Singapore is considered one of the world’s best places to live, and is frequently voted as the top Asian city to live in, due to its excellent infrastructure and public services.
It is one of the wealthiest countries in the world measured by GDP per capita.
Singapore has an excellent infrastructure and state of the art telecommunications, business and financial facilities. It has grown into an international financial centre, as is evident in the presence of many international banks and the volume of financial transactions which take place in this thriving city.
Singapore is an exception to other large cities by virtue of the fact that it has one of the lowest crime rates in the world, and even littering is punishable. The country is politically stable, as well as economically prosperous, and offers an extensive and reputable education system and a highly reliable healthcare system.
Beautiful Singapore Island is the financial hub for the region many years and it’s also called a cleanest country in the world.
One of the objectives of Singaporean government’s is to attract talent come live and work in the country. The government’s intention is for foreigners to make Singapore their home by becoming permanent residents.
Foreigners interested in working and living in Singapore may apply for in-principle approval for a residence permit by submitting an application before they enter Singapore, provided they satisfy the specific criteria. The advantage of obtaining residence status is that the person is entitled to live and work in Singapore for at least one year. However, the approval of residence is at the sole discretion of the authorities and no reasons will be given in the event of a rejection.
Each resident category has a specific application form and particular set of documentary requirements that must be fulfilled.
Investors and entrepreneurs may apply under the Global Investor Program (GIP) for a permanent residence permit. The CIP is specifically for entrepreneurs or investors 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 GIP is geared towards applicants with at least three years of entrepreneurial experience and a track record of successful business practice. The investors must own at least 30% equity of a company (or collect i on of companies) which has a turnover of at least SGD 50 million per annum in the most recent year, and at least SGD 50 million per annum on average for the past three years prior to the application; or SGD 200 million for construction or real estate related companies.
The CIP offers two investment options:
- The first investment option, Option A, requires an investment of at least SGD 5 million in a new business entity, or expansion of an existing business operation.
- The second option, Option B, requires an investment of SGD 5 million in one of the GIP-approved venture capital natured funds.
Upon the formalisation of the permanent resident status, the investor will be issued a Re-Entry Permit (REP). A valid REP is necessary whenever the permanent resident wishes to travel in and out of Singapore. It allows the client to retain permanent resident status while away from Singapore.
After the first five years, the REP would be renewed if the client fulfills the following conditions:
- For a three year renewal: fulfill the investment conditions under either Option A or Option B of t he GIP; and eithera) Have set up a business in Singapore with five or more Singaporean employees and have incurred at least SGD 1 million in total business spending a year; orb) Have at least one dependent, who is also a Permanent Resident under the GIP, residing in Singapore for more than half of the time.
- For a five year renewal: fulfill the investment conditions under either Option A or Option B of the GTP; anda) Have set up a business in Singapore with five or more Singaporean employees and have incurred at least SGD 1 million in total business spending a year; andb) Reside in Singapore for more than half of the time when holding permanent residence under the GIP.
Procedures and Time Frame
In order to obtain a GIP resident permit, the applicant must submit a personal profile and a proposed investment plan via an e-application form with supporting documentation in hard copy. The applicant is also required to attend an interview, usually within three to four months of submission of the application.
If the applicant meets all the criteria, the Immigration & Checkpoints Authority of Singapore (ICA) will issue an Approval-in-Principle (AIP), valid for a six month period.
The applicant has six months from the date of the AIP to make the requisite investment under the specific investment option and submit the documentary proof, such as share certificates, which the Singaporean authorities will hold for five years. The ICA will then issue the final approval letter and the applicant is required to formalize his or her permanent residence status within 12 months from the date of the final approval letter.
The GIP applicants must undergo and pass a medical examination before permanent residence status will be granted. Upon arrival in Singapore, the applicant should complete all the permanent residence formalities, including applying for an identity card.
Singapore does not permit dual citizenship, and this is strictly enforced. For this reason Singapore is not attractive if you are interested in holding more than one citizenship and passport.
Singapore has a mild tax regime and over recent years has continued to introduce tax regulations favoring foreign investors. The country has introduced various incentive schemes to attract investment, enabling the growth of businesses.
Singapore’s taxation system operates on a territorial basis. On an individual level, only local income derived from within the jurisdiction is taxable. Regardless of residence status, all foreign incomes are exempted, even if remitted to Singapore (unless remitted through a partnership in Singapore).
A Singaporean citizen is considered a tax resident if the individual normally resides in Singapore. A foreign resident is considered a tax resident if the individual is physically present or is employed for 183 days or more per tax year.
The Not Ordinarily Resident program (NOR), provides various tax concessions for a five year period. All applications, including the resident employee, must qualify under NOR conditions .These include the resident employee having been non-resident for three consecutive years prior to his first year of residence and correspondingly the first year of tax assessment .
Singapore has a very narrow tax base of taxable income. Personal income tax rates are low and levies are at progressive rates of up to 20%. There is no capital gain tax in Singapore. There are no gift taxes and estate duty was abolished in 2008.
The standard corporate tax rate for the tax years 2010-2014 was 17%. Companies, both resident and non-resident, are taxed on income remitted to Singapore. Certain exemptions apply to resident companies regarding foreign remittances.
In 2008, a one-tier system of taxation was introduced that provided for the exemption of income tax on dividends, regardless of the method of paying out.
It is mandatory for Singaporean citizens and permanent residents employed in Singapore to contribute to the Central Provident Fund (CPF), a statutory savings scheme.
- Favorable tax laws.
- International financial centre.
- Safe and orderly with an excellent education system.
Singaporean government’s objective is to attracted talent to live and work in the country. The government’s intention is for foreigners to make Singapore their home by becoming permanent residents.
Foreigners interested in working and living in Singapore may apply for in-principle approval for a residence permit by submitting an application before they enter Singapore, provided they satisfy the specific criteria. The advantage of obtaining permanent residence status is that the person is entitled to live and work in Singapore for at least five years.
You can also apply for Singapore PR status under the following criteria:
- Spouses and unmarried children of a Singapore Citizen or a Singapore Permanent Resident:
- Investors and Entrepreneurs under the Global Investor Program: This is the program 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.
- Employment Pass Holders under the Professional, Technical Personnel and Skilled Workers Scheme (PTS): A person holding an Employment Pass in Singapore may submit an application for permanent residence to the ICA after one year of employment and residence within Singapore. Once permanent residence is obtained, the applicant no longer requires an Employment Pass. The PR application under this category can be included spouse and unmarried children under 21 years old.
Singapore is not allow dual Citizenships.
- Government: Unitary dominant-party parliamentary republic
- Capital: Singapore
- Languages: English, Malay, Mandarin, Tamil
- Area: 718,3 km²
- Population: 5,610,000
- Time zone: UTC+8
- GDP: $308.051 billion (2014)
- Currency: SGD