Rich foreigners can gain immediate permanent residency in Singapore if they park five million Singapore dollars ($3-million) in local financial institutions, under a new
scheme unveiled by the city-state’s central bank.
A Monetary Authority of Singapore (MAS) spokesperson said on Wednesday these foreigners must also have personal assets worth at least $20-million to qualify but they will still go through routine immigration checks.
Spouses and children aged under 21 will also be able to become permanent residents, the spokesperson said.
In announcing the ”Best Home” scheme in a speech on Tuesday, MAS chairperson Goh Chok Tong said it was aimed at attracting wealthy foreigners to the southeast Asian nation as part of plans to expand its financial services activities.
”We hope this will boost total assets under management and attract high net worth individuals and their families to take up residency here,” Goh, a former Singapore prime minister, said.
The MAS spokesperson, who asked not to be named, said foreigners would be required to invest five million dollars with MAS-registered financial institutions for five consecutive years.
The investments on offer include bank deposits, shares, funds, unit trusts and life insurance products.
He added that these foreigners would receive ”in-principle approval” for permanent residency on investing the money, with full status granted after five years.
Less affluent applicants for permanent residency have to follow more stringent criteria, which generally include working in Singapore for least six months, having a valid employment pass and meeting academic standards.
Another scheme allows people to apply for permanent residency if they invest 1,5 million dollars in a local business.
Permanent residency allows foreigners to live and work in Singapore without a visa, and remain in the country even if they do not have a job. – Sapa-AFP