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Singapore using residency bait to lure rich foreigners

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  • mellaniehewlitt
    Money talks in Singapore. Singapore Inc is issuing shares for a mere SGD5mio anyone can have a stake. Money is the only deciding criteria.
    Message 1 of 1 , Dec 1, 2004
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      Money talks in Singapore. Singapore Inc is issuing shares for a mere SGD5mio
      anyone can have a stake.

      Money is the only deciding criteria.

      http://www.turkishpress.com/business/news.asp?id=041201071811.snl0hgov.xml

      Singapore using residency bait to lure rich foreigners
      12-01-2004, 07h18

      Roslan Rahman - (AFP/File)
      SINGAPORE (AFP) - Rich foreigners can gain immediate permanent
      residency in Singapore if they park five million Singapore dollars
      (three million dollars) in local financial institutions, under a new
      scheme unveiled by the city-state's central bank.

      A Monetary Authority of Singapore (MAS) spokesman said Wednesday
      these foreigners must also have personal assets worth at least 20
      million dollars to qualify but they will still go through routine
      immigration checks.

      Spouses and children aged under 21 will also be able to become
      permanent residents, the spokesman said.

      In announcing the "Best Home" scheme in a speech Tuesday, MAS
      chairman Goh Chok Tong said it was aimed at attracting wealthy
      foreigners to the southeast Asian nation as part of plans to expand
      its financial services activities.

      "We hope this will boost total assets under management and attract
      high net worth individuals and their families to take up residency
      here," Goh, a former Singapore prime minister, said.

      The MAS spokesman, who asked not to be named, said foreigners would
      be required to invest five million dollars with MAS-registered
      financial institutions for five consecutive years.

      The investments on offer include bank deposits, shares, funds, unit
      trusts and life insurance products.

      He added that these foreigners would receive "in-principle approval"
      for permanent residency on investing the money, with full status
      granted after five years.

      Less affluent applicants for permanent residency have to follow more
      stringent criteria, which generally include working in Singapore for
      least six months, having a valid employment pass and meeting academic
      standards.

      Another scheme allows people to apply for permanent residency if they
      invest 1.5 million dollars in a local business.

      Permanent residency allows foreigners to live and work in Singapore
      without a visa, and remain in the country even if they do not have a
      job.
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