Financial Investor Scheme to be axed at end of month
It was seen as fast track for rich foreigners to get PR; entrepreneur scheme remains
Published on Apr 5, 2012
By Magdalen Ng
A scheme that has let wealthy foreigners invest a slice of their wealth here and was seen as a fast track to permanent residency is being scrapped.
The move is seen as one that aims to attract individuals who are able to contribute in tangible ways to Singapore, including entrepreneurs who can generate employment, instead of those who merely hold assets.
The Financial Investor Scheme (FIS), as it is called, will be axed at the end of the month, the Monetary Authority of Singapore (MAS) said.
Under the scheme, people with net personal assets of $20 million who invest at least $10 million of assets in Singapore for five years can apply for permanent resident (PR) status through banks and financial institutions.
It was seen as fast track for rich foreigners to get PR; entrepreneur scheme remains
Published on Apr 5, 2012
By Magdalen Ng
A scheme that has let wealthy foreigners invest a slice of their wealth here and was seen as a fast track to permanent residency is being scrapped.
The move is seen as one that aims to attract individuals who are able to contribute in tangible ways to Singapore, including entrepreneurs who can generate employment, instead of those who merely hold assets.
The Financial Investor Scheme (FIS), as it is called, will be axed at the end of the month, the Monetary Authority of Singapore (MAS) said.
Under the scheme, people with net personal assets of $20 million who invest at least $10 million of assets in Singapore for five years can apply for permanent resident (PR) status through banks and financial institutions.
