Important factors to consider in residence planning
It is one of the Singaporean government’s objectives to attract talent to the country for residence and work. The government’s intention is for foreign nationals to make Singapore their home by becoming permanent residents.
Singapore is frequently voted the best Asian city in which to live, due to its excellent infrastructure and public services. It has one of the lowest crime rates in the world and Singapore residence offers a high quality of life to its residents. Globally, Singapore is rated one of the wealthiest countries when measured by GDP per capita.
Singapore has emerged as a world-class destination with a harmonious multi-racial and multi-cultural community. It has a population of 6 million people, with English and Mandarin as the main languages spoken. Living in Singapore means that residents benefit from the country’s political stability and economic prosperity. Singapore also has a reputable education system and a reliable healthcare system.
The country has a friendly tax regime and over recent years has continued to introduce tax regulations that favor foreign investors. Singapore’s taxation system operates on a territorial basis.
The Singapore Global Investor Program is designed for entrepreneurs or investors who are interested in making substantial financial investments in Singapore and is designed to attract wealthy foreign entrepreneurs and investors who wish to make Singapore their home.
The procedure to gain permanent residence under the Singapore Global Investor Program takes a considerable length of time. Applicants who wish to live in Singapore must submit a personal profile and a proposed investment plan using an e-application form with supporting documentation in hard copy. They are required to attend an interview within three to four months of submitting the application. If an application meets all the criteria, the applicant will be issued with an approval-in-principle. This approval is valid for six months during which applicants must make the requisite investment under the chosen investment option and submit documentary proof of doing so.
Singapore citizenship is offered on a single citizenship basis. After two years of permanent residence in Singapore, it is possible to apply for Singaporean citizenship. The country does not allow dual citizenship, and this rule is strictly enforced.