Singapore makes it costlier for foreign businessmen to get PR under GIP ...Middle East

Foreign businessmen in Singapore will have to invest significantly higher and hire more locals to qualify to become permanent residents under the Global Investor Programme (GIP) from March 15, making it more costly to be based in the city-state. As per the changes announced by the Economic Development Board (EDB) on Thursday, foreign investors, including those keen on setting up family offices here, will have to channel additional funds to the local financial system and hire more locals, The Straits Times newspaper reported. The new requirements will kick in on March 15 this year and generate more jobs for Singaporeans in the finance, tax, fund management and legal sector, the statutory body

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