450 high-net-worth individuals granted S'pore PR status, invested around S$500 million: Gan Siow Huang

Around 450 high-net-worth individuals were granted Singapore permanent residency under the Global Investor Programme (GIP) between 2015 and 2025.

Their contributions amounted to approximately S$500 million in investments in businesses here.

The figures were disclosed in Parliament on Feb. 27 by Minister of State for Trade and Industry Gan Siow Huang in response to questions from Workers’ Party MP Fadli Fawzi.

More than S$500 million spent

Over the decade, the GIP investors injected around S$500 million into new or existing Singapore-based companies, said Gan.

More than half of this sum flowed into the professional services, info-communications and financial services subsectors.

Around S$430 million was committed to GIP-selected funds. These in turn invest in companies based in Singapore on behalf of participating investors.

Three investment routes under the scheme

Launched in 2004 by the Economic Development Board (EDB), the GIP grants permanent residency status to eligible global investors, entrepreneurs and business owners who commit substantial capital to Singapore.

Applicants may qualify through one of three pathways:

• Investing at least S$10 million in a new or existing Singapore-based business
• Committing S$25 million to a GIP-approved investment fund
• Setting up a single family office with a minimum of S$200 million in assets under management, with at least S$50 million deployed into EDB-specified investments

Gan said about half of successful applicants chose to invest directly in businesses, while around 40 per cent opted for GIP-approved funds.

The remaining 10 per cent established single family offices.

Oversight and compliance requirements

Responding to queries about safeguards, Gan said EDB works closely with GIP recipients to ensure they meet the government’s stipulated economic and residency conditions.

Participants must provide documentation of their investments in Singapore-based companies, and EDB officers conduct site visits to assess business operations.

Fadli also asked about how many GIP permanent residents subsequently obtained Singapore citizenship, as well as the percentage of individuals whose re-entry permits had lapsed or were not renewed after five years for failing to meet business milestones.

Gan said she did not have the figures on hand and invited him to submit further parliamentary questions for detailed responses.

No major changes in applicant profile since 2023 review

Addressing a separate question by Fadli, Gan said there has not been any significant shift in the profile or volume of applicants since revisions were made to the scheme in 2023.

The changes raised investment thresholds across all three pathways and were aimed at strengthening support for Singapore’s start-up ecosystem and financial sector, while creating more job opportunities for Singaporeans.

However, she noted that the composition of GIP-select funds has evolved since the review.

Prior to 2023, these funds were largely local in nature.

Applicants who opted for the fund route after the revised criteria took effect are still undergoing the application process and have yet to finalise their investments, she added.

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