Singapore Hikes Permanent Residence Threshold for Ultra-Rich

• Singapore is increasing the threshold for global investors seeking permanent-resident status in an attempt to create more jobs and benefit locals due to an influx of wealth.
• Applicants will need at least SGD10mn (USD7.4mn) in a business or SGD25mn in an approved fund, the Singapore Economic Development Board said in a statement 2 Mar.
• For those establishing family offices, at least SGD50mn must be deployed and maintained in four government-designated investment categories.
• That compares with a previous requirement of a SGD2.5mn investment in a business entity, fund or Singapore-based single family office. The changes take effect from 15 Mar.

External Link : https://www.bloomberg.com/news/articles/2023-03-02/singapore-raises-permanent-residence-threshold-for-ultra-rich