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Singapore is Now OFF LIMITS
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Singapore is Now OFF LIMITS

Singapore's Global Investor Program Just Got More Expensive

In this video, Andrew Henderson discusses the recent changes to Singapore's Global Investor Program (GIP), which has become more expensive. The GIP is a program that allows high and ultra-high net worth individuals to move to Singapore, educate their children, and store their wealth.

Changes to the GIP

  • The cost of participating in the GIP has quadrupled.
  • There are now three options for participating in the GIP:
  • Starting a business with 10 million SGD and employing at least 30 people.
  • Investing 25 million SGD into an approved fund or bringing a family office with at least 200 million SGD.
  • Singapore has no capital gains tax or dividend tax, making it an attractive investment destination.

Considerations for Participation

  • Participants will receive a five-year permit to live in Singapore and must spend at least half their time there.
  • Becoming a permanent resident of Singapore can be difficult, and citizenship is even harder to obtain.
  • Moving to Singapore requires a substantial financial commitment and should not be considered as a plan B option.

Singapore's Investor Program

In this section, the speaker discusses Singapore's investor program and what it takes to qualify for it.

Qualifying for the Program

  • To qualify for Singapore's investor program, you need to be a top-tier business owner or serious investor.
  • You must commit to starting a big business and hiring dozens of people, most of whom are Singaporean citizens.
  • You must pay decent wages or invest a lot of money into funds or move a big family office to Singapore.

Drawbacks of Living in Singapore

  • If you don't like spending all your time in one country, living in Singapore may not be ideal since every day spent elsewhere counts against you.
  • National service is mandatory, and citizenship can be difficult to obtain. Even if you get dual citizenship, you're not allowed to have dual citizenship.
  • Increased prices may also turn some people off from living in Singapore.

Alternatives Around Asia

  • Malaysia offers similar levels of development as Kuala Lumpur and parts of Penang have very similar levels of English proficiency. Real estate prices are much lower than those in Singapore.
  • Thailand has made a big push with various visas according digital Nomads to the Thai Elite program where you pay a fee for access to the investor program where you just park your money to bank or entire equities and live there permanently.
  • Hong Kong is coming back on people's radar as China and Hong Kong reopen. It offers favorable taxes comparable to what you'd pay in Singapore but requires less investment capital.

South Korea

  • South Korea has its own residence by investment program that is often overlooked. Citizenship is more complicated than that of Singapore since learning Korean is mandatory, and there is no dual citizenship.

Best Places to Live in Southeast Asia and Beyond

In this section, the speaker discusses the best places to live in Southeast Asia and beyond based on lifestyle preferences and business opportunities.

Best Places for Lifestyle

  • Malaysia, Thailand, etc. are great options for those seeking a good lifestyle at a lower cost.
  • Hong Kong is suitable for individuals who can tolerate high living costs.
  • South Korea is an interesting option as a plan B.

Business Opportunities

  • Dubai offers golden visas and residence permits to attract more people to its business ecosystem.
  • Singapore is becoming less accessible due to its high commitment of money and time. Other places in Southeast Asia, Europe (e.g., Ireland or Switzerland), or Dubai could be equal alternatives with lower commitments.

The speaker also mentions that South Korea has an underrated residence program that more people should take advantage of.

Video description

Become a Client: https://nomadcapitalist.com/apply/ Get our free Weekly Rundown newsletter and be the first to hear about breaking news and offers: https://nomadcapitalist.com/email Join us for the next Nomad Capitalist Live event: https://nomadcapitalist.com/live/ The Global Investor Programme (GIP) accords Singapore Permanent Resident status (PR) to eligible global investors who intend to drive their businesses and investment growth from Singapore. You will need to have a substantial business track record and a successful entrepreneurial background to qualify. Recently moving to Singapore become much expensive. In this video, Mr Henderson explains why Singapore is now off-limits. 00:00 Start 0:20 Singapore's Global Investor Program 1:30 Requests for Participation 3:13 Permanent Residency in Singapore 5:06 Moving to Singapore 8:00 Taxes in Sinapore Nomad Capitalist helps clients "go where you're treated best". We are the world's most sought-after firm for offshore tax planning, dual citizenship, and international diversification and asset protection. We use legal and ethical strategies and work exclusively with seven- and eight-figure entrepreneurs and investors. We create and execute holistic, multi-jurisdictional Plans that help clients keep more of their wealth, increase their personal freedom, and protect their families and wealth against threats in their home country. No other firm offers clients access to more potential options to relocate to, bank in, or become a citizen of. Because we do not focus only on one or a handful of countries, we can offer unbiased advice where others can't. Become Our Client: https://nomadcapitalist.com/apply/ Our Website: http://www.nomadcapitalist.com/ About Our Company: https://nomadcapitalist.com/about/ Buy Mr. Henderson’s Book: https://nomadcapitalist.com/book/ DISCLAIMER: The information in this video should not be considered tax, financial, investment, or any kind of professional advice. Only a professional diagnosis of your specific situation can determine which strategies are appropriate for your needs. Nomad Capitalist can and does not provide advice unless/until engaged by you.

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