PERMANENT RESIDENCE DEPOSIT SCHEME

Maj Fong Sip Chee asked the Minister for Home Affairs and Second Minister for Law (l) what is the name of the Fund set up for the purpose of receiving deposits under the scheme for the granting of permanent stay to foreigners; (2) how much has been collected in the last four years; (3) to what use the deposits in the Fund have been applied; (4) how many foreigners have been granted permanent stay under the scheme; and (5) how many applicants not under the scheme have been rejected permanent stay.

Prof. S. Jayakumar: Foreign entrepreneurs can obtain permanent residence under the Deposit Scheme. The Scheme was started in 1960 to promote and finance desirable industrial projects in Singapore. On 19 September 1979, the amount of deposit required under the Scheme was raised from $250,000 to $500,000. This sum was further raised to $1 million with effect from 14 July 81 so as to attract higher calibre entrepreneurs to Singapore.

From 1981 to 1984 a total of 143.4 million was deposited under the Scheme. During the same period, $125.1 million were approved for investment in manufacturing projects proposed by depositors.

From 1981 to 1984, 198 entrepreneurs were granted permanent residence under the Deposit Scheme. The total number of foreigners granted permanent residence under various schemes during the same period was 32,751. 15,254 applications for permanent residence were rejected. Of these rejected cases, 10 were applications from entrepreneurs under the Deposit Scheme.