Under the FIS, HNW foreigners can park at least S$10 million in Singapore for five years to gain permanent resident (PR) status and up to $2 million of this investment can be used to buy a property in Singapore.
But owing to the rising concerns from locals regarding the rapid influx of foreigners and the impact on property prices, the government is stopping the scheme at the end of April.
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Meanwhile, though the FIS is being scrapped, wealthy foreigners can still apply for PR status under the Global Investor Programme (GIP) that is aimed at foreign entrepreneurs who can boost local employment.
To qualify for the GIP, foreigners must have at least S$2.5 million invested in a new business or an expansion of an existing business. The company also must have an annual turnover of at least S$30 million.
Both schemes have been encouraging millionaires to quickly and smoothly relocate to Singapore.
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By GlobalData
