Singapore Permanent Residence for
high net worth individuals
What is a High Net Worth Individual(s)?
High net worth individuals or HNWIs are referring to individuals who have a minimum of SGD 1 million in liquid financial assets.
High net worth individuals planning to relocate to Singapore may want to consider the Global Investor Program (GIP) for the purposes of obtaining residency status in Singapore.
What do HNWIs looking for to be exact?
They are generally looking for personalized services for business setup, investment management, estate planning, tax planning and many more.
Apart from giving consultancy service on Singapore PR, our team of experienced advisors are well-trained to assist with personalized services to HNWIs on business setup (company formation, corporate secretarial, accounting management etc), investment management, estate planning, tax planning etc.
Investment Option for High Net Worth Individuals
Singapore Global Investor Program
The Singapore government recognized the importance of investors as a valuable asset and part and parcel of maintaining a competitive economy. This explains why Singapore has been aggressive in courting and retaining existing HNWIs through various schemes over the years! One of the best schemes devised by the Singapore government is the introduction of the Global Investor Program (GIP), whereby the ultimate objective is to encourage investors to incorporate a Singapore company.
To qualify for GIP, foreign entrepreneurs and investors need to meet the conditions below:
- Show 3-years of entrepreneurial and business track record. Show audited financial statements of your company for the last three years.
- For construction-related & real estate companies: Annual turnover must be minimum SGD 200 million, and an average of SGD 200 million annually for the last three years;
- Other sectors: The latest annual turnover must be a minimum of SGD 50 million, and an average of SGD 50 million annually for the last three years. One may submit financial statements of the company with the highest turnover or consolidate the financial statements of various businesses to meet the minimum turnover criteria.
- Privately-owned companies: Have a minimum 30% shareholding in the company. Must also demonstrate a role in the company, as well as the growth and profitability of your company or companies.
The GIP offers two investment options including investing at least S$2.5 million in either a new business or expanding an existing business or investing at least S$2.5 million in a GIP- approved fund that invests in Singapore-based companies.
Main Reasons Why HNWIs Choose Singapore as their home
1. Politically Stable
Hong Kong used to be the number one choice for most HNWIs, but the recent political chaos and growing upheaval in Hong Kong mean that freedom is eroded gradually. As a consequence, this will indirectly drive away much of the wealth to Singapore as HNWIs set their sights to grow their assets and businesses at a more politically stable country.
2. Strong Private Wealth Management
Singapore has emerged as the fastest-growing global private wealth management hub. Also, the flexibility and general openness of the Singapore regulatory system towards global investors makes it an attractive destination for foreign investors who want their accumulated wealth to be safe and properly managed.
You can always count on us to manage your wealth and increase your investment portfolio too!
3. Lowest Personal Income Tax in the World
Singapore is considered as one of the many developed nations with one of the lowest income tax in the world.
To many foreign professionals and skilled workers, paying high taxes to the government is something they want to avoid. More so, if the taxpayer’s money is not managed correctly and not being put to good use.
If you’re earning above SGD 320,000 annually, you will be charged 22% of taxes, which is still very good and probably regarded as one of the lowest in the world when compare to developed nations such as Japan, Australia, Canada, Switzerland and Spain which charge a whopping 49% of taxes!
4. Singapore is Among the Best Places for Investment in the World
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