INVESTMENT IN RESIDENTIAL PROPERTY

INVESTMENT IN RESIDENTIAL PROPERTY

5.

Dr Amy Khor Lean Suan asked the Minister for Trade and Industry if he will allow at least a percentage of the capital invested in a residential property in Singapore to be considered as part of the investment required for grant of permanent residency status, since those who wish to sink their roots will require a residential property.

Mr Lim Hng Kiang: The Permanent Residence for Investors Scheme is intended to attract entrepreneurs to set up and conduct businesses in Singapore. Hence, the requirement is to invest at least S$1 million in a new business start-up to promote enterprise creation. Other permissible investments include the expansion of an existing business operation, or investing in a venture capital fund, or a foundation or trust that focuses on economic development.

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As the Scheme aims to attract individuals who have a strong track record as an entrepreneur or businessman, and who are investing to directly generate more economic activities here, we do not consider investing in residential properties as an appropriate investment.

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