If you wish to invest and obtain residency in Singapore you may apply for the Global Investor Program. If you do not hear from us during today, please check your Spam inbox or send an email to [email protected], Click to read more about Citizenship and Residency on flagtheory.com Launched in 2013, the Antigua and Barbuda citizenship by investment programme offers four routes to citizenship, including the non-profit National Development Fund and investment in real estate. 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 defined criteria. Additionally, Singapore is one of the world’s most peaceful countries, has zero net debt, and is the second freest economy on earth. The permanent residency or the Immigrant Investors program in Singapore is known as the ‘Global Investor Program (GIP) of Singapore’. The Immigration and Checkpoints Authority (ICA) administers the registration of Singapore citizenship. •  Capital gains taxes are only applied in limited situations. But there are cons to it too. Other countries offer a route to citizenship following a reasonable period of residence, such as Australia, Canada, Greece, Portugal, Singapore… on the matter(s) in this website please contact our offices and we will refer you to an appropriate legal practitioner. There is also a voluntary contribution under the Supplementary Retirement Scheme.Property tax is levied on the annual value of houses, land, buildings, or tenements. Therefore, Singapore is not ideal or practical if you are interested in holding more than one citizenship and passport. Subsequent to the first five years, the REP would be renewed if the investor fulfils the following conditions: The investor must have met the investment conditions under Option A or Option B of the GIP; and either established a business in Singapore with five or more Singaporean employees and has spent at least SGD 1 million in total business spending a year ; or the investor or at least one of his/her dependants, who is also a PR under the GIP, must have resided in Singapore for more than 50% of the time. Within this period, you must make your investment and provide its documentary evidence. The Republic of Singapore, also known as Lion City or the Little Red Dot, is an island city-state of Asia, made up of a main island and sixty-two other islets. There are downsides, however. Want to see more countries that offer citizenships? Transfer of stocks and shares are subject to stamp duty of 0.2% on the purchase price or market value of the shares transferred, whichever is higher. Under this program, foreign-nationals who invest at least S$2,500,000 setting up a new business entity or in the expansion of an existing business operation or in an investment fund, may be eligible for permanent residency. Thank you. Over the past years increased qualification requirements has slowed the number of Employment Passes and Permanent Residence approvals. The processing time is between 9-12 months (for the entire application process), and you can begin applying for citizenship after two years of permanent residence in Singapore. Regarding the investment, you must be able to invest a minimum of 2.5 million SGD in a Singapore-based company. Capital Gains are not usually subject to taxation. Citizenship by Investment | Get Second Passport in Singapore Singapore is a wealthy city state in south-east Asia. •  Personal income tax rates are low and increase at progressive rates up to 20%. We offer expert consultation advice and assistance. •  If the investor's company is in other sectors, the company's turnover must be at least SGD 50 million in the most recent year and at least SGD 50 million per annum on average for the last three years. There are additional stamp duties of up to 16%, depending on the type and use of the property and residency status of the owner. It is a founding member of the ASEAN and is located to the south of the State of Johor in the peninsula of Malaysia and to the north of the islands Riau of Indonesia, separated from these by Strait of Singapore. •  An investor is eligible to apply for PR under the GIP if he/she has a proven and extensive business history and a winning entrepreneurial background. flagtheory.com. Taxes in Singapore are levied on a territorial basis, meaning that citizenship in Singapore has no effect on your offshore companies or investments. Singapore is also a world renowned financial centre, home to many international banks and investment based financial institutions. Once a final approval letter is issued, the applicant is requires to formalise his or her permanent residence status within 12 months of the date of the letter, all of which makes for a lengthy process. Under the PTS, an applicant may include their spouse and unmarried children less than 21 years of age in the permanent residence application. If you are applying under the sponsorship of a Singapore citizen, your sponsor will need to log in via his or her SingPass account. Under GIP, foreign nationals can acquire a Permanent Residency (PR) status by investing a minimum of S$2.5 million (US$ 1.8m) in Singapore-registered companies or GIP funds that in-turn invest in Singapore companies. Once done, we will send you application forms and provide assistance on completing the questionnaires, and translate and authenticate documents. Foreign-source income is only taxable if it is received in the country by a resident through a partnership in Singapore. View our privacy policy, Thank you very much for contacting us. Second Citizenship and residency by investment is no longer the preserve of the few in Singapore. Individuals who have been a Singapore PR for a minimum of 2 - 6 years and are at least 21 years old at the time of application are eligible for Singapore Citizenship. Option A: Invest at least SGD (Singapore Dollar) 2.5 million in a new business entity or to expand an existing business operation, Option B: Invest at least SGD 2.5 million in a GIP fund that invests in Singapore-based companies. The Singapore passport is widely accepted worldwide. •  In 2008, a one-tier system of taxation was introduced providing for the exemption of income tax on dividends, regardless of payment method. This multicultural diversity is reflected in the four official languages of the country: English, Chinese, Malay and Tamil. There are no inheritance, gift and net wealth taxes in Singapore. The GIP offers two investment options: 1. •  Parents and unmarried children of the investor who are 21 years old and above are not eligible to be included in the GIP application for PR status, can apply for a five year Long Term Visit Pass. Capital gains, dividends and interests are not usually subject to taxation.Permanent Residents and citizens must contribute 20% of their monthly wage to the Central Provident Fund (CPF); contribution is capped at S$1,200. Click on the map below. 04. We will get back to you shortly to better assess your unique situation and find solutions. •  The investor must possess at least three years of entrepreneurial and business track records and must produce audited financial statements of his/her company for the last three years. Singapore boasts excellent infrastructure, including telecommunications and public services and is considered the pearl of the East. Citizenship After two years of Permanent Residence, you may be eligible to apply for citizenship under the … Citizenship by investment is exactly what it sounds like: foreigners invest a certain sum of money in a country in exchange for citizenship and a passport. Foreigners must invest EUR 250,000 in real estate and also donate to government EUR 100,000. Singapore Global Investor Programme: The PR scheme for investors You can apply for Singapore PR (permanent residence) if you are willing to invest in the country and support your funds with proven entrepreneurial skills. Non-owner occupied residential property is taxed at graduated rates from 10% to 20%, owner-occupied residential property from 0% to 10%, and land and non-residential properties at 10%.Stamp duties are levied on certain transactions. The Citizenship by Investment Program of Saint Lucia came into existence in 2015 under the regulations of the Citizenship by Investment … associated company, is not engaged in the practice of law or tax. Usually foreign-source income is not taxed, provided that it is not remitted to Singapore. We disclaim any warranties expressed or implied, merchantability, or fitness for any particular purpose. Within 12 months you must apply for your PR permit and your Re-entry permit.For further information on Singapore’s Global Investor Program, citizenship, as well as other visa options and detailed procedures, contact us for a free private consultation. The Golden visa scheme known as ‘Global Investor Program (GIP)’ offers permanent resident status to foreign investors who invest atleast S$ 2.5 million (US$ 1.8m) It enables a person to retain the PR status while away from Singapore. The ‘Not Ordinarily Resident' (NOR) scheme targets global business skill sets and offers many tax concessions for a five year time frame for those who have not been resident for three consecutive years previous to the application. The pros include holding a Singapore passport, which has visa-free or visa on arrival access to 189 countries and territories, and subsidies on education, healthcare, housing and employment. Featured benefits of the Singapore citizenship program : All Singapore citizenship applications must be submitted online using the e-Service. Its official currency is the Singapore Dollar (SGD). representations or warranties with respect to the accuracy, applicability, fitness, or completeness of the contents of Dividends paid to non-residents are tax-exempt, whereas interests and royalties are subject to a withholding tax of 15% and 10% respectively. Once a British colonial trading post, today it is a thriving global financial hub and described as one of Asia’s economic “tigers”. Flag Theory | Passports.IO has access to a global network of qualified attorneys and accountants who can give you the proper advice for your particular circumstances. In order to better serve you, we ask that you please fill out the following form as accurately as you can and provide as many details as possible. Citizenship After two years of Permanent Residence, you may be eligible to apply for citizenship under the … English is the main language in Singapore and is used widely in administration, business and technology. Citizenship by investment is the process of obtaining a second citizenship and passport by investing in the economy of the host country. Certain qualified start-ups may be three-year tax exempt on their first S$100,000 taxable income and 50% tax exempted on the next S$200,000. If you wish to receive a legal opinion or tax advice There are a lot of applicants with better profile, higher salary or much younger than you. We are consultants providing services to private and corporate investors - our mission is to educate, inform and guide buyers to select and purchase viable real estate and related products nationally and internationally. However, applying for citizenship in Singapore isn’t an easy or fast process. standard rate is 7%.Regarding corporate taxation, Singapore taxes companies on a territorial basis. The contents of this website are just for illustrative purposes and are NOT to be The program is aimed at entrepreneurs or investors who are interested in making substantial financial investments in Singapore and is designed to attract wealthy foreign nationals who wish to make Singapore their home. Key Additional Documents. For conveyance of immovable property there is a stamp duty of 3% on the purchase price or market value, whichever is higher. This is a limited economic citizenship scheme to 2000 applicants. Singapore's taxation system functions on a jurisdictional basis, only local income earned from within Singapore is taxable. Flag Theory is an internationalization and offshore solutions provider, and the creator of passports.io, Your privacy is important for us and we will keep your information secure. A valid REP is necessary whenever the PR wishes to travel in and out of Singapore. Ireland: The country is centered on different services such as life sciences, agribusiness, high tech, … Singapore is politically and economically stable and has extensive and highly valued education and healthcare systems. There are defined categories of foreigners who are eligible to apply for permanent residence. Citizenship by investment programs legally confer citizenship status faster than traditional immigration processes and do so … Option A- an investment of at least SGD 2.5 million in a new business entity or expansion of an existing business operation. All Singapore citizenship applications must be submitted online using the e-Service.Please prepare the required documents provided in the document checklists for submission online via the e-Service.. Click here for information that your spouse and/or child will need to know on becoming a Singapore citizen.. Non-residents income is subject to a flat tax rate of 22%. considered as a legal opinion or tax advice and should not be relied upon as such. A person holding an Employment Pass (PTS) in Singapore may submit an application for permanent residence after one year of employment and residence within Singapore. At Singapore Immigration Partners, we work along this framework and fine tune your profile according to the needs of Singapore Immigration Policy. Visa-free travel to more than 100 countries, including Hong Kong, Singapore, the UK, and Europe’s Schengen Area. The new changes announced is coming in to effect from March 1, 2020.. Singapore is a single citizenship country, which is stringently enforced. There is an exemption of 75% of the first S$10,000 of taxable income and 50% of the next S$290,000. Foreign dividends, foreign branch profits, and foreign service fee income remitted to the country may be tax-exempt if it fulfills certain conditions.The corporate tax standard rate is 17%. Usually, an individual is tax resident in Singapore if he or she spends more than 183 days in a year in the country, or engages in regular employment there.Residents are subject to a personal income tax at progressive rates up to 22% on annual income exceeding S$320,000. All applications and documents are to be submitted online via the MyICA e-service using a SingPass account.. Under the Global Investor Programme (GIP), applicants may acquire permanent resident status in accelerated terms through investment in country’s economy. If required, we will introduce you to Singaporean banks in order to open a bank account to transfer the funds and make the investment.If your proposal does not pass our eligibility assessment, we will offer you alternative visa options to conduct your business or invest in Singapore.You will be required to pay the non-refundable processing fee prior to submitting the application. The benefits of second citizenship by investment range from security, global mobility, education, and business. Residence-by-Investment Foreign nationals may apply for permanent residence status through the Singapore Global Investor Program. Second Passports | Dual Nationality | Economic Citizenships | You are here », IPD and international citizenships, residency and visas. Singaporean citizenship comes with a lot of benefits worth considering: a Singaporean passport carries excellent visa-free travel around the world and the country has an alluring economy for investors and entrepreneurs. The Global Investor Program (GIP) has been purposely designed for investors who are interested in starting up a business or investing in Singapore with the intent to gain Singapore Permanent Residence (PR) status. As of June 2019, you will find that Singapore has around 3.5 million citizens, and the numbers are still rising. consequential, or other damages. Its population is about 5.5 million, of which about 75 percent are Chinese, with the rest being Malay, Indian or Eurasian minorities. 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. Contact us for further information. Singapore attracts the biggest business markets and tax haven in south east asia. Montenegro opened a new special citizenship by investment program from Jan 1, 2018. Please prepare the required documents provided in the document checklists for submission online via the e-Service . However, Singapore is a single citizenship country. Residents and non-residents are subject to personal income tax on their income derived from Singapore. Singapore is a single citizenship country, which is stringently enforced. Flag Theory | Passports.IO will guide you through each step of the process to ensure that it is as fast, efficient and pain-free as possible.Together with our partners in Singapore, we will assist you to evaluate the different investment options to find the most suitable one according to your needs. Once submitted, a final approval of your PR will be issued to you. Leases are subject to a duty of 0.4% on the total rent.There are excise duties on certain good and services such as intoxicating liquors, tobacco products, motor vehicles, petroleum products and gambling. Singapore is often cited as one of best places to live internationally and is also one of the wealthiest countries in the world. Anyone who establishes a business in Singapore obtains employment there, or marries a citizen of Singapore can obtain permanent residency. Under GIP, these are the following investment conditions: Once permanent residence is obtained, the applicant no longer requires an Employment Pass. After two years of permanent residence in Singapore, it is possible to apply for Singaporean citizenship. Upon the granting of the PR status, the investor will be issued a Re-Entry Permit (REP). This particular scheme, officially known as Global Investor Programme (GIP Scheme), is often referred to as the Investor Scheme. The country has introduced several options to attract investment, enabling the growth of businesses. A foreign resident is considered a tax resident if they are physically live in Singapore and or employed for 183 days or more per tax year. However, to get started, you apply for the global investor program in Singapore. 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