This content details foreign nationals on how to apply and get Singapore citizenship by investment program. However, I believe at the end of this article, you should be able to understand the application process involved and also eligible criteria.
Singapore is known for being the busiest port and also a top location for business in the whole of Asia pacific. However, due to their business-friendly economy, it makes it easy for international and domestic businesses to make their mark.
The major reasons foreign nationals see Singapore as a great location for business is because, they enjoy benefit of excellent and strategic location, it gives their company benefit of attractive tax frameworks and extensive trade agreements, they enjoy high degree of personal safety from Singapore’s strong legal system, friendly business-economy and lot’s more.
Benefits of Singapore Citizenship
There are lot of benefits of becoming a citizen in Singapore. However, every benefit that a normal citizen of Singapore by birth benefits you benefit also. These benefits include;
- You gain Singapore passport travel freedom with no restrictions unlike that of non-citizens
- You get employment rewards, with less paperwork and freedom to work or do job anywhere in Singapore.
- You can buy or rent house from Singapore’s Housing and Development Board as a Singapore citizen. As known, non-citizen is not eligible for this.
- You become eligible for the central provident fund which is a social savings plans for Singapore citizen and permanent resident.
- Cheaper education scheme compared to that of non-citizens
- Medical and health benefits
- You can vote as a Singapore citizen and also run for political election
- Simplified residency rights and lot’s more.
Apply for Singapore Citizenship by Investment
To apply for Singapore citizenship by investment, there are certain criteria you need to meet up to. However, to get started, you apply for the global investor program in Singapore.
The major criterion you must meet is to show track of your business record for the last 3years with an audited financial statement of the business. Also, make sure that your business have been running at least $50 million turnover per annum on average of 3years proceeding your application. However, for a privately held company, you should have at least 30% shares in it.
Once you meet up to the above criteria, you can proceed to submitting the below documents during your application.
- A copy of passport
- Birth certificate
- Household registry
- The background of family members
- Proof of business background
- Marriage certificate if applicable
- Passport-sized photograph
- The audited financial statement of company if applicable
- Certificate of business license if applicable
- Business plan
- Curriculum vitae
- Receipt of payment fees
Once you’re done with the process, you undertake the terms of condition of a Singapore citizenship and that’s it. Please also know the fact that Singapore doesn’t accept dual citizenship, so you renounce your national citizenship to become a Singapore citizen.
That’s all. I hope you know understand how to obtain Singapore citizenship by investment. If you know you’re not eligible or you don’t meet up to the criteria, there are other ways to gain Singapore citizenship and it’s through obtaining permanent residency status. I advise you go through this article on how to immigrate to Singapore and become permanent resident.