Singapore Global Investor Program Increased to Minimum S$10 Million in Business or S$25 Million into Approved Funds from 15th March 2023, Family Offic

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Singapore Global Investor Program Increased to Minimum S$10 Million in Business or S$25 Million into Approved Funds from 15th March 2023, Family Office Requires S$200 Million AUM with S$50 Million Invested into 1 of 4 Categories: Qualifying Debt Securities, Certificates of Deposits, Singapore-Licensed Fund Managers or Private Equity into Non-Listed Singapore-Based Business

2nd March 2023 | Singapore

Singapore Global Investor Program (GIP, 5-Year renewal residency program) has now increased to from S$2.5 million to a minimum of S$10 million in a business or S$25 million into approved GIP funds from 15th March 2023 (new applications), with family office requiring at least S$200 million AUM (Assets under Management) and at least S$50 million invested into 1 of 4 Categories: Qualifying Debt Securities, Certificates of Deposits, Singapore-Licensed Fund Managers or Private Equity into Non-Listed Singapore-Based Business.  Singapore has granted around 200 Permanent Residency under the Singapore Global Investor Program (GIP) over 3 years from 2020 to 2022, with the program requiring S$2.5 million ($1.86 million) investment in a Singapore business or GIP Approved Fund, or setup a family office with at least S$200 million ($149 million).  Singapore Global Investor Program (GIP) data October 2022: S$1.62 billion invested in GIP Approved Funds, with S$1.42 billion deployed into investments (65.6% / S$930 million invested in Singapore-based companies).   The new qualifying requirement for $10 million investment into Singapore business is to hire at least 30 employees with at least 15 Singapore citizens.  For family office requiring S$200 million AUM, at least 5 family office professionals need to be hired, with at least 3 Singapore citizens.  The Singapore Global Investor Program was first launched in 2004 (S$1 million), revised in 2011 (S$2.5 million) and last revised in March 2020 (Family office S$200 million).  See below for Singapore Family Office Tax Exemption 13U & 13O.

“ Singapore Global Investor Program Increased to Minimum S$10 Million in Business or S$25 Million into Approved Funds from 15th March 2023, Family Office Requires S$200 Million AUM with S$50 Million Invested into 1 of 4 Categories: Qualifying Debt Securities, Certificates of Deposits, Singapore-Licensed Fund Managers or Private Equity into Non-Listed Singapore-Based Business “

 

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Singapore Family Office Tax Exemption 13U & 13O Singapore | Leading financial centre in Asia

In 2022, the Monetary Authority of Singapore (MAS) introduced new family office tax exemption criteria for new applications from 18th April 2022.  For 13U, the minimum fund size of S$50 million remains, with new criteria including hiring a minimum of 3 investment professionals with at least 1 non-family member, minimum annual business expenditure of S$500,000 and minimum of 10% of AUM or S$10 million to be invested in local investments (listed debts / securities, Singapore registered funds, private investments into Singapore companies).   For 13O, a S$10 million minimum fund size (rising to S$20 million in 2 years), hiring 2 investment professionals, minimum of 10% of AUM or S$10 million to be invested in local investments (listed debts / securities, Singapore registered funds, private investments into Singapore companies), and minimum of S$200,000 annual business expenditure. 




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