Introduction to Singapore Family Offices
The Global Investor Programme GIP, which extends an olive branch to the world's wealthiest individuals.
The "Global Investor Programme" (GIP) promoted by the Economic Development Board of Singapore (EDB) has offered an olive branch to the global billionaires. Option C in the plan is the Family Office Option (Family Office Option). Foreign investors set up a single family office (Single Family Office, SFO) in Singapore, through which the whole family of the applicant can obtain Singapore permanent resident status.
Global Business Investor Plan · Plan C
Applicants can set up a single-family office and obtain Singapore permanent resident status through Global Business Investor Plan Scheme C. Applicants must first meet the following conditions
GIP Family Office Solution Requirements
Requirements for GIP applicants:
-
Submit the company's audited reports for the past 3 years, with an average annual revenue of at least SGD 200 million.
-
The applicant's company must operate in one or more business areas specified by the government.
-
The applicant must hold at least 30% of the company's shares.
-
The applicant should have extensive business experience and entrepreneurial background (not in construction/real estate development/automotive dealership).
There are 3 options available for obtaining Singapore Permanent Residency through the latest Global Investor Programme (GIP):
Option A:
Applicants selecting option A must meet the following requirements:
-
Invest at least SGD 10 million (including capital) in a new business entity or an existing business operation in Singapore
-
Employ at least 30 staff, of which at least half must be Singapore citizens, and 10 must be newly hired employees to qualify for renewal of re-entry permit after the first five years of permanent residency
Option B:
Applicants for Scheme B are required to invest S$25 million in selected funds under the GIP. The GIP-selected funds are screened by EDB based on their track record, investment mandate, and industry focus.
Option C:
Applicants choosing Option C must establish a Single Family Office (SFO) with Assets Under Management (AUM) of at least SGD 200 million in Singapore, of which at least SGD 50 million must be deployed in any of the following investment categories:
-
Companies listed on exchanges licensed by the Monetary Authority of Singapore (MAS), such as companies listed on the Singapore Exchange Mainboard and Catalist board.
-
Qualifying debt securities including bonds, notes, commercial paper, and depositary receipts.
-
Funds issued by fund managers licensed by MAS.
-
Private Equity funds investing in non-listed companies in Singapore.
To better execute and complete your Global Investor Programme Option C, our JIA Family Office in Singapore is ready to serve you. We understand that each client has different circumstances. Contact us today to customize a solution that will help you successfully obtain Singapore Permanent Residency through the GIP family office option.
Family office organizational structure and form
Family office structures can take a formal form (e.g., establishing an independent company) or a informal form (e.g., entrusting existing employees of the family business or hiring independent consultants to manage the funds). In Singapore, a family office structure involves the main applicant establishing two companies in Singapore: a fund company and a family office. The family office provides fund management services to the fund entity (a legal entity incorporated in Singapore), and is eligible for Singapore's tax exemption schemes for funds. The fund manager (the main applicant) manages their own or their family's assets through the family office and obtains an Employment Pass (EP).
The Employment Pass (EP) is a high-level work visa issued by the Singapore Immigration & Checkpoints Authority to foreign professionals. Spouses and unmarried children under 21 years of age can apply for a Dependent's Pass (DP); parents can apply for a Long-Term Visit Pass (LTVP). The EP work pass combines address, employment relationship, and source of income into a single Singapore tax residency status, and permanent residency (PR/green card) can be applied for in as little as 6 months.
