Getting PR Status in Singapore to Buy Property | Global Investor Program (GIP)
Getting PR Status in Singapore to Buy Property | Global Investor Program (GIP)August 06, 2019
Getting PR status in Singapore
It is a well known fact that it is not easy getting PR status in Singapore. Under public pressure, the Singapore government is very strict in granting PR in recent years. Foreigners may work as senior executives for years but still can’t get their PR.
The PR quota will not be relaxed any time soon, at least not before the next election.
People with pink and blue ICs enjoy all the priorities and subsidies in housing, healthcare, education, etc. They can buy HDB flats. But foreigners can only buy private properties. The moment they buy, they are immediately asked to pay 20 percent more Additional Buyer Stamp Duty (ABSD).
Naturally, no one in his right mind would want to pay an additional 20% tax to purchase a property in Singapore. Moreover, a PR just have to pay a 5% ABSD.
Why is PR so important?
It is not only the entitlement to all the social welfare of that country. It is also the right of abode associated with permanent residency. With right of abode, you can live, work, enter and leave the country freely without restrictions plus you get to pay 15% less tax for an investment property.
It is a well known fact that Singapore is a stable country and many foreigners want to put their money here due to world-class healthcare, education, political stability and substantial and continuous economic growth.
Hence purchasing a property/investment in Singapore meant that they are not buying an investment, more of an insurance. Assets that not only guarantee good returns and also easy to liquidate and transfer about.
So if it is so hard to get PR status, what is 1 loophole that guarantee you getting a PR status?
What is the Global Investor Program (GIP)?
The Global Investor Programme (GIP) accords Singapore Permanent Resident status (PR) to eligible global investors who intend to drive their businesses and investment growth from Singapore. You will need to have a substantial business track record and successful entrepreneurial background to qualify.
In another words, to get PR status in Singapore, a foreign investor must invest at least S$2.5 million in a GIP-approved fund that invests in Singapore-based companies.
Setting up a company in Singapore is easy as long you have the funds. If you can bring in $2.5m and invest in Singapore, you can easily get the PR status. Imagine growing not only $2.5m in investment and also saving on 15% on any property that you intend to invest in!