SINGAPORE: The Monetary Authority of Singapore (MAS) will roll up and put away one red carpet for rich foreigners aiming for permanent residence (PR) here, amid criticism of the influx of immigrants and its impact on asset prices, sources have told BT.
Wealthy foreigners who want their PR application expedited will now have to apply under a different scheme for well-heeled entrepreneurs from abroad who invest in businesses here.
The first programme, known as the Financial Investor Scheme (FIS), will be scrapped by the end of this month, sources told BT. MAS later confirmed that it is putting an end to the scheme.
Since 2004, FIS has allowed high net worth individuals from overseas with net personal assets of S$20mil (US$16mil) and at least S$10mil of assets held in Singapore for five years to get onto a fast track and apply for PR status through private banks or other financial institutions via MAS.
The minimum sum of S$10mil was already doubled in 2010 from S$5mil, as part of the government’s move to curb the flow of immigrants.
My Takeaways from this story:
1- High worth individuals worth USD 16,000,000,000 or more are trying to settle down in Singapore.
2- They have to transfer about USD 8 Million Cash to Singapore.
3- Even with this huge amount of investment they have to wait 12 months to get approved by Singapore Govt.
4- Despite all that, the Singaporian government is saying, “no thanks, this window is closed.”