This content details foreign nationals and how to apply for and obtain Singapore citizenship under the investment program. However, I believe that at the end of this article, you should be able to understand the application process involved and also the accepted criteria.
Singapore is known for being the busiest port and also a prime location for business throughout the Asia Pacific. However, due to their business-friendly economy, this makes it easy for international and domestic businesses to leave their mark.
The main reasons that foreign nationals see Singapore as a great place for business is because, they enjoy the benefit of excellent and strategic location, give their company the benefit of attractive tax frameworks and extensive trade agreements, they enjoy a high degree of personal certainty from Singapore’s strong law. Business-friendly economy and many more.
Benefits of Singaporean Citizenship
There are many benefits to becoming a citizen in Singapore. However, any benefits that a normal Singaporean citizen benefits from birth benefit you too. These benefits include;
- You obtain the freedom to travel with a passport to Singapore without restrictions, unlike that of non-citizens
- You get employment bonuses, with less paperwork and freedom to work or do work anywhere in Singapore.
- You can buy or rent houses from the Singapore Housing and Development Board as a Singapore citizen. As is known, non-citizens are not entitled to this.
- You qualify for the central insurance fund, which is a social savings plan for Singaporean permanent residents and residents.
- Cheaper education scheme compared to non-citizens’
- Medical and health benefits
- You can vote as a Singaporean citizen and also run for political elections
- Simplified residence rights and many more.
Apply for Singapore citizenship with investment
To apply for Singapore citizenship with investment, there are certain criteria you must meet. However, to start, you apply for the Global Investor Program in Singapore.
The main criteria you need to meet is to show your business data footprint for the last 3 years with an audited business financial overview. Also, make sure your business has at least $50 million turnover per year on average 3 years by continuing your application. However, for a private company, you must have at least 30% of the shares in it.
After you meet the above criteria, you can proceed with submitting the following documents during your application.
Document Requirements
- A copy of the passport
- Birth Certificate
- Family Registry
- Background of family members
- Evidence of business background
- Marriage certificate if applicable
- Passport-sized photographs
- Audited financial statement of the company if applicable
- Certificate of business license if applicable
- Business Plan
- Biography
- Acceptance of payment fees
Once you’re done with the process, you take over the terms of Singapore citizenship and that’s it. Please also know the fact Singapore does not accept dual citizenship, so you renounce your national citizenship to become a Singaporean citizen.
That’s all. I hope you know how to get Singapore citizenship with investment. If you know that you do not qualify or do not meet the criteria, there are other ways to gain Singaporean citizenship and that is through obtaining permanent residence status. I advise you to go through this article on how to emigrate to Singapore and become a permanent resident.