gmtCreate":1677748431902,"gmtModify":1677748435317,"authorId":3581935892876628,"author":{"id":3581935892876628,"idStr":"3581935892876628","authorId":3581935892876628,"name":"IZTan","avatar":"https://static.tigerbbs.com/8ae66ef9a50a8a9e9a05f72f59f558c7","vip":1,"crmLevel":1,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":9940115048,"type":1,"supId":0,"prevId":0,"content":"<u>ok</u>","text":"<u>ok</u>","html":"<u>ok</u>"}],"langContent":"EN"}],"hasMoreComments":true,"newsSizeData":{"likeSize":55,"commentSize":4,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false}}