Singapore is consistently listed among the 10 wealthiest countries in the world. Global Finance Richest Countries in 2023 ranks Singapore as the world’s third wealthiest with a GDP per capita of US$133,895 ($181,477), after accounting for purchasing power parity (PPP), based on its report in June. Ireland is in the top spot, with Luxembourg in second place.
In yet another ranking, Singapore has overtaken Hong Kong for the second consecutive year as the world’s leading international financial centre after New York and London, based on the 32nd edition of the semi-annual Global Financial Centres Index in March, produced by the China Development Institute in Shenzhen and the London think tank Z/Yen Partners.
Dubbed “the Switzerland of Asia”, Singapore has established itself as a global wealth management hub. Attracting high-calibre business owners and high-net-worth individuals has long been Singapore’s priority.
That led the Singapore Economic Development Board (EDB) to roll out the Global Investor Programme (GIP) in 2004, which offers high-net-worth individuals (HNWI) three options (Option A, B and C) to apply for Singapore Permanent Resident (PR) status for themselves and their families for five years, with certain renewal conditions to be met.
The GIP has been updated periodically. The latest on March 2 has EDB raising the investment threshold for all three options and setting new conditions for PR renewal. These new requirements took effect on March 15.
Option A is designed for established and next-generation business owners as well as founders of fast-growth companies interested in expanding their existing business operations in Singapore.
Under the revised requirements for Option A, the minimum investment amount in a new business entity or existing business operation in Singapore has been raised to $10 million (from $2.5 million before).
