SINGAPORE, Feb 28 — Singapore has granted permanent residency (PR) status to 450 individuals through the Global Investor Programme (GIP) from 2015 until 2025, said Trade and Industry Minister Gan Siow Huang.

She said that within the same period, a total of S$500 million (US$396 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 (US$340 million) was placed in GIP funds that invest in Singapore-based companies,” she said during the oral question and answer session in Parliament on Friday.

According to Gan, the Singapore Economic Development Board (EDB) worked with GIP recipients to ensure they continue to fulfil the government’s specified economic and residency commitments during their stay.

She added that GIP permanent residents are required to submit evidence of the Singapore-based companies they have invested in, while the EDB will also conduct site visits to assess the companies’ business activities.

“Only PRs who meet both economic and residency commitments under GIP will subsequently have their re-entry permit renewed for a further five-year period,” she said. — Bernama