Data on Individuals Granted Permanent Residency under Global Investor Programme

3 Mr Fadli Fawzi asked the Deputy Prime Minister and Minister for Trade and Industry from 2015 to 2025 (a) how many individuals have been granted permanent residency under the Global Investor Programme (GIP) with a breakdown by the investment options; and (b) what is the cumulative investment from these GIP permanent residents with a breakdown by (i) industry sector and (ii) GIP-select funds.

The Minister of State for Trade and Industry (Ms Gan Siow Huang) (for the Deputy Prime Minister and Minister for Trade and Industry): Mr Speaker, the Global Investor Programme (GIP) accords Permanent Resident (PR) status to eligible global investors who make significant investments to drive business growth in Singapore.

Currently, qualified investors may apply through one of the following options: (a) invest at least $10 million in a new or existing Singapore-based business entity; (b) invest at least $25 million in a GIP-select fund that invests in Singapore-based companies; or (c) establish a Singapore-based Single Family Office with at least $200 million in Assets-Under-Management, where at least $50 million must be deployed in the Economic Development Board (EDB)-specified investments.

From 2015 to 2025, around 450 individuals were accorded permanent residency through the GIP. The distribution across options a, b and c is approximately 50%, 40% and 10% respectively.

Over the same period, about S$500 million was invested directly in new or existing Singapore-based business entities. More than half of these investments were in the Professional Services, Info-Communications and Financial Services sub-sectors. Another S$430 million was placed in GIP funds that invest in Singapore-based companies.

Mr Speaker: Mr Fadli Fawzi.

Mr Fadli Fawzi (Aljunied): Thank you for the answer. I have three supplementary questions. Firstly, what is the proportion of GIP PRs that have subsequently applied for and obtained Singapore Citizenship, and what is the retention rate for GIP PRs over the same period?

The second question is: what is the percentage of GIP PRs whose re-entry permits have lapsed or were not renewed after five years due to business milestones not being met?

And the third question is, after the changes introduced to the GIP in 2023 – for example, increase in the minimum investment quantum – has the Ministry of Trade and Industry (MTI) observed any change in the volume or profile of the GIP applicants, and how has this affected the business environment for local small and medium enterprises?

Ms Gan Siow Huang: Mr Speaker, I thank Mr Fadli for the supplementary questions. I do not have on hand the figures on the number of PRs, or the proportion of PRs under the GIP scheme who subsequently applied for Singapore Citizenship, nor do I have the data on the retention of these investors as PRs.

Subsequently, I invite Mr Fadli to file further Parliamentary Questions for that. But I would like to share that EDB works with the GIP recipients to ensure that they continue to fulfil the Government's specified economic and residency commitments during their stay. And GIP PRs are required to submit evidence of the Singapore-based companies that they have invested in. EDB will also conduct visits to these companies to assess the company's business activities.

Only GIP PRs who meet both economic and residency commitments under GIP will subsequently have their so-called re-entry permit renewed for a further five-year period.

Mr Speaker: Mr Yip Hon Weng —

Ms Gan Siow Huang: Also, for the question from Mr Fadli on the changes that were made to the scheme in 2023, whether we have since then seen a change in the profile and the volume of applicants for this scheme – since the scheme has been reviewed quite recently, we are not seeing a major change in the profile yet. In fact, I would say that prior to 2023, the GIP funds comprised mainly of local funds, and also the select funds were subsequently introduced. The applicants who have selected to invest under the GIP select funds are still going through the application process and have yet to confirm on their investments.

Mr Speaker: Apologies to you, Minister of State Gan. Mr Yip Hon Weng.