Singapore Hikes Permanent Residence Threshold for Ultra-Rich
- The government is trying to drive money into local economy
- Influx of wealth has pushed up property and car prices
The central business district (CBD) of Singapore.
Photographer: Lauryn Ishak/BloombergThis article is for subscribers only.
Singapore is increasing the threshold for global investors seeking permanent-resident status in an attempt to create more jobs and benefit locals due to an influx of wealth.
Applicants will need at least S$10 million ($7.4 million) in a business or S$25 million in an approved fund, the Singapore Economic Development Board said in a statement Thursday. For those establishing family offices, at least S$50 million must be deployed and maintained in four government-designated investment categories.