I would not think that should affect too much on the property market since they account for less than 1% of the property transactions in Singapore, but MAS has mentioned it will scrap off the Financial Investor Scheme (FIS) from the Global Investor Program soon.
Under the GIP scheme, the foreigner has to invest S$2.5 million in a new company in Singapore or expand an existing business that has an annual turnover of at least S$30 million.
EDB said the details of the changes will be available on the Contact Singapore website next Sunday.
The GIP, along with the Monetary Authority of Singapore’s Financial Investor Scheme are seen as quick ways for wealthy foreigners to obtain permanent resident status in Singapore.
Details on Channel News Asia.
