Singapore Global Investor Program Increased to Minimum S$10 Million in Business or S$25 Million into Approved Funds from 15th March 2023, Family Office Requires S$200 Million AUM with S$50 Million Invested into 1 of 4 Categories: Qualifying Debt Securities, Certificates of Deposits, Singapore-Licensed Fund Managers or Private Equity into Non-Listed Singapore-Based Business
2nd March 2023 | Singapore
Singapore Global Investor Program (GIP, 5-Year renewal residency program) has increased from S$2.5 million to a minimum of S$10 million ($7.4 million) in a business or S$25 million ($18 million) into approved GIP funds from 15th March 2023 (new applications), with family office requiring at least S$200 million AUM ($149 million, Assets under Management) and at least S$50 million ($37 million) invested into 1 of 4 Categories: Qualifying Debt Securities, Certificates of Deposits, Singapore-Licensed Fund Managers or Private Equity into Non-Listed Singapore-Based Business. Singapore has granted around 200 Permanent Residency under the Singapore Global Investor Program (GIP) over 3 years from 2020 to 2022, with the program requiring S$2.5 million ($1.86 million) investment in a Singapore business or GIP Approved Fund, or setup a family office with at least S$200 million ($149 million). Singapore Global Investor Program (GIP) data October 2022: S$1.62 billion invested in GIP Approved Funds, with S$1.42 billion deployed into investments (65.6% / S$930 million invested in Singapore-based companies). The new qualifying requirement for $10 million investment into Singapore business is to hire at least 30 employees with at least 15 Singapore citizens. For family office requiring S$200 million AUM, at least 5 family office professionals need to be hired, with at least 3 Singapore citizens. The Singapore Global Investor Program was first launched in 2004 (S$1 million), revised in 2011 (S$2.5 million) and last revised in March 2020 (Family office S$200 million). See below for Singapore Family Office Tax Exemption 13U & 13O.
“ Singapore Global Investor Program Increased to Minimum S$10 Million in Business or S$25 Million into Approved Funds from 15th March 2023, Family Office Requires S$200 Million AUM with S$50 Million Invested into 1 of 4 Categories: Qualifying Debt Securities, Certificates of Deposits, Singapore-Licensed Fund Managers or Private Equity into Non-Listed Singapore-Based Business “
Singapore Family Office Tax Exemption 13U & 13O
In 2022, the Monetary Authority of Singapore (MAS) introduced new family office tax exemption criteria for new applications from 18th April 2022. For 13U, the minimum fund size of S$50 million remains, with new criteria including hiring a minimum of 3 investment professionals with at least 1 non-family member, minimum annual business expenditure of S$500,000 and minimum of 10% of AUM or S$10 million to be invested in local investments (listed debts / securities, Singapore registered funds, private investments into Singapore companies). For 13O, a S$10 million minimum fund size (rising to S$20 million in 2 years), hiring 2 investment professionals, minimum of 10% of AUM or S$10 million to be invested in local investments (listed debts / securities, Singapore registered funds, private investments into Singapore companies), and minimum of S$200,000 annual business expenditure.
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