EDB to Scrape Financial Investor Scheme?

Economic Development Board Singapore to scrape off FIS?

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.

Written by Benson Koh
Benson is a professional real estate realtor with over 11 years of experience specializing in all forms of real estate consultancy and brokeraging of different segments from regal homes to commercial spaces. Also a boutique developer, he manages both SRI5000 Developments which concentrates on landed homes as part of his land bank segment and Singapore Realtors Inc (SRI), a real estate agency which has over 7 years of group experience. You can reach him here via various channels. [ Facebook | Linkedin | Twitter | RSS Feed ]